There are also some clients that are delinquent payers and, unfortunately, others where you’ll realize that you will need to reclassify the receivables as bad debt and eventually write it off. In some cases, clients pay you upfront and in…

At times, your customers may directly deposit funds into your business’ bank account, but your business will not notified about this the bank statement is received. The purpose of preparing a bank reconciliation statement is to reconcile the difference between…

The discount cannot be taken during the “yellow shaded” days (of which there are twenty). What is important to note here is that skipping past the discount period will only achieve a twenty-day deferral of the payment. There are approximately…

Empower Bookkeeping Firm LLC is a full service accounting firm located in Garland. The company's owner and principal accountant, Stephanie Matlock, began her 5 top interview questions to ask nonprofit candidates accounting career at the impressive age of 16 years…

Collect the bookkeeping receipts from every business purchases you have made during the tax year. You can also use this comprehensive list of small business tax deductions to double check that you’re tracking and claiming every deduction available to your…

Wave’s free plan supports only one user, but it lets you send unlimited invoices. This makes it ideal for freelancers and small businesses managing multiple clients. Also, the program lets you create recurring invoices that you can use if you…

Before we get to ecommerce integrations, it’s worth mentioning that QuickBooks can perfectly integrate with payment processors. It’s user-friendly and offers extensive functionality, making it a preferred choice for small and medium-sized enterprises (SMEs) and larger corporations. QuickBooks provides businesses…

This assertion means that assets, liabilities, and equity accounts have been included in the financial statements at their appropriate amounts. Furthermore, any resulting valuation or allocation adjustments have been appropriately recorded. The valuation or allocation assertion concerns the accuracy and…

The total dollar amounts of two sides of accounting equation are always equal because they represent two different views of the same thing. If the left side of the accounting equation (total assets) increases or decreases, the right side (liabilities…

Expense is an outflow of cash or diminution in the value of an asset. Individuals, sole traders, Partnerships, companies, corporations—all cannot survive without keeping proper accounts. With accounting information, businesses can evaluate the direction they are heading in and, accordingly,…