Browsing: Accounting

A credit memo, also known as a credit memorandum, is a document used by a seller to adjust or reduce…

A debit memo (also known as a debit note or debit memorandum) is a document used to notify a customer…

The direct method of cost allocation is a technique used by businesses to assign costs directly to specific cost objects…

Cost allocation is crucial in managerial accounting for distributing costs across departments, products, or activities. It assigns costs to different…

Net worth is a financial metric that represents the difference between a company’s assets and liabilities. In other words, net…

Adjusting entries are an essential aspect of accounting. They ensure that financial statements accurately reflect a company’s financial position and…

As a business owner, you are likely aware of the many tax deductions and credits available to help reduce your…

As a business owner, you may have heard the term “capitalization policy” thrown around by accountants, financial advisors, or other…

Introduction Understanding the difference between gross pay and net pay is crucial for employees as it affects their take-home pay.…

The practice of accounting is probably one of the oldest in relation to business. For as long as people have traded goods…

Overhead cost refers to the ongoing expenses, excluding direct costs, required to operate a business day-to-day. Properly tracking and managing…

Accounting is essential for understanding a company’s real-time financial strength, whether it is about fulfilling short-term or long-term obligations. Together…

In the earlier days of accounting, we use books or papers to track our accounting data. We all know where…

CHIEF FINANCIAL OFFICER (CFO) A chief financial officer (CFO) is a senior-level executive whose key role is to manage the…

In the present business culture and account complexity, understanding debit and credit notes is important. A debit memo serves as…

BOOKKEEPING COST The business transactions(financial) is the golden factor that must be tracked by accountants. It will be the primary…

Some businesses may choose either cash or accrual based accounting to do their bookkeeping, generate their financial statements and file…

If you have missed it, we have already discussed the bank reconciliation statement and its importance. Now, we’ll jump out…

Bank Reconciliations aren’t fun, but they shield you from a variety of pitfalls, such as overdrawing your account and being a…

The ultimate focus of accounting software is to make your life simpler by rescuing your time and money while also providing you…

Accounting mistakes occur sometimes due to our negligence. You can think that we can be perfect at all times. Yes,…

In every business accounting is the key factor to maintain financial records. Everyone thinks that accounting is very knotty and…

Accounting and bookkeeping are two functions that are critical for each business organization. In the least difficult of terms, bookkeeping is liable…

Entrepreneurs and experts empathize the fundamental jobs in accounts payable and account receivable play in an association’s foremost concern. Accounts…

Two concepts important to any business owner or business analyst are accounts receivable and accounts payable. These like-sounding accounts on…

Business discussions with your company accountant will almost certainly end up involving comments about either assets or liabilities and if…