The chart of accounts is the organizational framework upon which all of your financial information hangs. You can think of the chart of accounts as a table of contents for your finances. Just like you would organize a book into different chapters, a chart of accounts organizes your financial transactions into different categories or tabs. […]
You should incorporate a GL into your business practices if you want up-to-date financial reports to secure small business loans, balance your books effectively, prepare for an audit, or accurately file your taxes. The best way to know if your general ledger is correct is to reconcile all entries then generate a trial balance to […]
Nathan received his MBA in finance and international business administration from the University of Illinois, Chicago, and his B.S. In production and operations management from California State University, Chico. ScaleFactor’s closure is yet another symptom of the pandemic’s varying effect on venture-backed startups. Some technology firms that enable remote workforces to thrive — such as […]
Look for software that offers the features you need, and check for integrations with other software you use. The cost of non cloud accounting software varies depending on the software you choose. Some non cloud accounting software options may be more expensive than cloud-based software, while others may be more affordable. The advantages of using […]
Many top-performing CAS practices use various forms of fixed-fee or value billing, though they may still bill a minority of their clients by the hour. All four of the firms cited in this article charge clients a fixed monthly fee based on the estimated hours their engagement will require, as well as its scope and […]
These items are definitely considered goods, and these companies certainly have inventories of such goods. Both of these industries can list COGS on their income statements and claim them for tax purposes. Cost of goods sold (COGS) refers to the direct costs of producing the goods sold by a company. This amount includes the cost […]
The sales discounts contra revenue account records the discounts given to customers on sales made to them, normally a cash or settlement discount. The account is normally a debit balance and in use is offset against the revenue account which is normally a credit balance. Consequently the net balance of the two accounts shows the […]
Technology is an important tool for responsible budgeting for nonprofits. But, there’s a place in the nonprofit universe for a surplus in the budgets too. They can mean the difference between surviving a rough patch and being forced to close down. Having extra cash can help stabilize your nonprofit and absorb an unexpected delay in […]