Bookkeeping

Knowing these expenses can help you plan your budget accordingly and maximize profits. Assuming each session has ten people, a single gym can generate $120,000 in revenue annually. In business, cash flow is the money flowing in and out of a company. This allows the business owner to pay its employees and meet operating expenses.[…]

The benefit, of course, is that everything is new, built for purpose, and usually under warranty. You don’t need to worry about how previous owners cared for the truck or if a professional installed the gas lines. If you have an active fanbase of friends and family who support your food truck concept, crowdfunding can[…]

This particular calendar is best for businesses in the retail, hospitality, grocery and manufacturing industries where certain days see more influx and sales than others. Also, the month-by-month comparison makes it easy to look at each individual month as it compares to another given that all months have the same number of days. Another reason[…]

The ledger is a clear breakdown of all accounts payable transactions such as incoming invoices, payments, and adjustments. Ensure that all invoices and transactions are promptly recorded to maintain accurate and up-to-date trade payable balances. Accounts payable are found on a firm’s balance sheet, and since they represent funds owed to others they are booked[…]

This blogpost only scratched the surface on IRS Form 941. There’s even more to know about the form, reporting schedules, corrections, and other forms and taxes that must reconcile with Form 941. Investing in a payroll resource guide can be an excellent way to keep up to date with all the changes and adjustments. Note[…]

For partnerships, each partners’ capital account will be credited based on the agreement of the partnership (for example, 50% to Partner A, 30% to B, and 20% to C). For corporations, Income Summary is closed entirely to “Retained Earnings”. The Income Summary balance is ultimately closed to the capital account. The T-account summary for Printing[…]

To repair this, you need to remove the axle shafts, making for a more complicated task. Without a differential, the tires would need to spin at the same speeds, even though they need to be on different paths. This condition would cause one of the tires to slip, creating less traction, wear on the powertrain[…]

Content Find a payroll system that works for you Salary Processing What Are Payroll Services? Collect, Pay, and File Taxes Paytech built for payroll What functions can be performed by an automated payroll system? Payroll automation refers to the utilization of software to streamline the various tasks involved in managing payroll. These tasks encompass the[…]

A rental security deposit is money paid by the tenant to the landlord as a guarantee that the tenant will abide by the terms and conditions of the lease. The security deposit provides the landlord with assurance that the tenant will pay the rent in full and on time, take good care of the property,[…]

When a company prepares its balance sheet, a negative balance in the cash account should be reported as a current liability which it might describe as checks written in excess of cash balance. A real account in accounting refers to an account that records transactions related to tangible assets, liabilities, or equity items, rather than[…]