Up-to-date and accurate payroll, bookkeeping and accounting practices help set the foundation of a successful business. So, it is important to understand the difference between payroll and bookkeeping and how, along with accounting, they contribute to your financial health. Now, you might be wondering, what exactly are the key principles and practices that govern the […]

These fees may be called a processing fee, discount rate or factoring rate and are usually a percentage of the invoice amount. Some companies also apply a fee per week that the invoice remains unpaid, such as 1 percent. Both invoice financing and invoice factoring secure financing with outstanding invoices. If you’re looking for a […]

You can make changes to past reconciliations, but be careful. Changes can unbalance your accounts and other reconciliations. It also affects the beginning balance of your next reconciliation. Now, simply compare the transactions on your statement with what’s in QuickBooks. The tricky part is making sure you have the right dates and transactions in QuickBooks so […]

By adopting effective inventory management strategies and staying on top of market trends, businesses can avoid the negative impact of obsolete inventory and keep their operations running smoothly. Businesses often implement strategies to minimize obsolete inventory, such as forecasting demand more accurately, adopting just-in-time inventory systems, and offering promotions to clear out slow-moving stock. These […]

When a fixed asset reaches the end of its useful life, it is usually disposed of by selling it for a salvage value. In some cases, the asset may become obsolete and will, therefore, be disposed of without receiving any payment in return. The fixed asset is written off the balance sheet since it is […]

Look no further than Equivity if you are tired of handling your own bookkeeping and looking for someone to take on the task. All of Equivity’s virtual assistants are based in the US and have a college education. Not only that, but they also have years of professional experience under their belts. WishUp also provides […]

Its intuitive interface and built-in AI capabilities make it incredibly straightforward to perform complex computations, including the calculation of total period costs. Sourcetable also offers the unique feature of experimenting with AI-generated data, ensuring a more versatile data analysis experience. Calculating total period costs facilitates the preparation for audits by providing a clear breakdown of […]

QuickBooks offers 1099 e-filing services with QuickBooks Payroll1 and QuickBooks Contractor Payments. When you use QuickBooks Payroll or Contractor Payments, your 1099s will be automatically generated and e-filed for you, saving your time and helping you prepare for tax season. This information on the W-2 form is necessary to file income taxes during tax season. […]

Heralded as significant as the internet itself, generative AI and particularly OpenAI’s ChatGPT immediately put every single software provider in a position where they’d be judged on how quickly and effectively they’d adopt this new technology. Our platform is built entirely on robust Microsoft infrastructure, boasting a SOC 2 certification, and undergoing rigorous annual penetration […]

Simply subtract the expenses from the revenue each year and then multiply by (1 – Tax Rate) to calculate the after-tax cash flows. oil accounting You do still see DCFs sometimes, but they are more common for midstream, downstream, and oilfield services companies. The good news is that most of the same valuation methodologies you’re […]