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BOOKSTIME: BOOKKEEPING FOR SMALL BUSINESSES IN THE UNITEDSERVICESTALK TO A BOOKSTIME BOOKKEEPERABOUT USSATISFACTION GUARANTEEBEST PRICE
GUARANTEE
BooksTime grew to become one of the leading bookkeeping firms in the US mainly without advertising, instead relying on referrals from happy clients. BooksTime’s average client satisfaction rating is over 4.8/5. We’re so confident you’ll love the service that we offer a PERSONAL BOOKKEEPING FOR INDIVIDUALS AND FAMILIES Personal Bookkeeping Is ABoutique Practice Within OurFirm. Offering a high-touch, white-glove approach, we take care of a broad range of day-to-day financial needs. BooksTime has a dedicated team of Personal Bookkeeping experts with extensive experience serving high net-worth individuals, their families, family offices and philanthropic WHAT ARE INVESTING ACTIVITIES? DEFINITION AND EXAMPLE Cash Flows from Investing Activities. Cash flow from investing activities is often negative since it contains mainly the costs of implementing the initiative, as OUTSOURCED BOOKKEEPING: 5 REASONS TO USE IT Reduce operating costs. Beyond salaries and benefits, an in house bookkeeper requires overhead costs as well as locks infrastructure costs. You will no longer need to worry about or pay payroll taxes or providing office space for an extra employee/s. Moreover, 20% of bookkeepers quit every year. This means that you might have additionalcosts
WHAT ARE MAIN INTERNAL CONTROLS FOR ACCOUNTING What are Internal Controls? Let’s first look at the definition of internal controls in accounting. Internal control is a management process involving the people of the organization (the responsibility lies with management and the board of directors). ACCOUNTING TRANSACTION ANALYSIS The accounting transaction analysis is the process of translating the business activities and events that have a measurable effect on the accounting equation into the accounting language and writing it in the accounting books. This is the first stage in the accounting cycle, which is the foundation of accounting, regardless of the accounting ACCRUAL TO CASH CONVERSION The formula for merchandise inventory payments would look like this: Cost of goods sold + EB MI – BB MI + BB AP – EB AP = Cash payments for MI. Expenses + EB PE – BB PE + BB AE – EB AE = Cash payments for Expenses. Conversion to the cash system requires one to subtract all the transactions recorded but not yet received or paid from the FOREIGN CURRENCY TRANSLATION A foreign currency translation is a process of expressing monetary amounts that are stated in forms of foreign currency by a direct exchange rate. The exchange rate is the ratio between a unit of one currency and the amount of the other currency for which that unit can be exchanged for at a particular time.There are three types oftranslation
CRYPTOCURRENCY ACCOUNTING Cryptocurrency Accounting. Cryptocurrency is a medium of exchange, created and stored electronically in the blockchain. One of the most popular ones is Bitcoin. Besides making transactions using this type of currency, people also make money with cryptocurrency. Thus, they need to account for this source of money and possibly pay tax on it. CASH DISBURSEMENT JOURNAL: DEFINITION AND EXAMPLE Cash Disbursement Journal. Cash Disbursement Journal is a special journal used to record all payments of cash, also called Cash Payment Journal. This is a journal that we could use if we were to set up the accounting process by hand rather than having a computer system, like QuickBooks. The Cash Disbursement Journal will work best when there BOOKSTIME: BOOKKEEPING FOR SMALL BUSINESSES IN THE UNITEDSERVICESTALK TO A BOOKSTIME BOOKKEEPERABOUT USSATISFACTION GUARANTEEBEST PRICEGUARANTEE
BooksTime grew to become one of the leading bookkeeping firms in the US mainly without advertising, instead relying on referrals from happy clients. BooksTime’s average client satisfaction rating is over 4.8/5. We’re so confident you’ll love the service that we offer a PERSONAL BOOKKEEPING FOR INDIVIDUALS AND FAMILIES Personal Bookkeeping Is ABoutique Practice Within OurFirm. Offering a high-touch, white-glove approach, we take care of a broad range of day-to-day financial needs. BooksTime has a dedicated team of Personal Bookkeeping experts with extensive experience serving high net-worth individuals, their families, family offices and philanthropic WHAT ARE INVESTING ACTIVITIES? DEFINITION AND EXAMPLE Cash Flows from Investing Activities. Cash flow from investing activities is often negative since it contains mainly the costs of implementing the initiative, as OUTSOURCED BOOKKEEPING: 5 REASONS TO USE IT Reduce operating costs. Beyond salaries and benefits, an in house bookkeeper requires overhead costs as well as locks infrastructure costs. You will no longer need to worry about or pay payroll taxes or providing office space for an extra employee/s. Moreover, 20% of bookkeepers quit every year. This means that you might have additionalcosts
WHAT ARE MAIN INTERNAL CONTROLS FOR ACCOUNTING What are Internal Controls? Let’s first look at the definition of internal controls in accounting. Internal control is a management process involving the people of the organization (the responsibility lies with management and the board of directors). ACCOUNTING TRANSACTION ANALYSIS The accounting transaction analysis is the process of translating the business activities and events that have a measurable effect on the accounting equation into the accounting language and writing it in the accounting books. This is the first stage in the accounting cycle, which is the foundation of accounting, regardless of the accounting ACCRUAL TO CASH CONVERSION The formula for merchandise inventory payments would look like this: Cost of goods sold + EB MI – BB MI + BB AP – EB AP = Cash payments for MI. Expenses + EB PE – BB PE + BB AE – EB AE = Cash payments for Expenses. Conversion to the cash system requires one to subtract all the transactions recorded but not yet received or paid from the FOREIGN CURRENCY TRANSLATION A foreign currency translation is a process of expressing monetary amounts that are stated in forms of foreign currency by a direct exchange rate. The exchange rate is the ratio between a unit of one currency and the amount of the other currency for which that unit can be exchanged for at a particular time.There are three types oftranslation
CRYPTOCURRENCY ACCOUNTING Cryptocurrency Accounting. Cryptocurrency is a medium of exchange, created and stored electronically in the blockchain. One of the most popular ones is Bitcoin. Besides making transactions using this type of currency, people also make money with cryptocurrency. Thus, they need to account for this source of money and possibly pay tax on it. CASH DISBURSEMENT JOURNAL: DEFINITION AND EXAMPLE Cash Disbursement Journal. Cash Disbursement Journal is a special journal used to record all payments of cash, also called Cash Payment Journal. This is a journal that we could use if we were to set up the accounting process by hand rather than having a computer system, like QuickBooks. The Cash Disbursement Journal will work best when there SIMPLE, AFFORDABLE PRICING With BooksTime, every business can afford accurate, reliable bookkeeping. All plans include unlimited access to a responsive, dedicated financial expert with 15-30 years of experience. WHAT IS PERIODIC INVENTORY SYSTEM? Overview. Periodic inventory is a method for determining inventory balances, which consists of comparing the balances actually counted at the end of each period with the data on balances according to the accounting registers. PERSONAL BOOKKEEPING FOR INDIVIDUALS AND FAMILIES Personal Bookkeeping Is ABoutique Practice Within OurFirm. Offering a high-touch, white-glove approach, we take care of a broad range of day-to-day financial needs. BooksTime has a dedicated team of Personal Bookkeeping experts with extensive experience serving high net-worth individuals, their families, family offices and philanthropic REMOTE BOOKS ONLINE REVIEW Features and Services. When your financials are a mess, and you need them cleaned up, Remote Books Online can do it for you for up to a whole year. These areas can include sales, cost of goods sold, expenses, inventory, sales tax liabilities, payroll liabilities, etc. Having a bookkeeper who knows your business well and does not botheryou with
OUTSOURCED BOOKKEEPING: 5 REASONS TO USE IT Reduce operating costs. Beyond salaries and benefits, an in house bookkeeper requires overhead costs as well as locks infrastructure costs. You will no longer need to worry about or pay payroll taxes or providing office space for an extra employee/s. Moreover, 20% of bookkeepers quit every year. This means that you might have additionalcosts
PAPERLESS INVOICING
Paperless invoicing helps invoices to be shared in a digital format and can be accessed anytime and from anywhere. This saves time and resources. Invoice Searchability. Historical invoices can be difficult to search in a paper-based system. If one has to find an invoice, no matter how old it is, and know the name of the client, it can be REMOTE BOOKKEEPING: HOW DOES IT WORK? Recent technological advances allowed as to change the way we do business. Remote bookkeeping, or as it is also known virtual or online bookkeeping, is one of the most sought out services in the business world. It is a new form of bookkeeping set up to replace in-house bookkeeping. Remote bookkeeping services help you to improve yourbusiness.
REAL ESTATE TAXES: COMPLETE GUIDE Property taxes generally run from January 1 st to December 31 st every year, but they are set by the city in the early in the year and collected in the middle of the year on June 30 th . The city assesses real estate taxes based on your property value. However, there is a lot of misunderstandings about the role of assessors and how theyaffect
HOW TO CALCULATE THE PRESENT VALUE OF A SINGLE AMOUNT The future value of a single amount is equal to the amount we save or invest today, the present cost of an item, and such multiplied by one plus the interest rate to the n th power, where n is the number of compounding periods we hold that principle in the bank or the number of periods that we invest the money. If there is more than one compounding per year, you would divide the interest rate CONTRA EXPENSE ACCOUNT: DEFINITION AND MEANING A contra account reduces an associated account, in our case, the expense account. A contra account will always have an opposite normal balance to its parent account. Therefore, a contra account to the expense will have a normal credit balance. Unlike other contra accounts, accountants do not use contra expense accounts veryfrequently.
BOOKSTIME: BOOKKEEPING FOR SMALL BUSINESSES IN THE UNITEDSERVICESTALK TO A BOOKSTIME BOOKKEEPERABOUT USSATISFACTION GUARANTEEBEST PRICEGUARANTEE
BooksTime grew to become one of the leading bookkeeping firms in the US mainly without advertising, instead relying on referrals from happy clients. BooksTime’s average client satisfaction rating is over 4.8/5. We’re so confident you’ll love the service that we offer a PERSONAL BOOKKEEPING FOR INDIVIDUALS AND FAMILIES Personal Bookkeeping Is ABoutique Practice Within OurFirm. Offering a high-touch, white-glove approach, we take care of a broad range of day-to-day financial needs. BooksTime has a dedicated team of Personal Bookkeeping experts with extensive experience serving high net-worth individuals, their families, family offices and philanthropic OUTSOURCED BOOKKEEPING: 5 REASONS TO USE IT Reduce operating costs. Beyond salaries and benefits, an in house bookkeeper requires overhead costs as well as locks infrastructure costs. You will no longer need to worry about or pay payroll taxes or providing office space for an extra employee/s. Moreover, 20% of bookkeepers quit every year. This means that you might have additionalcosts
WHAT ARE INVESTING ACTIVITIES? DEFINITION AND EXAMPLE Cash Flows from Investing Activities. Cash flow from investing activities is often negative since it contains mainly the costs of implementing the initiative, as WHAT ARE MAIN INTERNAL CONTROLS FOR ACCOUNTING What are Internal Controls? Let’s first look at the definition of internal controls in accounting. Internal control is a management process involving the people of the organization (the responsibility lies with management and the board of directors). ACCOUNTING TRANSACTION ANALYSIS The accounting transaction analysis is the process of translating the business activities and events that have a measurable effect on the accounting equation into the accounting language and writing it in the accounting books. This is the first stage in the accounting cycle, which is the foundation of accounting, regardless of the accounting ACCRUAL TO CASH CONVERSION The formula for merchandise inventory payments would look like this: Cost of goods sold + EB MI – BB MI + BB AP – EB AP = Cash payments for MI. Expenses + EB PE – BB PE + BB AE – EB AE = Cash payments for Expenses. Conversion to the cash system requires one to subtract all the transactions recorded but not yet received or paid from the CRYPTOCURRENCY ACCOUNTING Cryptocurrency Accounting. Cryptocurrency is a medium of exchange, created and stored electronically in the blockchain. One of the most popular ones is Bitcoin. Besides making transactions using this type of currency, people also make money with cryptocurrency. Thus, they need to account for this source of money and possibly pay tax on it. FOREIGN CURRENCY TRANSLATION A foreign currency translation is a process of expressing monetary amounts that are stated in forms of foreign currency by a direct exchange rate. The exchange rate is the ratio between a unit of one currency and the amount of the other currency for which that unit can be exchanged for at a particular time.There are three types oftranslation
CASH DISBURSEMENT JOURNAL: DEFINITION AND EXAMPLE Cash Disbursement Journal. Cash Disbursement Journal is a special journal used to record all payments of cash, also called Cash Payment Journal. This is a journal that we could use if we were to set up the accounting process by hand rather than having a computer system, like QuickBooks. The Cash Disbursement Journal will work best when there BOOKSTIME: BOOKKEEPING FOR SMALL BUSINESSES IN THE UNITEDSERVICESTALK TO A BOOKSTIME BOOKKEEPERABOUT USSATISFACTION GUARANTEEBEST PRICEGUARANTEE
BooksTime grew to become one of the leading bookkeeping firms in the US mainly without advertising, instead relying on referrals from happy clients. BooksTime’s average client satisfaction rating is over 4.8/5. We’re so confident you’ll love the service that we offer a PERSONAL BOOKKEEPING FOR INDIVIDUALS AND FAMILIES Personal Bookkeeping Is ABoutique Practice Within OurFirm. Offering a high-touch, white-glove approach, we take care of a broad range of day-to-day financial needs. BooksTime has a dedicated team of Personal Bookkeeping experts with extensive experience serving high net-worth individuals, their families, family offices and philanthropic OUTSOURCED BOOKKEEPING: 5 REASONS TO USE IT Reduce operating costs. Beyond salaries and benefits, an in house bookkeeper requires overhead costs as well as locks infrastructure costs. You will no longer need to worry about or pay payroll taxes or providing office space for an extra employee/s. Moreover, 20% of bookkeepers quit every year. This means that you might have additionalcosts
WHAT ARE INVESTING ACTIVITIES? DEFINITION AND EXAMPLE Cash Flows from Investing Activities. Cash flow from investing activities is often negative since it contains mainly the costs of implementing the initiative, as WHAT ARE MAIN INTERNAL CONTROLS FOR ACCOUNTING What are Internal Controls? Let’s first look at the definition of internal controls in accounting. Internal control is a management process involving the people of the organization (the responsibility lies with management and the board of directors). ACCOUNTING TRANSACTION ANALYSIS The accounting transaction analysis is the process of translating the business activities and events that have a measurable effect on the accounting equation into the accounting language and writing it in the accounting books. This is the first stage in the accounting cycle, which is the foundation of accounting, regardless of the accounting ACCRUAL TO CASH CONVERSION The formula for merchandise inventory payments would look like this: Cost of goods sold + EB MI – BB MI + BB AP – EB AP = Cash payments for MI. Expenses + EB PE – BB PE + BB AE – EB AE = Cash payments for Expenses. Conversion to the cash system requires one to subtract all the transactions recorded but not yet received or paid from the CRYPTOCURRENCY ACCOUNTING Cryptocurrency Accounting. Cryptocurrency is a medium of exchange, created and stored electronically in the blockchain. One of the most popular ones is Bitcoin. Besides making transactions using this type of currency, people also make money with cryptocurrency. Thus, they need to account for this source of money and possibly pay tax on it. FOREIGN CURRENCY TRANSLATION A foreign currency translation is a process of expressing monetary amounts that are stated in forms of foreign currency by a direct exchange rate. The exchange rate is the ratio between a unit of one currency and the amount of the other currency for which that unit can be exchanged for at a particular time.There are three types oftranslation
CASH DISBURSEMENT JOURNAL: DEFINITION AND EXAMPLE Cash Disbursement Journal. Cash Disbursement Journal is a special journal used to record all payments of cash, also called Cash Payment Journal. This is a journal that we could use if we were to set up the accounting process by hand rather than having a computer system, like QuickBooks. The Cash Disbursement Journal will work best when there WHAT IS PERIODIC INVENTORY SYSTEM? Overview. Periodic inventory is a method for determining inventory balances, which consists of comparing the balances actually counted at the end of each period with the data on balances according to the accounting registers. SIMPLE, AFFORDABLE PRICING With BooksTime, every business can afford accurate, reliable bookkeeping. All plans include unlimited access to a responsive, dedicated financial expert with 15-30 years of experience. PERSONAL BOOKKEEPING FOR INDIVIDUALS AND FAMILIES Personal Bookkeeping Is ABoutique Practice Within OurFirm. Offering a high-touch, white-glove approach, we take care of a broad range of day-to-day financial needs. BooksTime has a dedicated team of Personal Bookkeeping experts with extensive experience serving high net-worth individuals, their families, family offices and philanthropic REMOTE BOOKS ONLINE REVIEW Features and Services. When your financials are a mess, and you need them cleaned up, Remote Books Online can do it for you for up to a whole year. These areas can include sales, cost of goods sold, expenses, inventory, sales tax liabilities, payroll liabilities, etc. Having a bookkeeper who knows your business well and does not botheryou with
PAPERLESS INVOICING
Paperless invoicing helps invoices to be shared in a digital format and can be accessed anytime and from anywhere. This saves time and resources. Invoice Searchability. Historical invoices can be difficult to search in a paper-based system. If one has to find an invoice, no matter how old it is, and know the name of the client, it can be ACCOUNTING TRANSACTION ANALYSIS The accounting transaction analysis is the process of translating the business activities and events that have a measurable effect on the accounting equation into the accounting language and writing it in the accounting books. This is the first stage in the accounting cycle, which is the foundation of accounting, regardless of the accounting REMOTE BOOKKEEPING: HOW DOES IT WORK? Recent technological advances allowed as to change the way we do business. Remote bookkeeping, or as it is also known virtual or online bookkeeping, is one of the most sought out services in the business world. It is a new form of bookkeeping set up to replace in-house bookkeeping. Remote bookkeeping services help you to improve yourbusiness.
REAL ESTATE TAXES: COMPLETE GUIDE Property taxes generally run from January 1 st to December 31 st every year, but they are set by the city in the early in the year and collected in the middle of the year on June 30 th . The city assesses real estate taxes based on your property value. However, there is a lot of misunderstandings about the role of assessors and how theyaffect
OPENING ENTRY IN ACCOUNTING: DEFINITION AND EXAMPLE Opening Entry in Accounting. A journal entry by means of which the balances of various assets, liabilities, and capital appearing in the balance sheet of the previous accounting period are brought forward in the books of a current accounting period is known as an opening entry. The opening entry will be different for each business, depending on HOW TO CALCULATE THE PRESENT VALUE OF A SINGLE AMOUNT The future value of a single amount is equal to the amount we save or invest today, the present cost of an item, and such multiplied by one plus the interest rate to the n th power, where n is the number of compounding periods we hold that principle in the bank or the number of periods that we invest the money. If there is more than one compounding per year, you would divide the interest rate BOOKSTIME: BOOKKEEPING FOR SMALL BUSINESSES IN THE UNITEDSERVICESTALK TO A BOOKSTIME BOOKKEEPERABOUT USSATISFACTION GUARANTEEBEST PRICEGUARANTEE
BooksTime grew to become one of the leading bookkeeping firms in the US mainly without advertising, instead relying on referrals from happy clients. BooksTime’s average client satisfaction rating is over 4.8/5. We’re so confident you’ll love the service that we offer a WHAT ARE INVESTING ACTIVITIES? DEFINITION AND EXAMPLE Cash Flows from Investing Activities. Cash flow from investing activities is often negative since it contains mainly the costs of implementing the initiative, as FOREIGN CURRENCY TRANSLATION A foreign currency translation is a process of expressing monetary amounts that are stated in forms of foreign currency by a direct exchange rate. The exchange rate is the ratio between a unit of one currency and the amount of the other currency for which that unit can be exchanged for at a particular time.There are three types oftranslation
ACCOUNTING TRANSACTION ANALYSIS The accounting transaction analysis is the process of translating the business activities and events that have a measurable effect on the accounting equation into the accounting language and writing it in the accounting books. This is the first stage in the accounting cycle, which is the foundation of accounting, regardless of the accounting ACCRUAL TO CASH CONVERSION The formula for merchandise inventory payments would look like this: Cost of goods sold + EB MI – BB MI + BB AP – EB AP = Cash payments for MI. Expenses + EB PE – BB PE + BB AE – EB AE = Cash payments for Expenses. Conversion to the cash system requires one to subtract all the transactions recorded but not yet received or paid from the WHAT ARE MAIN INTERNAL CONTROLS FOR ACCOUNTING What are Internal Controls? Let’s first look at the definition of internal controls in accounting. Internal control is a management process involving the people of the organization (the responsibility lies with management and the board of directors). CRYPTOCURRENCY ACCOUNTING Cryptocurrency Accounting. Cryptocurrency is a medium of exchange, created and stored electronically in the blockchain. One of the most popular ones is Bitcoin. Besides making transactions using this type of currency, people also make money with cryptocurrency. Thus, they need to account for this source of money and possibly pay tax on it. CONTROL ACCOUNT DEFINITION AND EXAMPLE OPENING ENTRY IN ACCOUNTING: DEFINITION AND EXAMPLE Opening Entry in Accounting. A journal entry by means of which the balances of various assets, liabilities, and capital appearing in the balance sheet of the previous accounting period are brought forward in the books of a current accounting period is known as an opening entry. The opening entry will be different for each business, depending on NEGATIVE RETAINED EARNINGS If the net loss for the current period is higher than the retained earnings at the beginning of the period, those retained earnings on the balance sheet may become negative. This creates a deficit. In other words, the uncovered loss is the loss that occurred when the enterprise experienced an actual loss and was unable to cover it withretained earnings.
BOOKSTIME: BOOKKEEPING FOR SMALL BUSINESSES IN THE UNITEDSERVICESTALK TO A BOOKSTIME BOOKKEEPERABOUT USSATISFACTION GUARANTEEBEST PRICEGUARANTEE
BooksTime grew to become one of the leading bookkeeping firms in the US mainly without advertising, instead relying on referrals from happy clients. BooksTime’s average client satisfaction rating is over 4.8/5. We’re so confident you’ll love the service that we offer a WHAT ARE INVESTING ACTIVITIES? DEFINITION AND EXAMPLE Cash Flows from Investing Activities. Cash flow from investing activities is often negative since it contains mainly the costs of implementing the initiative, as FOREIGN CURRENCY TRANSLATION A foreign currency translation is a process of expressing monetary amounts that are stated in forms of foreign currency by a direct exchange rate. The exchange rate is the ratio between a unit of one currency and the amount of the other currency for which that unit can be exchanged for at a particular time.There are three types oftranslation
ACCOUNTING TRANSACTION ANALYSIS The accounting transaction analysis is the process of translating the business activities and events that have a measurable effect on the accounting equation into the accounting language and writing it in the accounting books. This is the first stage in the accounting cycle, which is the foundation of accounting, regardless of the accounting ACCRUAL TO CASH CONVERSION The formula for merchandise inventory payments would look like this: Cost of goods sold + EB MI – BB MI + BB AP – EB AP = Cash payments for MI. Expenses + EB PE – BB PE + BB AE – EB AE = Cash payments for Expenses. Conversion to the cash system requires one to subtract all the transactions recorded but not yet received or paid from the WHAT ARE MAIN INTERNAL CONTROLS FOR ACCOUNTING What are Internal Controls? Let’s first look at the definition of internal controls in accounting. Internal control is a management process involving the people of the organization (the responsibility lies with management and the board of directors). CRYPTOCURRENCY ACCOUNTING Cryptocurrency Accounting. Cryptocurrency is a medium of exchange, created and stored electronically in the blockchain. One of the most popular ones is Bitcoin. Besides making transactions using this type of currency, people also make money with cryptocurrency. Thus, they need to account for this source of money and possibly pay tax on it. CONTROL ACCOUNT DEFINITION AND EXAMPLE OPENING ENTRY IN ACCOUNTING: DEFINITION AND EXAMPLE Opening Entry in Accounting. A journal entry by means of which the balances of various assets, liabilities, and capital appearing in the balance sheet of the previous accounting period are brought forward in the books of a current accounting period is known as an opening entry. The opening entry will be different for each business, depending on NEGATIVE RETAINED EARNINGS If the net loss for the current period is higher than the retained earnings at the beginning of the period, those retained earnings on the balance sheet may become negative. This creates a deficit. In other words, the uncovered loss is the loss that occurred when the enterprise experienced an actual loss and was unable to cover it withretained earnings.
BOOKKEEPING TUTORIAL FOR BEGINNERS Bookkeeping in its essence is the activity of keeping a record of economic activities transactions of a company in a documentary form. It facilitates the management of economic activities, payment of salaries, calculation and payment of taxes, and other mandatory cashpayments.
SIMPLE, AFFORDABLE PRICING With BooksTime, every business can afford accurate, reliable bookkeeping. All plans include unlimited access to a responsive, dedicated financial expert with 15-30 years of experience. OUTSOURCED BOOKKEEPING: 5 REASONS TO USE IT Reduce operating costs. Beyond salaries and benefits, an in house bookkeeper requires overhead costs as well as locks infrastructure costs. You will no longer need to worry about or pay payroll taxes or providing office space for an extra employee/s. Moreover, 20% of bookkeepers quit every year. This means that you might have additionalcosts
ACCOUNTING TRANSACTION ANALYSIS The accounting transaction analysis is the process of translating the business activities and events that have a measurable effect on the accounting equation into the accounting language and writing it in the accounting books. This is the first stage in the accounting cycle, which is the foundation of accounting, regardless of the accounting ADJUSTING ENTRIES: DEFINITION, TYPES, AND EXAMPLES Adjusting Journal Entries Examples. Here are the examples for each category of the journal entries: 1.Prepaid expenses (insurance is one of them) Company’s insurance for a year is $1800 (paid on Jan, 1 st) The monthly insurance cost is 1800/12 months= $150 per month; The adjustment journal entry, required on January, 31 st, is shown below: HOW TO BECOME A QUICKBOOKS PROADVISOR IN 3 STEPS Step 1: Sign Up for QuickBooks Online Accountant Program. Your first step is to sign up for the Online QuickBooks Accountant program and create your profile to become a QuickBooks Online ProAdvisor. Signing up and creating your profile is free. Click on the button “Sign-up for free” and fill out the required information. ACCOUNTING PROFIT AND LOSS To calculate accounting profit and see whether your company made money or lost money, you will use a special formula: Total Revenues–Total Expenses = Accounting Profit/Loss. Thus, to calculate this number, you will take the following steps: Find a total amount of revenue for the period (sales, service provision income, etc.) UNRESTRICTED NET ASSETS: DEFINITION AND MEANING Thus, the definition of unrestricted net assets is any type of asset contributed by donors, in other words, cash or asset donations, to a nonprofit organization that have no restrictions placed on the purpose and time of their use. This allows the nonprofit to use it in a way it sees best fit to fulfill its mission. With donor restrictions. HOW TO CALCULATE THE PRESENT VALUE OF A SINGLE AMOUNT The future value of a single amount is equal to the amount we save or invest today, the present cost of an item, and such multiplied by one plus the interest rate to the n th power, where n is the number of compounding periods we hold that principle in the bank or the number of periods that we invest the money. If there is more than one compounding per year, you would divide the interest rate LEASE TERMINATION ACCOUNTING GUIDE Lease termination is when a lessee or lesser decide to break the lease agreement before the agreement is over. There can be several reasons for terminating the lease. For example, the tenant might terminate it because of the conditions of the rental property, safety concerns, privacy violation, and additional charges. BOOKSTIME: BOOKKEEPING FOR SMALL BUSINESSES IN THE UNITEDSERVICESTALK TO A BOOKSTIME BOOKKEEPERABOUT USSATISFACTION GUARANTEEBEST PRICEGUARANTEE
BooksTime grew to become one of the leading bookkeeping firms in the US mainly without advertising, instead relying on referrals from happy clients. BooksTime’s average client satisfaction rating is over 4.8/5. We’re so confident you’ll love the service that we offer a WHAT ARE INVESTING ACTIVITIES? DEFINITION AND EXAMPLE Cash Flows from Investing Activities. Cash flow from investing activities is often negative since it contains mainly the costs of implementing the initiative, as FOREIGN CURRENCY TRANSLATION A foreign currency translation is a process of expressing monetary amounts that are stated in forms of foreign currency by a direct exchange rate. The exchange rate is the ratio between a unit of one currency and the amount of the other currency for which that unit can be exchanged for at a particular time.There are three types oftranslation
ACCRUAL TO CASH CONVERSION The formula for merchandise inventory payments would look like this: Cost of goods sold + EB MI – BB MI + BB AP – EB AP = Cash payments for MI. Expenses + EB PE – BB PE + BB AE – EB AE = Cash payments for Expenses. Conversion to the cash system requires one to subtract all the transactions recorded but not yet received or paid from the ACCOUNTING TRANSACTION ANALYSIS The accounting transaction analysis is the process of translating the business activities and events that have a measurable effect on the accounting equation into the accounting language and writing it in the accounting books. This is the first stage in the accounting cycle, which is the foundation of accounting, regardless of the accounting WHAT ARE MAIN INTERNAL CONTROLS FOR ACCOUNTING What are Internal Controls? Let’s first look at the definition of internal controls in accounting. Internal control is a management process involving the people of the organization (the responsibility lies with management and the board of directors). CRYPTOCURRENCY ACCOUNTING Cryptocurrency Accounting. Cryptocurrency is a medium of exchange, created and stored electronically in the blockchain. One of the most popular ones is Bitcoin. Besides making transactions using this type of currency, people also make money with cryptocurrency. Thus, they need to account for this source of money and possibly pay tax on it. OPENING ENTRY IN ACCOUNTING: DEFINITION AND EXAMPLE Opening Entry in Accounting. A journal entry by means of which the balances of various assets, liabilities, and capital appearing in the balance sheet of the previous accounting period are brought forward in the books of a current accounting period is known as an opening entry. The opening entry will be different for each business, depending on CONTROL ACCOUNT DEFINITION AND EXAMPLE NEGATIVE RETAINED EARNINGS If the net loss for the current period is higher than the retained earnings at the beginning of the period, those retained earnings on the balance sheet may become negative. This creates a deficit. In other words, the uncovered loss is the loss that occurred when the enterprise experienced an actual loss and was unable to cover it withretained earnings.
BOOKSTIME: BOOKKEEPING FOR SMALL BUSINESSES IN THE UNITEDSERVICESTALK TO A BOOKSTIME BOOKKEEPERABOUT USSATISFACTION GUARANTEEBEST PRICEGUARANTEE
BooksTime grew to become one of the leading bookkeeping firms in the US mainly without advertising, instead relying on referrals from happy clients. BooksTime’s average client satisfaction rating is over 4.8/5. We’re so confident you’ll love the service that we offer a WHAT ARE INVESTING ACTIVITIES? DEFINITION AND EXAMPLE Cash Flows from Investing Activities. Cash flow from investing activities is often negative since it contains mainly the costs of implementing the initiative, as FOREIGN CURRENCY TRANSLATION A foreign currency translation is a process of expressing monetary amounts that are stated in forms of foreign currency by a direct exchange rate. The exchange rate is the ratio between a unit of one currency and the amount of the other currency for which that unit can be exchanged for at a particular time.There are three types oftranslation
ACCRUAL TO CASH CONVERSION The formula for merchandise inventory payments would look like this: Cost of goods sold + EB MI – BB MI + BB AP – EB AP = Cash payments for MI. Expenses + EB PE – BB PE + BB AE – EB AE = Cash payments for Expenses. Conversion to the cash system requires one to subtract all the transactions recorded but not yet received or paid from the ACCOUNTING TRANSACTION ANALYSIS The accounting transaction analysis is the process of translating the business activities and events that have a measurable effect on the accounting equation into the accounting language and writing it in the accounting books. This is the first stage in the accounting cycle, which is the foundation of accounting, regardless of the accounting WHAT ARE MAIN INTERNAL CONTROLS FOR ACCOUNTING What are Internal Controls? Let’s first look at the definition of internal controls in accounting. Internal control is a management process involving the people of the organization (the responsibility lies with management and the board of directors). CRYPTOCURRENCY ACCOUNTING Cryptocurrency Accounting. Cryptocurrency is a medium of exchange, created and stored electronically in the blockchain. One of the most popular ones is Bitcoin. Besides making transactions using this type of currency, people also make money with cryptocurrency. Thus, they need to account for this source of money and possibly pay tax on it. OPENING ENTRY IN ACCOUNTING: DEFINITION AND EXAMPLE Opening Entry in Accounting. A journal entry by means of which the balances of various assets, liabilities, and capital appearing in the balance sheet of the previous accounting period are brought forward in the books of a current accounting period is known as an opening entry. The opening entry will be different for each business, depending on CONTROL ACCOUNT DEFINITION AND EXAMPLE NEGATIVE RETAINED EARNINGS If the net loss for the current period is higher than the retained earnings at the beginning of the period, those retained earnings on the balance sheet may become negative. This creates a deficit. In other words, the uncovered loss is the loss that occurred when the enterprise experienced an actual loss and was unable to cover it withretained earnings.
BOOKSTIME: BOOKKEEPING FOR SMALL BUSINESSES IN THE UNITED BooksTime grew to become one of the leading bookkeeping firms in the US mainly without advertising, instead relying on referrals from happy clients. BooksTime’s average client satisfaction rating is over 4.8/5. We’re so confident you’ll love the service that we offer a BOOKKEEPING TUTORIAL FOR BEGINNERS Bookkeeping in its essence is the activity of keeping a record of economic activities transactions of a company in a documentary form. It facilitates the management of economic activities, payment of salaries, calculation and payment of taxes, and other mandatory cashpayments.
OUTSOURCED BOOKKEEPING: 5 REASONS TO USE IT Reduce operating costs. Beyond salaries and benefits, an in house bookkeeper requires overhead costs as well as locks infrastructure costs. You will no longer need to worry about or pay payroll taxes or providing office space for an extra employee/s. Moreover, 20% of bookkeepers quit every year. This means that you might have additionalcosts
RECORDING ACCOUNTING TRANSACTIONS: OVERVIEW AND TYPES Recording business transactions is the process of entering business events into the accounting system, which is more common and very automated now, or accounting books. By recording transactions, we translate business transactions into accounting records. Accountants follow a three steps methodology in recording transactions: ADJUSTING ENTRIES: DEFINITION, TYPES, AND EXAMPLES Adjusting Journal Entries Examples. Here are the examples for each category of the journal entries: 1.Prepaid expenses (insurance is one of them) Company’s insurance for a year is $1800 (paid on Jan, 1 st) The monthly insurance cost is 1800/12 months= $150 per month; The adjustment journal entry, required on January, 31 st, is shown below: HOW TO CALCULATE THE PRESENT VALUE OF A SINGLE AMOUNT The future value of a single amount is equal to the amount we save or invest today, the present cost of an item, and such multiplied by one plus the interest rate to the n th power, where n is the number of compounding periods we hold that principle in the bank or the number of periods that we invest the money. If there is more than one compounding per year, you would divide the interest rate CASH DISBURSEMENT JOURNAL: DEFINITION AND EXAMPLE Cash Disbursement Journal is a special journal used to record all payments of cash, also called Cash Payment Journal. This is a journal that we could use if we were to set up the accounting process by hand rather than having a computer system, like QuickBooks. ACCOUNTING PROFIT AND LOSS To calculate accounting profit and see whether your company made money or lost money, you will use a special formula: Total Revenues–Total Expenses = Accounting Profit/Loss. Thus, to calculate this number, you will take the following steps: Find a total amount of revenue for the period (sales, service provision income, etc.) LEASE TERMINATION ACCOUNTING GUIDE Lease termination is when a lessee or lesser decide to break the lease agreement before the agreement is over. There can be several reasons for terminating the lease. For example, the tenant might terminate it because of the conditions of the rental property, safety concerns, privacy violation, and additional charges. RETAINED EARNINGS ON BALANCE SHEET Retained earnings are cumulative. That means you’ll report them on your balance sheet in the equity section and carry the RE 0 from the previous reporting period’s ‘retained earnings’. Since retained earnings go under the shareholders’ equity, you’re increasing the retained earnings and at the same time, the liabilities side of your BOOKSTIME: BOOKKEEPING FOR SMALL BUSINESSES IN THE UNITEDSERVICESTALK TO A BOOKSTIME BOOKKEEPERABOUT USSATISFACTION GUARANTEEBEST PRICEGUARANTEE
BooksTime grew to become one of the leading bookkeeping firms in the US mainly without advertising, instead relying on referrals from happy clients. BooksTime’s average client satisfaction rating is over 4.8/5. We’re so confident you’ll love the service that we offer a WHAT ARE INVESTING ACTIVITIES? DEFINITION AND EXAMPLE Cash Flows from Investing Activities. Cash flow from investing activities is often negative since it contains mainly the costs of implementing the initiative, as FOREIGN CURRENCY TRANSLATION A foreign currency translation is a process of expressing monetary amounts that are stated in forms of foreign currency by a direct exchange rate. The exchange rate is the ratio between a unit of one currency and the amount of the other currency for which that unit can be exchanged for at a particular time.There are three types oftranslation
ACCRUAL TO CASH CONVERSION The formula for merchandise inventory payments would look like this: Cost of goods sold + EB MI – BB MI + BB AP – EB AP = Cash payments for MI. Expenses + EB PE – BB PE + BB AE – EB AE = Cash payments for Expenses. Conversion to the cash system requires one to subtract all the transactions recorded but not yet received or paid from the ACCOUNTING TRANSACTION ANALYSIS The accounting transaction analysis is the process of translating the business activities and events that have a measurable effect on the accounting equation into the accounting language and writing it in the accounting books. This is the first stage in the accounting cycle, which is the foundation of accounting, regardless of the accounting WHAT ARE MAIN INTERNAL CONTROLS FOR ACCOUNTING What are Internal Controls? Let’s first look at the definition of internal controls in accounting. Internal control is a management process involving the people of the organization (the responsibility lies with management and the board of directors). CRYPTOCURRENCY ACCOUNTING Cryptocurrency Accounting. Cryptocurrency is a medium of exchange, created and stored electronically in the blockchain. One of the most popular ones is Bitcoin. Besides making transactions using this type of currency, people also make money with cryptocurrency. Thus, they need to account for this source of money and possibly pay tax on it. OPENING ENTRY IN ACCOUNTING: DEFINITION AND EXAMPLE Opening Entry in Accounting. A journal entry by means of which the balances of various assets, liabilities, and capital appearing in the balance sheet of the previous accounting period are brought forward in the books of a current accounting period is known as an opening entry. The opening entry will be different for each business, depending on CONTROL ACCOUNT DEFINITION AND EXAMPLE NEGATIVE RETAINED EARNINGS If the net loss for the current period is higher than the retained earnings at the beginning of the period, those retained earnings on the balance sheet may become negative. This creates a deficit. In other words, the uncovered loss is the loss that occurred when the enterprise experienced an actual loss and was unable to cover it withretained earnings.
BOOKSTIME: BOOKKEEPING FOR SMALL BUSINESSES IN THE UNITEDSERVICESTALK TO A BOOKSTIME BOOKKEEPERABOUT USSATISFACTION GUARANTEEBEST PRICEGUARANTEE
BooksTime grew to become one of the leading bookkeeping firms in the US mainly without advertising, instead relying on referrals from happy clients. BooksTime’s average client satisfaction rating is over 4.8/5. We’re so confident you’ll love the service that we offer a WHAT ARE INVESTING ACTIVITIES? DEFINITION AND EXAMPLE Cash Flows from Investing Activities. Cash flow from investing activities is often negative since it contains mainly the costs of implementing the initiative, as FOREIGN CURRENCY TRANSLATION A foreign currency translation is a process of expressing monetary amounts that are stated in forms of foreign currency by a direct exchange rate. The exchange rate is the ratio between a unit of one currency and the amount of the other currency for which that unit can be exchanged for at a particular time.There are three types oftranslation
ACCRUAL TO CASH CONVERSION The formula for merchandise inventory payments would look like this: Cost of goods sold + EB MI – BB MI + BB AP – EB AP = Cash payments for MI. Expenses + EB PE – BB PE + BB AE – EB AE = Cash payments for Expenses. Conversion to the cash system requires one to subtract all the transactions recorded but not yet received or paid from the ACCOUNTING TRANSACTION ANALYSIS The accounting transaction analysis is the process of translating the business activities and events that have a measurable effect on the accounting equation into the accounting language and writing it in the accounting books. This is the first stage in the accounting cycle, which is the foundation of accounting, regardless of the accounting WHAT ARE MAIN INTERNAL CONTROLS FOR ACCOUNTING What are Internal Controls? Let’s first look at the definition of internal controls in accounting. Internal control is a management process involving the people of the organization (the responsibility lies with management and the board of directors). CRYPTOCURRENCY ACCOUNTING Cryptocurrency Accounting. Cryptocurrency is a medium of exchange, created and stored electronically in the blockchain. One of the most popular ones is Bitcoin. Besides making transactions using this type of currency, people also make money with cryptocurrency. Thus, they need to account for this source of money and possibly pay tax on it. OPENING ENTRY IN ACCOUNTING: DEFINITION AND EXAMPLE Opening Entry in Accounting. A journal entry by means of which the balances of various assets, liabilities, and capital appearing in the balance sheet of the previous accounting period are brought forward in the books of a current accounting period is known as an opening entry. The opening entry will be different for each business, depending on CONTROL ACCOUNT DEFINITION AND EXAMPLE NEGATIVE RETAINED EARNINGS If the net loss for the current period is higher than the retained earnings at the beginning of the period, those retained earnings on the balance sheet may become negative. This creates a deficit. In other words, the uncovered loss is the loss that occurred when the enterprise experienced an actual loss and was unable to cover it withretained earnings.
BOOKSTIME: BOOKKEEPING FOR SMALL BUSINESSES IN THE UNITED BooksTime grew to become one of the leading bookkeeping firms in the US mainly without advertising, instead relying on referrals from happy clients. BooksTime’s average client satisfaction rating is over 4.8/5. We’re so confident you’ll love the service that we offer a OUTSOURCED BOOKKEEPING: 5 REASONS TO USE IT Reduce operating costs. Beyond salaries and benefits, an in house bookkeeper requires overhead costs as well as locks infrastructure costs. You will no longer need to worry about or pay payroll taxes or providing office space for an extra employee/s. Moreover, 20% of bookkeepers quit every year. This means that you might have additionalcosts
RECORDING ACCOUNTING TRANSACTIONS: OVERVIEW AND TYPES Recording business transactions is the process of entering business events into the accounting system, which is more common and very automated now, or accounting books. By recording transactions, we translate business transactions into accounting records. Accountants follow a three steps methodology in recording transactions: ADJUSTING ENTRIES: DEFINITION, TYPES, AND EXAMPLES Adjusting Journal Entries Examples. Here are the examples for each category of the journal entries: 1.Prepaid expenses (insurance is one of them) Company’s insurance for a year is $1800 (paid on Jan, 1 st) The monthly insurance cost is 1800/12 months= $150 per month; The adjustment journal entry, required on January, 31 st, is shown below: HOW TO CALCULATE THE PRESENT VALUE OF A SINGLE AMOUNT The future value of a single amount is equal to the amount we save or invest today, the present cost of an item, and such multiplied by one plus the interest rate to the n th power, where n is the number of compounding periods we hold that principle in the bank or the number of periods that we invest the money. If there is more than one compounding per year, you would divide the interest rate CASH DISBURSEMENT JOURNAL: DEFINITION AND EXAMPLE Cash Disbursement Journal is a special journal used to record all payments of cash, also called Cash Payment Journal. This is a journal that we could use if we were to set up the accounting process by hand rather than having a computer system, like QuickBooks. ACCOUNTING PROFIT AND LOSS To calculate accounting profit and see whether your company made money or lost money, you will use a special formula: Total Revenues–Total Expenses = Accounting Profit/Loss. Thus, to calculate this number, you will take the following steps: Find a total amount of revenue for the period (sales, service provision income, etc.) UNRESTRICTED NET ASSETS: DEFINITION AND MEANING Thus, the definition of unrestricted net assets is any type of asset contributed by donors, in other words, cash or asset donations, to a nonprofit organization that have no restrictions placed on the purpose and time of their use. This allows the nonprofit to use it in a way it sees best fit to fulfill its mission. With donor restrictions. RETAINED EARNINGS ON BALANCE SHEET Retained earnings are cumulative. That means you’ll report them on your balance sheet in the equity section and carry the RE 0 from the previous reporting period’s ‘retained earnings’. Since retained earnings go under the shareholders’ equity, you’re increasing the retained earnings and at the same time, the liabilities side of your LEASE TERMINATION ACCOUNTING GUIDE Lease termination is when a lessee or lesser decide to break the lease agreement before the agreement is over. There can be several reasons for terminating the lease. For example, the tenant might terminate it because of the conditions of the rental property, safety concerns, privacy violation, and additional charges. BOOKSTIME: BOOKKEEPING FOR SMALL BUSINESSES IN THE UNITEDSERVICESTALK TO A BOOKSTIME BOOKKEEPERABOUT USSATISFACTION GUARANTEEBEST PRICEGUARANTEE
BooksTime grew to become one of the leading bookkeeping firms in the US mainly without advertising, instead relying on referrals from happy clients. BooksTime’s average client satisfaction rating is over 4.8/5. We’re so confident you’ll love the service that we offer a PERSONAL BOOKKEEPING FOR INDIVIDUALS AND FAMILIES Personal Bookkeeping Is ABoutique Practice Within OurFirm. Offering a high-touch, white-glove approach, we take care of a broad range of day-to-day financial needs. BooksTime has a dedicated team of Personal Bookkeeping experts with extensive experience serving high net-worth individuals, their families, family offices and philanthropic OUTSOURCED BOOKKEEPING: 5 REASONS TO USE IT Reduce operating costs. Beyond salaries and benefits, an in house bookkeeper requires overhead costs as well as locks infrastructure costs. You will no longer need to worry about or pay payroll taxes or providing office space for an extra employee/s. Moreover, 20% of bookkeepers quit every year. This means that you might have additionalcosts
WHAT ARE INVESTING ACTIVITIES? DEFINITION AND EXAMPLE Cash Flows from Investing Activities. Cash flow from investing activities is often negative since it contains mainly the costs of implementing the initiative, as WHAT ARE MAIN INTERNAL CONTROLS FOR ACCOUNTING What are Internal Controls? Let’s first look at the definition of internal controls in accounting. Internal control is a management process involving the people of the organization (the responsibility lies with management and the board of directors). ACCOUNTING TRANSACTION ANALYSIS The accounting transaction analysis is the process of translating the business activities and events that have a measurable effect on the accounting equation into the accounting language and writing it in the accounting books. This is the first stage in the accounting cycle, which is the foundation of accounting, regardless of the accounting REMOTE BOOKKEEPING: HOW DOES IT WORK? Recent technological advances allowed as to change the way we do business. Remote bookkeeping, or as it is also known virtual or online bookkeeping, is one of the most sought out services in the business world. It is a new form of bookkeeping set up to replace in-house bookkeeping. Remote bookkeeping services help you to improve yourbusiness.
ACCRUAL TO CASH CONVERSION The formula for merchandise inventory payments would look like this: Cost of goods sold + EB MI – BB MI + BB AP – EB AP = Cash payments for MI. Expenses + EB PE – BB PE + BB AE – EB AE = Cash payments for Expenses. Conversion to the cash system requires one to subtract all the transactions recorded but not yet received or paid from the CRYPTOCURRENCY ACCOUNTING Cryptocurrency Accounting. Cryptocurrency is a medium of exchange, created and stored electronically in the blockchain. One of the most popular ones is Bitcoin. Besides making transactions using this type of currency, people also make money with cryptocurrency. Thus, they need to account for this source of money and possibly pay tax on it. CASH DISBURSEMENT JOURNAL: DEFINITION AND EXAMPLE Cash Disbursement Journal. Cash Disbursement Journal is a special journal used to record all payments of cash, also called Cash Payment Journal. This is a journal that we could use if we were to set up the accounting process by hand rather than having a computer system, like QuickBooks. The Cash Disbursement Journal will work best when there BOOKSTIME: BOOKKEEPING FOR SMALL BUSINESSES IN THE UNITEDSERVICESTALK TO A BOOKSTIME BOOKKEEPERABOUT USSATISFACTION GUARANTEEBEST PRICEGUARANTEE
BooksTime grew to become one of the leading bookkeeping firms in the US mainly without advertising, instead relying on referrals from happy clients. BooksTime’s average client satisfaction rating is over 4.8/5. We’re so confident you’ll love the service that we offer a PERSONAL BOOKKEEPING FOR INDIVIDUALS AND FAMILIES Personal Bookkeeping Is ABoutique Practice Within OurFirm. Offering a high-touch, white-glove approach, we take care of a broad range of day-to-day financial needs. BooksTime has a dedicated team of Personal Bookkeeping experts with extensive experience serving high net-worth individuals, their families, family offices and philanthropic OUTSOURCED BOOKKEEPING: 5 REASONS TO USE IT Reduce operating costs. Beyond salaries and benefits, an in house bookkeeper requires overhead costs as well as locks infrastructure costs. You will no longer need to worry about or pay payroll taxes or providing office space for an extra employee/s. Moreover, 20% of bookkeepers quit every year. This means that you might have additionalcosts
WHAT ARE INVESTING ACTIVITIES? DEFINITION AND EXAMPLE Cash Flows from Investing Activities. Cash flow from investing activities is often negative since it contains mainly the costs of implementing the initiative, as WHAT ARE MAIN INTERNAL CONTROLS FOR ACCOUNTING What are Internal Controls? Let’s first look at the definition of internal controls in accounting. Internal control is a management process involving the people of the organization (the responsibility lies with management and the board of directors). ACCOUNTING TRANSACTION ANALYSIS The accounting transaction analysis is the process of translating the business activities and events that have a measurable effect on the accounting equation into the accounting language and writing it in the accounting books. This is the first stage in the accounting cycle, which is the foundation of accounting, regardless of the accounting REMOTE BOOKKEEPING: HOW DOES IT WORK? Recent technological advances allowed as to change the way we do business. Remote bookkeeping, or as it is also known virtual or online bookkeeping, is one of the most sought out services in the business world. It is a new form of bookkeeping set up to replace in-house bookkeeping. Remote bookkeeping services help you to improve yourbusiness.
ACCRUAL TO CASH CONVERSION The formula for merchandise inventory payments would look like this: Cost of goods sold + EB MI – BB MI + BB AP – EB AP = Cash payments for MI. Expenses + EB PE – BB PE + BB AE – EB AE = Cash payments for Expenses. Conversion to the cash system requires one to subtract all the transactions recorded but not yet received or paid from the CRYPTOCURRENCY ACCOUNTING Cryptocurrency Accounting. Cryptocurrency is a medium of exchange, created and stored electronically in the blockchain. One of the most popular ones is Bitcoin. Besides making transactions using this type of currency, people also make money with cryptocurrency. Thus, they need to account for this source of money and possibly pay tax on it. CASH DISBURSEMENT JOURNAL: DEFINITION AND EXAMPLE Cash Disbursement Journal. Cash Disbursement Journal is a special journal used to record all payments of cash, also called Cash Payment Journal. This is a journal that we could use if we were to set up the accounting process by hand rather than having a computer system, like QuickBooks. The Cash Disbursement Journal will work best when there BOOKKEEPING TUTORIAL FOR BEGINNERS Bookkeeping in its essence is the activity of keeping a record of economic activities transactions of a company in a documentary form. It facilitates the management of economic activities, payment of salaries, calculation and payment of taxes, and other mandatory cashpayments.
SIMPLE, AFFORDABLE PRICING With BooksTime, every business can afford accurate, reliable bookkeeping. All plans include unlimited access to a responsive, dedicated financial expert with 15-30 years of experience. REMOTE BOOKS ONLINE REVIEW Features and Services. When your financials are a mess, and you need them cleaned up, Remote Books Online can do it for you for up to a whole year. These areas can include sales, cost of goods sold, expenses, inventory, sales tax liabilities, payroll liabilities, etc. Having a bookkeeper who knows your business well and does not botheryou with
REMOTE BOOKKEEPING: HOW DOES IT WORK? Recent technological advances allowed as to change the way we do business. Remote bookkeeping, or as it is also known virtual or online bookkeeping, is one of the most sought out services in the business world. It is a new form of bookkeeping set up to replace in-house bookkeeping. Remote bookkeeping services help you to improve yourbusiness.
ACCRUED PAYROLL: DEFINITION AND HOW TO CALCULATE IT Accrued expenses, such as payroll, are considered to be short-term liabilities. Accordingly, accrued payroll is how much the organization still has to pay its employees. HOW TO CALCULATE SALES TAX: COMPLETE GUIDE This would give us c, which is your item’s price. The sales tax amount would be $853.08 multiplied by the sales tax rate of 5.5% (or 0.055). Doing a simple calculation, you get $46.92 in sales taxes. To check that you did the calculation right just add $46.92 to $853.08. Now, you know the exact numbers for your bookkeeping records.PAPERLESS INVOICING
Paperless invoicing helps invoices to be shared in a digital format and can be accessed anytime and from anywhere. This saves time and resources. Invoice Searchability. Historical invoices can be difficult to search in a paper-based system. If one has to find an invoice, no matter how old it is, and know the name of the client, it can be ACCOUNTING TRANSACTION ANALYSIS The accounting transaction analysis is the process of translating the business activities and events that have a measurable effect on the accounting equation into the accounting language and writing it in the accounting books. This is the first stage in the accounting cycle, which is the foundation of accounting, regardless of the accounting HOW TO CALCULATE THE PRESENT VALUE OF A SINGLE AMOUNT The future value of a single amount is equal to the amount we save or invest today, the present cost of an item, and such multiplied by one plus the interest rate to the n th power, where n is the number of compounding periods we hold that principle in the bank or the number of periods that we invest the money. If there is more than one compounding per year, you would divide the interest rate RETAINED EARNINGS ON BALANCE SHEET Retained earnings are cumulative. That means you’ll report them on your balance sheet in the equity section and carry the RE 0 from the previous reporting period’s ‘retained earnings’. Since retained earnings go under the shareholders’ equity, you’re increasing the retained earnings and at the same time, the liabilities side of your BOOKSTIME: BOOKKEEPING FOR SMALL BUSINESSES IN THE UNITEDSERVICESTALK TO A BOOKSTIME BOOKKEEPERABOUT USSATISFACTION GUARANTEEBEST PRICEGUARANTEE
BooksTime grew to become one of the leading bookkeeping firms in the US mainly without advertising, instead relying on referrals from happy clients. BooksTime’s average client satisfaction rating is over 4.8/5. We’re so confident you’ll love the service that we offer a REMOTE BOOKS ONLINE REVIEW Features and Services. When your financials are a mess, and you need them cleaned up, Remote Books Online can do it for you for up to a whole year. These areas can include sales, cost of goods sold, expenses, inventory, sales tax liabilities, payroll liabilities, etc. Having a bookkeeper who knows your business well and does not botheryou with
TYPES OF LIABILITY ACCOUNTS Let’s review the examples of liability accounts a business might see in its accounting records. Current Liabilities. A current liability is a type of liability that is expected to be paid within a maximum one year. These liabilities are better known as short-term liabilities. Overdraft – when business effectively borrows of a bank by REMOTE BOOKKEEPING: HOW DOES IT WORK? Recent technological advances allowed as to change the way we do business. Remote bookkeeping, or as it is also known virtual or online bookkeeping, is one of the most sought out services in the business world. It is a new form of bookkeeping set up to replace in-house bookkeeping. Remote bookkeeping services help you to improve yourbusiness.
ACCRUAL TO CASH CONVERSION The formula for merchandise inventory payments would look like this: Cost of goods sold + EB MI – BB MI + BB AP – EB AP = Cash payments for MI. Expenses + EB PE – BB PE + BB AE – EB AE = Cash payments for Expenses. Conversion to the cash system requires one to subtract all the transactions recorded but not yet received or paid from the REAL ESTATE TAXES: COMPLETE GUIDE Property taxes generally run from January 1 st to December 31 st every year, but they are set by the city in the early in the year and collected in the middle of the year on June 30 th . The city assesses real estate taxes based on your property value. However, there is a lot of misunderstandings about the role of assessors and how theyaffect
CONTROL ACCOUNT DEFINITION AND EXAMPLE CASH DISBURSEMENT JOURNAL: DEFINITION AND EXAMPLE Cash Disbursement Journal. Cash Disbursement Journal is a special journal used to record all payments of cash, also called Cash Payment Journal. This is a journal that we could use if we were to set up the accounting process by hand rather than having a computer system, like QuickBooks. The Cash Disbursement Journal will work best when there NEGATIVE RETAINED EARNINGS If the net loss for the current period is higher than the retained earnings at the beginning of the period, those retained earnings on the balance sheet may become negative. This creates a deficit. In other words, the uncovered loss is the loss that occurred when the enterprise experienced an actual loss and was unable to cover it withretained earnings.
RETAINED EARNINGS ON BALANCE SHEET Retained earnings are cumulative. That means you’ll report them on your balance sheet in the equity section and carry the RE 0 from the previous reporting period’s ‘retained earnings’. Since retained earnings go under the shareholders’ equity, you’re increasing the retained earnings and at the same time, the liabilities side of your BOOKSTIME: BOOKKEEPING FOR SMALL BUSINESSES IN THE UNITEDSERVICESTALK TO A BOOKSTIME BOOKKEEPERABOUT USSATISFACTION GUARANTEEBEST PRICEGUARANTEE
BooksTime grew to become one of the leading bookkeeping firms in the US mainly without advertising, instead relying on referrals from happy clients. BooksTime’s average client satisfaction rating is over 4.8/5. We’re so confident you’ll love the service that we offer a REMOTE BOOKS ONLINE REVIEW Features and Services. When your financials are a mess, and you need them cleaned up, Remote Books Online can do it for you for up to a whole year. These areas can include sales, cost of goods sold, expenses, inventory, sales tax liabilities, payroll liabilities, etc. Having a bookkeeper who knows your business well and does not botheryou with
TYPES OF LIABILITY ACCOUNTS Let’s review the examples of liability accounts a business might see in its accounting records. Current Liabilities. A current liability is a type of liability that is expected to be paid within a maximum one year. These liabilities are better known as short-term liabilities. Overdraft – when business effectively borrows of a bank by REMOTE BOOKKEEPING: HOW DOES IT WORK? Recent technological advances allowed as to change the way we do business. Remote bookkeeping, or as it is also known virtual or online bookkeeping, is one of the most sought out services in the business world. It is a new form of bookkeeping set up to replace in-house bookkeeping. Remote bookkeeping services help you to improve yourbusiness.
ACCRUAL TO CASH CONVERSION The formula for merchandise inventory payments would look like this: Cost of goods sold + EB MI – BB MI + BB AP – EB AP = Cash payments for MI. Expenses + EB PE – BB PE + BB AE – EB AE = Cash payments for Expenses. Conversion to the cash system requires one to subtract all the transactions recorded but not yet received or paid from the REAL ESTATE TAXES: COMPLETE GUIDE Property taxes generally run from January 1 st to December 31 st every year, but they are set by the city in the early in the year and collected in the middle of the year on June 30 th . The city assesses real estate taxes based on your property value. However, there is a lot of misunderstandings about the role of assessors and how theyaffect
CONTROL ACCOUNT DEFINITION AND EXAMPLE CASH DISBURSEMENT JOURNAL: DEFINITION AND EXAMPLE Cash Disbursement Journal. Cash Disbursement Journal is a special journal used to record all payments of cash, also called Cash Payment Journal. This is a journal that we could use if we were to set up the accounting process by hand rather than having a computer system, like QuickBooks. The Cash Disbursement Journal will work best when there NEGATIVE RETAINED EARNINGS If the net loss for the current period is higher than the retained earnings at the beginning of the period, those retained earnings on the balance sheet may become negative. This creates a deficit. In other words, the uncovered loss is the loss that occurred when the enterprise experienced an actual loss and was unable to cover it withretained earnings.
RETAINED EARNINGS ON BALANCE SHEET Retained earnings are cumulative. That means you’ll report them on your balance sheet in the equity section and carry the RE 0 from the previous reporting period’s ‘retained earnings’. Since retained earnings go under the shareholders’ equity, you’re increasing the retained earnings and at the same time, the liabilities side of your BOOKKEEPING TUTORIAL FOR BEGINNERS Bookkeeping in its essence is the activity of keeping a record of economic activities transactions of a company in a documentary form. It facilitates the management of economic activities, payment of salaries, calculation and payment of taxes, and other mandatory cashpayments.
OUTSOURCED BOOKKEEPING: 5 REASONS TO USE IT Reduce operating costs. Beyond salaries and benefits, an in house bookkeeper requires overhead costs as well as locks infrastructure costs. You will no longer need to worry about or pay payroll taxes or providing office space for an extra employee/s. Moreover, 20% of bookkeepers quit every year. This means that you might have additionalcosts
REMOTE BOOKS ONLINE REVIEW Features and Services. When your financials are a mess, and you need them cleaned up, Remote Books Online can do it for you for up to a whole year. These areas can include sales, cost of goods sold, expenses, inventory, sales tax liabilities, payroll liabilities, etc. Having a bookkeeper who knows your business well and does not botheryou with
JOIN A TEAM OF PASSIONATE ACCOUNTANTS AND ENTREPRENEURS We’re passionate about providing clients with the most streamlined, hassle-free experience and the highest quality bookkeeping possible. There’s huge demand for the service we’re offering. As a result, we’re growing fast and need your help to scale this business. Join our team of accountants, bookkeepers, and growth hackers and help us PAYBACK PERIOD: HOW TO USE AND CALCULATE IT The return on investment comes with complex planning, accounting, calculation, and analysis process. To get a return on investment, you need to have experience and certain knowledge, otherwise, this task will be very difficult. ACCRUED PAYROLL: DEFINITION AND HOW TO CALCULATE IT Accrued expenses, such as payroll, are considered to be short-term liabilities. Accordingly, accrued payroll is how much the organization still has to pay its employees. HOW TO START A BOOKKEEPING BUSINESS: STEP-BY-STEP GUIDE Step 1 — Branding. At the end of the day, your brand is how every person who comes in contact with your business feels about it. It’s far more than a logo or a nice font set your designers have picked out. It’s also your business’ aura, if you will. Think of WHAT ARE MAIN INTERNAL CONTROLS FOR ACCOUNTING What are Internal Controls? Let’s first look at the definition of internal controls in accounting. Internal control is a management process involving the people of the organization (the responsibility lies with management and the board of directors). ACCOUNTING TRANSACTION ANALYSIS The accounting transaction analysis is the process of translating the business activities and events that have a measurable effect on the accounting equation into the accounting language and writing it in the accounting books. This is the first stage in the accounting cycle, which is the foundation of accounting, regardless of the accounting ACCOUNTING PROFIT AND LOSS To calculate accounting profit and see whether your company made money or lost money, you will use a special formula: Total Revenues–Total Expenses = Accounting Profit/Loss. Thus, to calculate this number, you will take the following steps: Find a total amount of revenue for the period (sales, service provision income, etc.)* Services
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PEACE OF MIND GUARANTEED KEEPING PROPER FINANCIAL RECORDS IS TIME-INTENSIVE AND SMALL MISTAKES CAN BE COSTLY. BOOKSTIME MAKES SURE YOUR NUMBERS ARE 100% ACCURATE SO YOU CAN FOCUS ON GROWING YOUR BUSINESS.Get In Touch
FOCUS ON WHAT YOU DO BEST You’re a small business owner with a long list of things to do. With BooksTime, you can take bookkeeping off of your to-do listpermanently.
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A DEDICATED BOOKKEEPER JUST FOR YOU Get a dedicated, friendly bookkeeper who’s available whenever needed to answer your questions. You’ll be matched with a highly qualified BooksTime bookkeeper with extensive experience in your specificindustry.
Talk To A BooksTime Bookkeeper 100% ACCURACY GUARANTEED Without accurate financial information, it’s impossible to make smart business decisions. Additionally, mistakes can lead to IRS issues, over-payment on taxes, and difficulty getting financing. Your BooksTime bookkeeper will provide you with the financial data you need in easy-to-understand reports. We guarantee the accuracy of everysingle number.
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THE TRUSTED LEADER
BooksTime grew to become one of the leading bookkeeping firms in the US mainly without advertising, instead relying on referrals from happy clients. BooksTime’s average client satisfaction rating is over 4.8/5. We’re so confident you’ll love the service that we offer a comprehensive Satisfaction Guarantee.About Us
CLIENT REVIEWS
> I'm not sure where to even begin with how great working with > BooksTime has been. But it certainly ranks in one of the best > business decisions we've made to date. We worked primarily with > their accounting / bookkeeping guru, Sonya, who is extremely detail > oriented, organized, and thorough with all of her work.>
> When we worked together to do an initial cleanup of several years of > our books, she not only provided the actionable intelligence to put > our books in order but she found every single item that didn't add > up perfectly and worked directly with me to properly account for > them. On a personal level, I love working with Sonya. Her swift > responses, top notch work, and sense of humor on occasion when she > figures out you are trying to "invent" new GAAP principles to suit > your needs, makes Bookeeping a breeze.>
> I couldn't recommend her more highly!Read more
Tyler Noyes, Kalahari Biltong > I tried out multiple bookkeepers before finding BooksTime with > little success in regards to setting up the Quickbooks platform so > that it integrates with my Ecommerce site, Amazon and manages my > inventory all at the same time. BooksTime took their time to set it > up properly, was always extremely communicative, and very thorough > in cleaning up the mess I had made along the way. I highly recommend > them for your bookkeeping needs and especially for those who have > had trouble managing multiple channels and inventory through > Ecommerce, retail, direct, etc.Read more
Carrie Forbes, Gutsey Bars > Our company came out of the dark ages finding BooksTime. The > everyday service demands of our small family plumbing and heating > business gave us little time to look at the numbers and make sense > out of them. We were lucky to even have a handle on how much money > was really coming in and out, let alone how much was really in the > bank. Four months in, we now know immediately where our accounts > stand and can begin to plan ahead financially. BooksTime staff have > tutored us through the entire process and every month our confidence > in understanding the systems increases. BooksTime has helped us get > a new grip on our business and organizing us for expansion down the > road, as well as streamlined the time we spent laboring through> numbers.
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Chris Murphy, Narrow Way Plumbing and Heating > After working with BooksTime for more than a year, I highly > recommend them. They helped us improve our bookkeeping processes and > implement accounting best practices. Their service is very > personalized and they customize their processes to meet my > business's needs. They are always willing to adapt the service plan > to make it work better for me. The bookkeepers are skilled, > knowledgeable, and easy to work with. Their team approach works > really well. In addition to having a dedicated bookkeeper, it's > great to have access to the high level expertise and oversight from > the Senior Accountant.Read more
Greg Dorsey, BBA Management > I strongly recommend BooksTime. The team at BooksTime provides us > with the highest level of service imaginable. Since we signed up in > 2015, all our finances have been managed perfectly. They take care > of any requests we have very quickly and always make themselves > available for us. They go above and beyond to meet any need we have! > I can't recommend them highly enough -- BooksTime is by far the best > option out there. I look forward to working with them for many years> to come.
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Yuri Nikolski, Prosapia Genetics WHY CLIENTS LOVE BOOKSTIMENO MORE
BOOKKEEPING STRESS
Keeping proper financial records is important, but it’s probably not your passion. Bookkeeping is a source of stress for most businesses. It’s time-consuming and small errors can be costly. With BooksTime, bookkeeping is 100% stress-free. You get a responsive, dedicated financial expert who handles all your bookkeeping needs, so you get more hours in your day.SAVE MONEY
BooksTime uses the latest technology to streamline many common bookkeeping tasks. As a result, we can offer prices that are 20% to 50% lower than other bookkeeping services. BooksTime even offers a Best Price Guarantee. CLEAR, USEFUL REPORTS We don’t just keep your financial data organized — we also help you USE it. Your BooksTime bookkeeper analyzes your financials to find opportunities to boost profitability. You also get easy-to-understand monthly reports that help you track the specific metrics that matter most to you. Interactive dashboards enable you to see the big picture at a glance. Cash flow forecasts empower you to plan for the future. And when you need compelling reports for investors or lenders, we’vegot your back.
WE PARTNER WITH INDUSTRY LEADERS HOW BOOKSTIME IS DIFFERENT DEDICATED, HIGHLY QUALIFIED BOOKKEEPERS With BooksTime, you’ll work with the same bookkeeper every month. Your BooksTime bookkeeper is a highly qualified expert with 10-30 years of experience, knowledge of your specific industry, relevant degrees and certifications, and mastery of the latest in accounting automation software. You can rest easy knowing real professionals are handling your books. Best of all, your dedicated bookkeeper will always available to answer your questions and be a part of your company’s journey.ACCRUAL BOOKKEEPING
There are 2 ways of doing bookkeeping : accrual basis and cash basis. Accrual basis bookkeeping is by far the most popular option for business with more than 1 employee. That’s because it gives you a most realistic and accurate view of your financial position. Additionally, in many cases, the IRS requires accrual basis bookkeeping (Read more about which method is best for you.) Some firms only offer cash basis bookkeeping. Whichever method is right for your business, BooksTime has you covered: we offer both accrual basis and cash basis bookkeeping.WE DO IT YOUR WAY
Unlike other leading bookkeeping firms, we don’t force you to use a specific type of software or change any of your processes. We adapt to meet your needs, not the other way around. We’re happy to provide software recommendations and help you design more efficient processes — but only if you want us to. This flexibility makes it easy to switch to BooksTime, because fewer changes will be needed. It also makes BooksTime the most scalable option for growing companies withevolving needs.
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