It is useful to note that the direct write-off method does not conform to the matching principle of accounting. Hence, we may not come across such a method in the company that follows acceptable accounting standards. In the context of inventory, net realizable value or NRV is the expected selling price in the ordinary course…
Read MoreDocumenting these ahead of time will save your loved ones a lot of stress and will prevent them from trying to guess what you wanted. Family members who count on the deceased’s assets to cover the final arrangements are often surprised to learn that there isn’t enough left over once all of the deceased’s bills…
Read MoreWhat makes 1-800Accountant one of the best online accounting services on this list is the hands-on approach of its team when it comes to your accounting needs. For starters, scheduling a call to ask your dedicated bookkeeper is pretty much effortless. The company’s experienced staff can provide advice, tax planning, and even help you get…
Read MoreAdditionally, the issuer must regularly contact the payee to inquire about the status of the check. This also helps to understand the intended use of the check in case the payee loses or faces check theft. In that case, the payor must immediately inform its bank to stop the payment of a check. Therefore, companies…
Read MoreOne of the ways of making payment for a transaction is by check. Managing outstanding checks is a critical aspect of financial statement accuracy and cash flow management. These are checks issued by a company that have not yet been cashed or deposited by the recipient. From the perspective of an accountant, the primary concern…
Read MoreIn other words, contra revenue is a deduction from gross revenue, which results in net revenue. Our intuitive software automates the busywork with powerful tools and features designed to help you simplify your financial management and make informed business decisions. Bench simplifies your small business accounting by combining intuitive software that automates the busywork with…
Read MoreIf you are, in fact, noticing a sure and steady decline in sales, you will also need to adjust your sales forecasts. The U.S. Bureau of Labor Statistics website is also a trove of knowledge and statistics that can add validity to your preliminary sales budgets. Investors rely on balance sheets to make sound investment…
Read MoreThis is important because, as mentioned, investors, shareholders, or interested parties will use a chart of accounts to obtain a clear view of your company’s financial health. This knowledge is invaluable to management, investors, and stakeholders interested in your business. However, you shouldn’t think of financial statements–or construction accounting–as a retrospective practice. As much as…
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