This categorization is not just for internal clarity but also for compliance with accounting standards and regulations. An accounting posting is the transfer of entries in the subsidiary books of account or journals to the appropriate general ledger accounts and is part of the double entry bookkeeping system. Posting only transfers the total balance in […]

Some people who chose policies with low premiums had a hard time budgeting for their high deductibles and ended up with big out-of-pocket expenses for prescription drugs and health care throughout the year. Look through your records to see how much you spent for health care and drugs; many insurers have tools that itemize your […]

For an investment property, you might have an initial negative cash flow for a down payment, then small positive annual cash flows while it’s rented out, then a large positive cash flow when it’s sold. Creative financing options, such as seller financing or lease-to-own agreements, can also play a role in cash flow management. Seller […]

Yet the selling price must be competitive in the marketplace to make enough sales to fund the other budgets. Streamlining the process and minimizing waste is essential to increasing profits. The operational budget comprises sales, production, direct material costs, direct labor costs, overhead, administrative and cost of goods manufactured. Develop a Comprehensive Plan They must […]

For businesses, even a small transposition error can have a ripple effect, leading to incorrect financial decisions and potentially damaging the credibility of the company’s financial reporting. Transposition errors in financial statements can have far-reaching implications for businesses. For example, consider a transposition error where a company’s total assets of $1,200,000 are mistakenly recorded as […]

We believe that a modern approach to accounting can transform your business. Our goal is to provide an end-to-end solution that automates routine tasks, ensuring your financials are accurate and up-to-date. Quickbooks is the accounting software package developed by Intuit and geared towards small and medium-sized businesses. Generating financial statements, writing checks and tracking check flow […]