The majority of clients most likely operate on digital systems and thus, to stay in line with competition and customer needs, digitizing the process is a smart move. However, accounts receivable is only a small (if important) part of your organization’s Finance and Accounting process. Be it accounts payable, procurement, or record to report, MHC …
9 Accounts Receivables Challenges And How To Solve Them Read More »
Additionally, opening business accounts will allow you to build and develop business credit, which is similar to but separate from your personal credit history and score. Your business credit score can get you lower rates on your insurance policies and increase your borrowing potential. But Dori Eversmann, owner of bookkeeping practice Chastain Partners, believes small-business …
The downside is that it doesn’t reflect the actual cash flow of the business. This means your business might appear to be doing well even when your bank accounts are empty, and vice-versa. Accrual accounting without real-time expense tracking can cause devastating consequences. In this article, we’re going to be taking a look at the …
Difference between Cash Basis and Accrual Basis of Accounting Read More »
Get personalized solutions that fit where your business is today, and where you want it to be tomorrow. A bookkeeper can also give you insight into your cash flow (and you can get started with instant insights https://www.bookstime.com/ with Nav’s Cash Flow Tool). Many or all of the products featured here are from our partners …
Another function you may choose between steps 8 and 9 is Amount and Is Exactly. If you are creating a rule for a recurring monthly expense of $100.00, select Amount and Exactly, and key in “100.00” in the “Enter text” box. Bank rules allow you to categorize recurring transactions, whether the recurring transaction is the …
How to Create Bank Rules to Save Time! in QuickBooks Online Read More »
The interest expense is the bond payable account multiplied by the interest rate. The payable is a temporary account that will be used because payments are due on January 1 of each year. And finally, there is a decrease in the bond payable account that represents the amortization of the premium. Assuming the accrual method …
Cash vs accrual Interest Payable and Interest Expense Read More »
Double-entry bookkeeping can appear complicated at first, but it’s easy to understand and use once the basic concepts have been learned. There are recorded instances of double-entry bookkeeping from as far back as 70 A.D. When you log into your bank account online, double entry accounting or receive your bank statement in the mail, you’ll …
