As businesses start receiving tons of purchase orders and invoices through avenues like email, fax, snail mail, etc, handling them all manually is time-consuming and error-prone. But each small data point is extremely important to the process being effective. By providing accurate and detailed information, invoices contribute to smooth financial transactions and help maintain transparency…

Make sure you are on the right QuickBooks plan, so you aren’t paying for features you don’t need. For example, if you bought the QuickBooks Plus plan because you thought you’d be using the Project Management feature and you haven’t used it in over a year, consider downgrading to the Essentials plan. However, note that…

Cash outflows relating to operating activities can include taxes and refunds. Revenue is recognized when it's earned under the accrual method of accounting, not necessarily when cash is received. For example, if a customer buys a $500 widget on credit, the revenue is recognized in the month of the sale, even though the cash hasn't…

They would pass both prongs of the test and would need to file a separate return. Now, say that a teen had $200 in investment income and $600 in earned income. In that case, they wouldn’t need to file a return since their total income of $800 ($600 in can you file taxes at…

Additionally, consider the example of a business owner whose desk has a useful life of seven years. How much the desk is worth at the end of seven years (its fair market value as determined by agreement or appraisal) is its residual value, also known as salvage value. This information is helpful to management to…

The process extends beyond the initial recording, embracing subsequent adjustments for returns, allowances, or discounts, each mirrored through distinct journal entries, and concludes with the final payment. The invoices can include purchases for inventory, office supplies, services received, and so on. Let’s not waste any time and jump directly into the recording procedure for the…

Professional certifications endorse expertise, proficiency, and commitment to the profession. Some highly sought-after certifications include the Certified Public Accountant (CPA) and the Certified Management Accountant (CMA). In a fiercely competitive landscape, an additional degree can add significant weight to one's credentials. A Master's in Business Administration (MBA) or Accounting (MAcc) can set individuals apart. What…

Once I saved the new widget, it was automatically added to the dashboard. The software can also automatically determine the right taxes and offer businesses the flexibility to manually adjust. And, businesses can customize their reporting using over 1,000-plus customizable reports. While, with most accounting software, you must generate a new report after choosing from…