Bookkeeping

By implementing these practices, businesses can effectively manage outstanding checks and maintain accurate cash flow records. By understanding and addressing these common causes, businesses can actively manage outstanding checks and maintain accurate financial records. Regular monitoring, diligent record-keeping, and effective communication with payees and banks are key to minimizing outstanding checks and ensuring financial stability. … Read more

Additionally, income taxes payable are classified as a current liability. The amount of taxes a company owes might fluctuate based on its profitability and tax planning strategies. These obligations can affect a company’s operating cash flows, as they represent a cash outflow the company will need to satisfy. During the operating cycle, a company incurs … Read more

Let’s dive into the concept and break down the formula in a way that is simple and easy to understand. Welcome to our comprehensive guide on pro rata – a fundamental concept in finance, business, and law. This principle of fairness affects everything from part-time wages to holiday entitlements, making it essential to understand for … Read more

With TurboTax, you can e-file your extension online in minutes and get back to what matters most to you. It’s important to remember, though, that a tax extension pushes back your deadline to file but not your deadline to pay whatever taxes you owe. That’s right—the IRS still expects you to pay your tax bill … Read more

Using AIS allows accountants to customize the platform to meet their needs and provide more accurate and secure financial information. These platforms can also integrate with other departments, like payroll and inventory management systems, to reduce manual data entry. Fund accounting tracks how businesses allocate and spend funds across their operations. Fund accountants ensure that … Read more

These short term solvency indicators measure the liquidity position of the entity as a whole and receivables turnover ratio measure the liquidity of accounts receivable as an individual current asset. It is much like the inventory turnover ratio which measures how fast the inventory is moving in a business. Given the accounts receivable turnover ratio … Read more

However, because AP can be time-consuming, corners are usually cut somewhere along the line. Often this means that payment Accounting Security controls, such as call-backs, are not implemented properly, putting you at risk of fraudulent or erroneous payments. In many organisations, in-house staff need to handle a range of other accounting tasks apart from AP. … Read more

From there, Gusto lets you preview the payroll run in the third step before submitting payroll. Upon submitting, Gusto confirms that you’ve successfully submitted payroll. Users mostly mention Gusto’s easy-to-use interface, which we can attest to, given our hands-on experience with its payroll process and its excellent customer service. For pricing, a payroll app’s starting … Read more