by GarethIconic | May 29, 2023 | Bookkeeping
Companies apply a flat percentage to their credit sales for the period based on historical collection rates. This accounting practice not only provides a more accurate picture of a company’s financial health but also aligns with key accounting principles that...
by GarethIconic | Feb 9, 2023 | Bookkeeping
The process of hiring the right accountant is similar to that of hiring any other employee for your business. Make sure you ask detailed questions about your contacts’ experiences with each referral. Ask how long they’ve worked together, what areas of accounting they...
by GarethIconic | Dec 31, 2022 | Bookkeeping
But if you want a top FICO score — the kind that gets you the best rates, the highest limits and the sweetest deals — you may have to mix it up a bit. A good goal to shoot for is having at least 1 revolving account and 1 installment account open. Keep in mind that...
by GarethIconic | Nov 30, 2022 | Bookkeeping
Having a receipt-system ensures that there is record of every transaction that has taken place. If you reckon you need a receipt template to use in your daycare unit, this is the place ice. A person who travel agency with the use of a transportation vehicle such as...
by GarethIconic | Sep 16, 2022 | Bookkeeping
Contributing to retirement accounts, like a SEP IRA or Solo 401(k), can lower your taxable income while helping you save for the future. Additionally, keeping detailed records of deductible expenses, such as home office costs, travel, or professional memberships,...
by GarethIconic | Sep 1, 2021 | Bookkeeping
“Period costs” or “period expenses” are costs charged to the expense account and are not linked to production or inventory. Effective management of Period Costs involves implementing cost reduction strategies, budgeting and forecasting techniques, and contra asset...
