The Accounting Equation

This equation holds true for all business activities and transactions. If assets increase, either liabilities or owner’s equity must increase to balance out the equation. A company’s quarterly and annual reports are basically derived directly from the accounting equations used in bookkeeping practices. These equations, entered in a business’s general ledger, will provide the material […]

Blockchain Explained and Implications for Accountancy

Distributive technologies are changing the business world as we know it. Blockchain technology (BT) is one of the most significant disruptive technologies nowadays (Parmoodeh et al., 2023; Perera and Abeygunasekera, 2022). BT gained popularity after its inception in 2008 as the underlying technology supporting cryptocurrencies such as Bitcoin (Alarcon and Ng, 2018). Reducing the lag time […]

6 Best Practices for Customer Billing

Square Invoices offers a free or low-cost plan for online and in-person invoicing, making it one of the best billing software options for any small business. Forbes Advisor found the most affordable (and free) options that rank highly in value, features and tools, making them the best billing software solutions available. Whether you run a […]

Safety Stock: What It Is & How to Calculate

Being aware of inventory carrying costs will help you go back to the drawing board and find ways to lower these expenses. Moreover, it helps when the business scales up and you already have an estimate of recurring costs. Inventory carrying cost refers to the amount spent on holding and storing goods. However, if you […]

Free Fillable Blank Check Template Word, PDF

In terms of security and management, checks are the best method of payment. Small businesses or organizations use checks for their payment rather than online. With the help of checks, you can keep a track of your payments. Furthermore, you can use different types of checks for different purposes. You can use paper checks for […]

What Is a Periodic Inventory System and How Does It Work?

Under the perpetual system, managers are able to make the appropriate timing of purchases with a clear knowledge of the number of goods on hand at various locations. Having more accurate tracking of inventory levels also provides a better way of monitoring problems such as theft. It’s straightforward to calculate the cost of goods sold using the periodic […]

QuickBooks Online Review 2023: Features, pricing, and more

Other businesses should consider whether tracking P&L by class and location is worth the extra $30 per month. With QuickBooks Essentials, you can track billable time by job and assign it to a specific customer—something you can’t achieve with Simple Start. Once you’ve recorded your billable time, you can add them to your invoice and […]

What Does an Accountant Do? Duties, Rules, Skills, and History

How much we understand the weight accountants carry in the world of finance and business is directly linked to how well we understand what they do. Their daily duties require, not only academic knowledge but good sets of soft and technical skills. And while most employers will take into account both types of abilities, some […]

501c3: What is it? What are the requirements?

Take some time to craft your job descriptions so that you can attract the right candidates, as well as draft bylaws which determine the procedures in which board members must follow when completing their duties. For example, the secretary or committee chair is responsible for helping the organization from tasks such as executing projects to […]

What Is Account Reconciliation?

In larger organisations, the function may be carried out by multiple people or even entire departments dedicated to financial controls and reconciliation. Do not simply roll forward a previous reconciliation without evaluating whether it is still accurate. She then uses the equipment to complete her first lawn-care project, which pays her $500. In smaller […]