Category: Bookkeeping

Finally, their Service grid consists of Accounting, Audit Assurance, Taxation, Digital Transformation, Startup Advisory, International Tax, Forensic and Investigation Services, and Setting Up and Registration. VKA describes itself as a Multi-disciplinary firm of Chartered Accountants working to render services to many diverse industries. Given that, their Services include Management Consulting,…

You can run sales or inventory reports; products; and services are grouped by categories. Using categories in QuickBooks enables you to organize your products and services better, making it easier to manage your inventory and generate more insightful reports. It is important to choose a meaningful name for your category…

At Finance Strategists, we partner with financial experts to ensure the accuracy of our financial content. When the expenditure produces another asset, it is called capital expenditure. In accounting, the term expenditure refers to the payment of an asset or the incurrence of liability in exchange for another asset or…

A high net working capital demonstrates that a company efficiently utilizes its resources. This efficiency helps a business maximize its profitability, as it is well-prepared to handle unexpected expenses or invest in income-generating opportunities without relying heavily on external financing. It tells us if a business has enough money to…

When you remain solo, you maintain 100% control over the business and all decisions that are made. Once a partner enters the picture, decisions are shared, and you lose autonomy. This might not be a big deal if both partners are on the same page for growth, but it can…

Are you a hard-working freelancer who needs to track project time, juggle expenses, and send accurate invoices to customers on the go? Then we can’t recommend FreshBooks’ cloud-based accounting software highly enough. One of the great things about using small business accounting software is that it reduces repetitive data entry.…

Conversion costs, which include direct labor and manufacturing overhead, are key to assessing production efficiency. Optimizing these costs enhances financial performance through strategic analysis and reduction measures. Conversion costs significantly impact product pricing as they form a substantial portion of production expenses. Businesses must incorporate these costs into pricing models…

For example, the direct labor necessary to produce a wood desk might include the wages paid to the assembly line workers. Indirect labor is labor used in the production process that is not easily and economically traced to a particular product. Examples of indirect labor include wages paid to the…

The excess amount of $50,000 ($150,000 – $100,000) ended up on the share premium account. The debit side will include the full amount of the finance received. As mentioned, this account will only hold the par value for the shares issued by the company. For companies, the process of separating…

To maintain certification, professionals usually earn continuing education credits. Financial accountant duties include maintaining and reconciling ledgers, preparing financial statements, and managing budgets. Relevant skills include mathematical proficiency, analytical ability, and attention to detail. Auditors typically work in office environments, traveling to client sites when needed. Accounting Basics for Business…