Category: Bookkeeping

Tight integration with inventory management tools like Cin7 and MRPeasy enables granular traceability between overhead costs and inventory items/batches. With Gusto payroll software and Xero for manufacturing businesses, you can automate your payroll system, benefit from flexible online payroll filing, and provide employees with a portal for self-service, all online. For example, businesses can define…

Controls should be monitored by the top management regularly, and if there are any discrepancies, they should be corrected immediately to prevent further loss to the company as a whole. Companies can benefit from improved plant data collection, predictive maintenance, and enhanced asset performance monitoring. Asset Panda provides a flexible and customizable asset tracking platform…

Use the property management software checklist to help you make the right decision when reviewing the solutions available to you from any real estate technology provider. The best property management software maximizes efficiency, convenience and ROI for property managers, occupants and investors. Yardi software produces these outcomes by automating business processes, consolidating data and enabling…

However, treasury shares also have risks, especially regarding liquidity and short-term stock price fluctuations. Therefore, when investors see a company announcing a treasury stock program, they should consider the company’s motivation and the market situation rather than unthinkingly following the trend. When a company decides to repurchase treasury stock, it often requires a significant cash…

If the company prepares a balance sheet prior to distributing the stock dividend, the Common Stock Dividend Distributable account is reported in the equity section of the balance sheet beneath the Common Stock account. Note that dividends are distributed or paid only to shares of stock that are outstanding. Treasury shares are not outstanding, so…

In comparison, businesses use negligible amounts of indirect materials, and these materials support the operational requirements of the business as a whole. The quantity of direct materials needed to complete a unit of product is determined by the “bill of materials”. It is a well organized document which is prepared by combined effort of engineering…

Now, we got a concrete understanding of the nature of this account balance. So, we can try to resolve all the basic questions like the type of Account, applicable accounting rules, and different considerations before recording the journal entry. A company records an increase in this liability paid telephone bill journal entry each period as…

Especially those that contribute to product sales, marketing, production, and development. A company’s strategy business driver definition and goals are dependent on the business drivers it identifies, and their order of importance. Internal benchmarking is quite straightforward, as you will be gauging your current performance against past figures. You can identify patterns and get facts…

Any irregularities discovered during this stage must be investigated and corrected to maintain the integrity of financial records. By routinely reconciling accounts, businesses also safeguard against fraud, avoid financial mismanagement, and align their accounting records with legal and tax requirements. Reconciling bookkeeping accounts is a fundamental activity in managing a business’s finances. It involves verifying…

In order to get a complete understanding of the company, business owners and investors should review other financial statements, such as the income statement and cash flow statement. The purpose of creating a balance sheet is to know the financial position of your business, particularly what it owns and what it owes by the end…