Bookkeeping

IOLTA and trust bank accounts are essential tools you should be aware of. This blog post will help explain these accounts, why they matter for bookkeepers and accountants, and how to set them up and properly maintain them. Knowing about both IOLTA and trust bank accounts can make all the difference in ensuring your clients are protected, and their finances remain what does iolta stand for secure. Proper...

Monitoring inventory, properly tracking costs, and analyzing COGS is vital for making sound business decisions and maintaining accurate financials. The average method simplifies record-keeping but may result in over- or under-valued COGS if costs fluctuate significantly over time. With the FIFO inventory method, COGS aims to match actual costs of producing inventory sold. With the average cost inventory...

The bookkeeping and accounting industry is steadily growing. This can help you save time and make financial decisions quickly. Wave has all the key features you need to keep your books accurate and run your business smoothly. See our step-by-step guide on how to invite collaborators to your Wave account. Wave makes it easy to invite additional users to your account to help with your accounting. ADP is the...

High-volume businesses or those with tight cash flow should consider weekly or even daily bank statement reconciliation to catch discrepancies quickly and maintain accurate cash positions. Manual bank reconciliation processes are quickly becoming obsolete as businesses discover the power of bank statement reconciliation software. By staying proactive and organized, businesses can minimize how to record the...

We'll assume you intend to leave the investment untouched for 20 years. So, let's now break down interest compounding by year, using a more realistic example scenario. We've discussed what compound interest is and how it is calculated. Compound interest works by adding earned interest back to the principal. Why Our Calculator Saves Time Enter a few details to see how different timeframes, contribution...

Clients appreciate their responsiveness and attention to detail, making it easier to focus on growth. Whether you’re months or years behind in Bookkeeping Services in Phoenix bookkeeping, we’ll help (no judgment!). Our fast, skilled QuickBooks clean-up service will get you up to date—and a more accurate view of your financials. If you’re not sure which plan is best for your business, contact us...

Once you have everything you need, subtract the current liabilities from the current assets to arrive at the net working capital figure. We’re simplifying it here - larger companies will have more diverse current assets and liabilities to factor in. It’s a great short-term, rolling figure to give a snapshot of a company's liquidity. But it doesn’t consider long-term assets and liabilities, the...