Bookkeeping

Due to the nature of double-entry accrual accounting, retained earnings do not represent surplus cash available to a company. Rather, they represent how the company has managed its profits (i.e. whether it has distributed them as dividends or reinvested them in the business). When reinvested, those retained earnings are reflected as increases in assets (which […]

Did you know that websites like Charity Navigator and GuideStar use this report to rate your organization? Long-term liabilities are car loans and mortgages, whereas current liabilities cover accounts payable debt like salaries and immediate payments. Tom is a multi-disciplined leader with over a decade of experience in nonprofit operations, technology leadership in government, and

In accrual-based accounting, journal entries are recorded when the transaction occurs—whether or not best accounting software of 2021 money has changed hands—in a general ledger (or general journal). From the general ledger, you can create other important financial statements like balance sheets, income statements, and profit and loss (P&L) statements. When you record an accrual,

Invoice overdue means that the payment for an invoice has not been received by the due date specified on the invoice. In other words, the buyer has failed to pay for the goods or services received within the agreed-upon timeframe. They are often used when a customer has overpaid for goods or services, or if

Moreover, AP Contact integrates seamlessly with other enterprise systems like ERP or CRM software platforms. This integration ensures smooth data flow between different functions within your organization while minimizing data entry errors or duplications. The system works by automating invoice processing through cutting-edge technology such as optical character recognition (OCR), intelligent document capture, and machine

Looking at a single balance sheet by itself may make it difficult to extract whether a company is performing well. For example, imagine a company reports $1,000,000 of cash on hand at the end of the month. Without context, a comparative point, knowledge of its previous cash balance, and an understanding of industry operating demands,

They had set up Quickbooks online, connected their banking and made some “rules” to auto-apply their data. However, because no one had taken the time to review their data, they neglected to see that there were duplicate and triplicate entries in their books. They also had not noticed that one of their employees was using

For businesses on a growth track, the cost of not outsourcing bookkeeping and accounting can be detrimental to the business. This happens when performing the functions in-house interferes with essential business growth activities. Every hour you spend on bookkeeping or accounting is one less hour spent marketing your business, building client relationships, and other business

In this video, Evan Carmichael explains why you are more likely to have a bigger impact in the world if you set up a for-profit rather than a nonprofit organization. A brief description of the requirements for exemption of veterans organizations under Internal Revenue Code sections 501(c)(19) and 501(c)(23). Links to helpful information about points