Bookkeeping

LLC owners, on the other hand, aren’t personally liable for business debts, so you get more protection in the event of a business bankruptcy or business lawsuit. You might be surprised to learn that there’s nothing specific you necessarily need to do to form a sole proprietorship. In fact, you might be operating a sole […]

While full-time employees usually work the same hours each week, hours for part-time employees can vary from week to week, so be sure to look at each week to view the actual hours worked. If you currently employ both full and part-time employees, you need to determine how many FTE employees you have. An FTE […]

In addition to rewarding existing shareholders, the issuing of dividends encourages new investors to purchase stock in a company that is thriving. However, companies can declare dividends whenever they want and are not limited in the number of annual declarations. It is important to note that dividends are not considered expenses, and they are not […]

The estimated salvage value is deducted from the cost of the asset to determine the total depreciable amount of an asset. The company pays $250,000 for eight commuter vans it will use to deliver goods across town. If the company estimates that the entire fleet would be worthless at the end of its useful life, […]

Although the two professions do have overlapping job responsibilities, there are key distinctions between bookkeeping vs. accounting. An undergraduate degree will take 2-4 years and can pursue higher-paying positions in the field than those without a credential. Professionals who learn through on-the-job training can grasp essentials after about six months in entry-level roles. Still, completing […]

In this metaphor, each account is like a chapter of a book, and individual journal entries are kind of like the pages of each chapter. You can outsource your accounting work to outside professionals who specialise in bookkeeping and tax preparation. Outsourcing can offer many advantages because it allows you to take advantage of specialised […]