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Understanding retained earnings is essential for anyone involved in business. Suppose a company receives tax preparation services from its external auditor, to whom it must pay $1 million within the next 60 days. The company’s accountants record a $1 million debit entry to the audit expense account and a $1 million credit entry to the […]

Online bookkeeping services can save business owners both time and money. However, with hundreds of options, it can be daunting to sort through them all and find the best service for your business. We’ve analyzed the best bookkeeping services to help you find the right solution quickly and easily. What kind of services do bookkeeping […]

It can also show you where you may need to make necessary adjustments (e.g., change who you extend credit to). Your accounting books should reflect how much money you have at your business. If you use double-entry accounting, you also record the amount of money customers owe you. To protect your business, you can create […]

Managing inventory can help a company control and forecast its earnings. Conversely, not knowing how to use inventory to its advantage, can prevent a company from operating efficiently. For investors, inventory can be one of the most important items to analyze because it can provide insight into what’s happening with a company’s core business. So, […]