Bookkeeping

The company will record the equipment in its general ledger account Equipment at the cost of $17,000. One of the most obvious pitfalls of using this method is that the useful life calculation is often based on guesswork. For example, there is always a risk that technological advancements could potentially render the asset obsolete earlier than expected. If the results ...

Compared to hiring an in-person, in-house accountant, a virtual accountant costs less to get the same work done. They use their own tools and software, giving you the best of the best without requiring your company to invest in these financial resources. And, if your business doesn’t have anyone taking on that accounting virtual accountant role otherwise, you are missing ...

You may also want to include a company logo in the header as well. The best strategy to get your customers to pay faster is to offer different payment methods. It will offer customers the ability to pick the one that fits their processes. Last but not least, the seller will reconcile the accounts to ensure all invoices have been ...

Errors, changes in payment terms, or disputes may require updates to the original journal entries to ensure your AR balance and financial statements are correct. The business needs to track each installment if the customer is on a payment plan. Each payment would follow the same process of debiting cash and crediting accounts receivable. This ensures the business can monitor ...

With a fully US-based workforce, we leverage technology to streamline your accounting while ensuring a personal connection. Our mission is to empower you to focus on what you do best while we handle the complexities of accounting. Bookkeeper360 is an accounting solution designed to help businesses view financial data, streamline bookkeeping operations, and track goals on a unified platform. It ...

Accounts receivable days is the average number of days credit taken by customers, and can be calculated using our accounts receivable days calculator. Experiment with AI-generated data to witness the advanced capabilities of Sourcetable in real-time. This intuitive platform makes it easy for professionals to apply theoretical formulas, such as days inventory outstanding + days sales outstanding, to practical, real-world ...