Category: Bookkeeping

Instead, give your outsourced team a decent timeline to analyze your business and understand its complexities. It’ll allow the vendor to devise customized solutions for your needs and ensure success in the longer run. Firstly, you can concentrate on other important functions when you have the assurance of an expert team handling your finances. Improved…

Deposit times may vary due to processing cutoff times, third party delays, or risk reviews. Since you’re self-employed you don’t have the resources of a large company to make sure you’re paid properly and your books are balanced. Wave accounting software is the solution you need to take charge of your business and keep your…

However, when customers are past due it is a sign that they are experiencing some financial difficulties. The greater the amount of time they are past due, the greater the possibility they will not pay the amount they owe the company. For instance, if payment was due on January 15th, and it’s now January 25th,…

They’ll check that the invoices your company must pay mirror the goods or services you took delivery of. They include service charges, overdraft fees, and other bank service fees. Automated reconciliation also flags discrepancies so they can be investigated immediately rather than months later. Consequences of Not Reconciling Your Bank Statement For example, while performing…

And as you’re issuing sales invoices, making payments, receiving revenue, Deskera automatically debits and credits the transaction values into the corresponding ledger accounts. Expenses decrease the owner’s equity and are recorded as debits, so the Utility Expense account will be debited for $150. Decreases in assets are recorded by credits, so Cash will be credited…

Second, it’s essential to stay compliant with tax regulations in your jurisdiction. Familiarize yourself with the rules and requirements, and make sure your business is meeting all necessary obligations. No more late nights counting cash or chasing receipts; this tool does it all for you. Now that you have the figures from the payout report…

The cash receipts journal is a particular journal that has the function of recording all types of cash receipts. In today’s world, medium and large-sized business organizations use cash receipts journals every day. The two primary sources of cash receipts are cash from cash sales and money from accounts receivable. What is a purchases journal?…

This is posted to the Accounts Receivable T-account on the debit side. This is posted to the Service Revenue T-account on the credit side. This is posted to the Accounts Payable T-account on the credit side. How confident are you in your long term financial plan? All of these columns use source documents that were…

The next step is a calculation of any dividend that has to be paid out. After paying dividends, the remaining value is added to the balance of retained earnings continuing from previous financial years. The retained earnings recorded in the company’s balance sheet are part of the entity’s book value. Negative retained earnings mean a…

ITC Infotech has received industry recognition for its innovation, sustainability initiatives, and commitment to client success. HCL is known for its customer-centric approach, collaborative partnerships, and expertise in emerging technologies. The company has achieved significant milestones and industry recognition for its contributions to digital transformation and innovation. While selecting an outsourced software product development company,…