Her expertise is in personal finance and investing, and real estate. For more accounting definitions, head to our resource hub. We will apply these rules and practice some more when we get to the actual which account typically carries a credit balance recording process in later lessons. The terms originated from the Latin terms “debere”…

This includes not only the finished goods ready for sale but also items currently being produced and the raw materials or components used in the production process. Essentially, inventory encompasses everything from the materials we start with to the final products we aim to sell to customers. COGS or COS is the first expense you’ll…

Learn how to build, read, and use financial statements for your Certified Public Accountant business so you can make more informed decisions. Easy-to-use templates and financial ratios provided. Estate planning can benefit almost everyone since it should include financial, tax, medical, retirement & business succession planning. Planning for these areas can ensure that you preserve…

QuickBooks Live Bookkeeping is a subscription service that gives a business a certified bookkeeper to help manage the company books. There is a $500 cleanup fee to get started, which pays to get your books up to date, and then you pay $200 to $400 per month for the service. During your first appointment, your…

As a free service, it is a good option for freelancers, entrepreneurs and small business owners who would like to keep their overhead low. While the invoicing platform is not easy to integrate with popular third-party payroll apps like Gusto or OnPay, Wave does have its own payroll software. Small businesses that plan to hire…

Whether it’s adding a quick pay button on your site or handling payments for an entire online marketplace, PayPal has the solutions you need. It’s all about making the money side of things easier for companies, big or small. Plus, it works well with the major accounting software out there, which means less hassle with…

Nonprofit accounting shares much in common with for-profit accounting, but there are some key distinctions that nonprofit entities need to keep in mind. A nonprofit accountant requires a minimum of a four-year college education with a degree in the field of accounting. Accountants often opt for certifications to improve their credibility, such as taking the…

The IRS will send you a letter, if it needs more information. You can hire an attorney, certified public accountant (CPA), or enrolled agent to represent you before the IRS. You may be eligible for free representation (or representation for a nominal fee) through a Low Income Taxpayer Clinic. At Taxfyle, we connect small businesses with…

Regular feedback loops will help refine processes and ensure that the quality of work meets your standards. Once you have a clear understanding of your needs and budget, research potential outsourcing partners. Look for firms or freelancers with a proven track record in bookkeeping, positive client reviews, and relevant certifications. This due diligence will help…

The conceptual difference between simple interest and compound interest lies in the amount on which the interest is earned. Once you’ve entered all three variables in the calculator, it will automatically calculate the total gains and total corpus that you’ll accumulate by the end of the tenure. Simple interest is better when buying something like…