All Posts in Category: Bookkeeping

Or, if you use accounting software to track your business’s finances and generate financial statements, the software should have a built-in method to speed up bank reconciliation. Bank reconciliation means comparing your bank statement’s listed transactions with your business’s internal records, then adjusting your internal accounting records to ensure they’re accurate. It’s also the foundation…

For example, depreciation expense for PP&E is estimated based on depreciation schedules with assumptions on useful life and residual value. If you are having a hard time understanding this topic, I suggest you go over and study the lesson again. Preparing adjusting entries is one of the most challenging (but important) topics for beginners. Next…

A portion of these indirect costs, such as rent, utilities and office expenses, must be allocated to each unit of production to arrive at an accurate estimate of the total cost of the unit. When a plantwide overhead rate is used, all items produced are allocated a share of the overhead based on a single…

The business entity structure you choose determines your personal liability if your company ever gets sued, as well as your tax liability. Fast-growing businesses may also turn to you, as their bookkeeper, to manage payroll and payroll taxes too. So it’s important you make timeliness and accuracy a critical part of your business. Outsourced bookkeepers…