Category Archives: Bookkeeping

Xero vs Quickbooks: Best Pick for Small Business 2024

The decision on the Xero VS. Quickbooks Online topic ultimately comes down to your company, your required functionality, your budget, and the features that matter most to you. Let’s further discuss these software features to ensure the software’s suitability to your business needs. While both are very similar, these two products have exclusive benefits that […]

HR BPO & Payroll Outsourcing Solutions

They can ensure you avoid any common mistakes, and move toward the new setup with minimal business disruption, including compilation of existing data and any checks and validations that are required along the way. Ensuring that your payroll partner has top-quality security measures in place is therefore one of the most vital factors to account […]

Department of Accounting and General Services Closed in Observance of King Kamehameha I Day

QuickBooks Live is limited in the bookkeeping services it offers, and it was penalized for not offering invoicing and bill pay services. You also don’t have access to full-service payroll or the ability to customize a service plan. Tax and consulting services also aren’t offered, so points were deducted there as well. Business License […]

Chart of Accounts COA Definition, How It Works, and Example

Each of these is broken down into sub-categories to further articulate more granular characteristics. The balance sheet provides an overview of assets, liabilities, and stockholders’ equity at a specific point in time. Each account is assigned a “type” that identifies how a transaction is to be coded, indicating where it should appear in the financial […]

Source Documents in Accounting: Definition, Importance & Types

Sales receipts are internal documents for sellers and external documents for buyers. Sales workflow documents include sales orders, packing slips, invoices, sales receipts, and bank deposit slips. They’re all crucial documents for creating a paper trail for your company’s transactions. The employee can count the number of products and match it with the amount written […]

A Guide to the Qualified Business Income Deduction 2024

This reduces his flow-through income from $200,000 to $120,000. This would reduce, under the conventional interpretation of Section 199A, A’s QBI to $120,000, and his tentative deduction is $24,000. With income of $200,000 reported on Schedule C, A’s tentative deduction is $40,000. The IRS is wise to this game, however, so A knows he must […]

How Do Net Income and Operating Cash Flow Differ?

(For example, a company not only paid for insurance expense but also paid cash to increase prepaid insurance.) The effect on cash flows is just the opposite for decreases in these other current assets. Gains and/or losses on the disposal of long-term assets are included in the calculation of net income, but cash obtained from […]

ADP® Comprehensive Outsourcing Services

But for many small businesses, worrying about details like payroll can actually keep you from commanding that leadership role. If you have a smaller accounting team where one person is responsible for payroll and AP and/or AR, there’s a good chance they are stretched too thin with too many responsibilities. Every pay period, your […]

Accounting ledgers: A beginners guide to ledgers

We can streamline repetitive tasks and reallocate our time to value-added services. Coins refer to any cryptocurrency that has an independent blockchain — like Bitcoin. Put simply, if the cryptocurrency runs on its own blockchain, then it is a coin. General Ledger Sample Format They are also interested in the accumulated effect of each […]