Category: Bookkeeping

It can then automatically match this data with corresponding purchase orders and delivery notes, flag any discrepancies, route the differential cost in accounting invoice for approval, and schedule the payment. AI-powered invoice processing can update your accounting software, generate comprehensive reports, and help you analyze invoice processing performance. The vendor invoice management process involves several…

This can make it challenging for managers to evaluate the true performance and contribution of different parts of the organization, as spend doesn’t simply tell the entire story. On the other hand, an impersonal/machinery cost center isolates the costs of all non-employee costs. A company may be interested in only viewing the upfront cost, maintenance…

Negative retained earnings mean a negative balance of retained earnings as appearing on the balance sheet under stockholder’s equity. A business entity can have a negative retained earnings balance if it has been incurring net losses or distributing more dividends than what is there in the retained earnings account over the years. This is the…

No matter what type of business you run, taking more time costs more money. Smaller businesses, like a local retail store, may need to provide it to get (or restructure) a loan from banks or other lenders. Our writing and editorial staff are a team of experts holding advanced financial designations and have written for…

Of course, you always have the option to find and hire an in-house bookkeeper, who will work directly with your business on a day-to-day basis. Each plan comes with a finance expert, automated transaction imports, P&L, balance sheet and cash flow statements. bookkeeping services payroll You’ll also get burn rate calculations, which is helpful for…

Although the process of recording credit sales might seem a bit daunting, constant practice of accurately recording it enhances one’s skill and makes it easier to handle. One important point to note when making the credit sales journal entry is that the amount debited and credited must be equal to ensure that the record is…