Bookkeeping

Super pumped up about bookkeeping now and looking for something to get started on right away? You’ll want to pay extra attention to your income statement (also known as a profit and loss statement). It helps you better understand what types of https://www.bookstime.com/articles/what-is-a-bookkeeper expenses and income are impacting your bottom line (aka your net income), …

How to Keep Books for a Small Business: 13 Tips to Follow Read More »

There are several different tax brackets that you can fall under at income tax time. The IRS defines your adjusted gross income (AGI) as your gross income minus any applicable adjustments. Your taxable income is also what may be used to determine what tax bracket you are in. It considers all sources of income from …

Gross Income vs Net Income: Whats the Difference? Read More »

Scrap value is the estimated cost that a fixed asset can be sold for after factoring in full depreciation. The asset that is disposed of is usually salvaged into multiple parts, with each part valued and sold separately. In financial accounting, capital assets or long-term assets, such as machinery, vehicles, furniture, etc., have a useful …

What is Scrap Value? Example Impact on Fixed Assets Read More »

However, companies can always take appropriate measures to safeguard their data when outsourcing to India. For example, you can get your software development outsourcing partner to sign an NDA (Non-Disclosure Agreement). This means that an Indian software outsourcing company can take over the work after your Europe or USA-based onshore team ends their shift. This …

Everything You Need To Know About Outsourcing To India Read More »

If the IRS is auditing you, having an experienced Chicago tax accountant on your side can make all the difference. Even though some try to tackle the challenge independently, that usually ends up costing more time and money. However, we can take over the entire process and help work out the most beneficial solution for …

Tax, Accounting, Bookkeeping for individual, small business, partnership, corporation, estate, trust, gift Chicago’s Premier Accountants Read More »

Many bookkeepers and accountants use QuickBooks to track their clients’ finances, including both QuickBooks Online and QuickBooks Desktop. If you don’t use accounting software, you’ll probably catalogue your financial transactions by hand using a spreadsheet. This method can be cheaper, but it means you’re doing every financial task on your own. Not only will you …

Best Accounting Software for Small Businesses Read More »

This makes it easier to plan for the future and can aid with saving and budgeting. If you want to make investments, take out loans, or plan a family vacation, a salary might provide the type of financial https://www.kelleysbookkeeping.com/20-tax-deductions-ecommerce-businesses-need-to/ stability you need to make better decisions. Zimbabwe traditionally had a competitive advantage in its cost …

What is a salary? Everything you need to know about what a salary is and how it works Read More »

Bookkeepers play the role of the data collectors, meticulously noting down every financial piece of information. This includes but is not limited to noting down payments made to vendors, documenting sales, and tracking various business-related expenses. Their work ensures a clear and systematic financial the terms accounting and bookkeeping are interchangeable. trail for any enterprise. …

Bookkeeping Terms and Basic Accounting Definitions Read More »

This means that if you have a debit in one category, the credit does not have to be in the same exact one. As long as the credit is either under liabilities https://kelleysbookkeeping.com/ or equity, the equation should still be balanced. If the equation does not add up, you know there is an error somewhere …

Debit: Definition and Relationship to Credit Read More »

Business supply purchases are deducted on your business tax return in the “Expenses” or “Deductions” section. Although PP&E are noncurrent assets or long-term assets, not all noncurrent assets are property, plant, and equipment. https://quick-bookkeeping.net/ Intangible assets are nonphysical assets, such as patents and copyrights. They are considered to be noncurrent assets because they provide value to …

Expense: Definition, Types, and How Expenses Are Recorded Read More »