Your stockholders, creditors, and other outside professionals will use your financial statements to evaluate your performance. If you evaluate your numbers as often as monthly, you will be able to identify your strengths and weaknesses before any outsiders see them and make any necessary changes…

Alternatively, many accounting software packages allow users to enter accounts they wish to track and automatically generate a T-Account. A T-account can have many different types of transactions within it but they must always follow this same basic format. Now these ledgers can be used…

A favorable labor efficiency variance indicates better productivity of direct labor during a period. https://kelleysbookkeeping.com/ depicts how efficient the direct labor was in making the actual output produced by the direct labor. Accounting professionals have a materiality guideline which allows a company to make an exception to…

They also need to be aware of data security issues that could arise during the onboarding when they gather employee data. Payroll outsourcing services streamline your payroll processing system. Rather than an in-house payroll or HR professional, team manager, or small business owner handling payroll…

If accounting for sales and purchase is kept separate from accounting for inventory, the measurement of inventory need only be calculated once at the period end. This is a more practical and efficient approach to the accounting for inventory which is why it is the…

QuickBooks Online is the small business accounting application to beat thanks to its deep capabilities, superb customizability, and top-notch extensibility. Another plan separate from QuickBooks Online but offering many of the same features is QuickBooks Solopreneur. This subscription plan is specifically for freelancers and independent…

Content In Accounting, Why Do We Debit Expenses and Credit Revenues? File & pay taxes Sales revenue: debit and credit journal entries Double Entry Bookkeeping: High Technology Credit (Expired January 1, This amount represents claims on returns that have been reviewed, approved and posted to…

Labor mix variance is the difference between the actual mix of labor and standard mix, caused by hiring or training costs. Direct Labor Yield Variance (DLYV) is a measure of the difference between actual and expected labor costs, based on the number of units produced…

Equity can be defined as the values of a corporation’s stakeholders that are used up for the business. India has so far declined making financial contributions to the fund, arguing its high emissions are recent, and citing a “historical responsibility” of developed nations to pay…

Live bookkeepers aren’t responsible for errors resulting from incorrect information that you provide, or if you re-open the books by overriding closure after a Live bookkeeper completes the month-end closure. If you invoke the guarantee, QuickBooks will conduct a full n evaluation of the Live…