The accounting method chosen by a company determines the value of inventory on the balance sheet and the amount of expense recognized for cost of goods sold on the income statement. Because the inventory valuation method plays such a vital role in determining a company’s level of current assets and affects the amount of net [...]
As a bookkeeper you hold a position of trust. However how do you protect yourself from being accused and perhaps being sued? First and foremost do not accept the responsibility of signature rights on checks of any type. If you cannot sign checks, then you cannot be held responsible for fraudulent use of funds through [...]
This can be described as the process of accumulating, measuring, analyzing, interpreting and reporting cost information that is both useful and relevant to the internal and external stakeholders of a business entity. External stakeholders are those who have a vested financial interest in a business or company. For example banks (loans), financial houses (mortgages), investors [...]
The essential hair salon equipment consists of styling and shampoo chairs, washbasins, hair dryers, mirrors and trolley carts. The equipment is purchased at sales or directly from the local outlets. A few salons choose to purchase basic, reasonably priced, equipment that is the bare essential. Others choose to purchase equipment that enhances the quality assured [...]
The idea of being able to be your own boss is one that is intriguing to most people, and for good reason. If you’re your own boss you’re able to earn a great deal more income for yourself, as all of the profit that you make belongs to no one but you, and you can [...]
Bookkeeping is a task that can very well be outsourced to some bookkeeping firm or experienced bookkeepers, and there are many advantages in doing so in the current financial scenario. The whole lot of financial records have to be maintained in a very good order and clear financial reports will have to be made. If [...]
According to statistics, close to 1 million people will start a small business in the U.S. Unfortunately, at least 400,000 (40%) of those businesses will fail within the first year and more than 800,000 (80%) of them will be out of business within 5 years and 960,000 (96%) will have closed their doors before their [...]
For most business managing the cash flow is a full time job. Invoicing customers and clients is usually very time consuming and chasing payment can be very hard work.When working on a separate set of payment terms to those of your customers, your services may not be paid for as long as up to 90 [...]
Never fear, if you have an interest in becoming a professional wedding planner, there is no shortage of information on a career in wedding planning. In fact, to say that this is a growing field is an understatement. Over the past twenty years, this career path has captured the imagination and interest of hundreds of [...]
Many business owners can be fearful of anything that relates to financial statements. This will result in them losing out on financial gains and opportunities. This is why it is important to be able to distinguish between the financial tasks that are beyond one’s skill set and those that are quite simple.So I hope that [...]
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