Category: Bookkeeping

As a result, the income statement reflects the actual cash received and paid for selling expenses during the specific accounting period. This approach requires careful consideration of the timing of cash transactions to ensure accurate reporting in the designated period, thus affecting the income statement for that timeframe. The selling component of this expense line… Continue reading What’s the Selling And Marketing Expenses of a company?

It applies to wages, self-employment income, and railroad retirement compensation. As with SECA, the Social Security portion of FICA is subject to a $160,200 income cap in 2024. An additional 0.9% Medicare tax applies to wages above $200,000 for single filers or $250,000 for joint filers, but employers do not match this extra amount. Overall,… Continue reading What Is the Self-Employment Tax SECA Rate? How It Compares to FICA Taxes ISME Success Solution

She played an integral role in the expansion of locations and began consulting for additional restaurateurs. Their work is always prompt, accurate and trustworthy which is a must have in any business. Each page provides detailed information on how we help solve specific pain points-whether you’re behind on your books or looking to fully outsource.… Continue reading Bookkeeping Services in Tampa Bay

One difference between Quickbooks Live and Bookkeeper360 is that Quickbooks doesn’t file your taxes but can prepare end-year financial reports. In addition, the platform needs to provide various support channels and resources. Bookkeeper360 offers excellent customer support and provides various contact channels like phone and email. Another standout aspect is on the dashboard, where you… Continue reading Bookkeeper360 Review: Pricing, Features, and Top Alternatives Accounting Services

While some bookkeepers may have developed similar skills, that level of training isn’t required to be called a bookkeeper. When you’re handling bookkeeping on your own, mistakes can happen — especially with data entry or categorizing transactions. Even small errors can add up over time, which can lead to inaccurate records that might cause problems… Continue reading Introduction to Bookkeeping What is Bookkeeping

Now that you know more about temporary vs. permanent accounts, let’s take a look at an example of each. Finally, if a dividend was paid out, the balance is transferred from the dividends account to retained earnings. One only is to look to the balance sheet to find examples of permanent accounts. Asset accounts and liability accounts… Continue reading Permanent Accounts in Accounting: Going Over an Example

The percentages shown on a company’s common-size balance sheet allows you to compare them to other companies’ percentages even if the companies’ amounts are vastly different in size. The days’ sales in inventory is an average of the many products that a company had in inventory. Some of the products may not have how would… Continue reading Financial ratios: How to calculate and interpret the most common financial ratios

Well-structured interviews can reveal insights into a candidate’s problem-solving skills and professional demeanor. One of the most effective methods for finding freelance accountants is through referrals from trusted sources. By asking colleagues, friends, or business partners for their recommendations, you can gain insights into the accountant’s QuickBooks reliability and expertise. Personal referrals often come with… Continue reading The Ultimate Guide to Hiring a Bookkeeper