Bookkeeping

The auditor’s report was significantly changed by the IAASB in response to the users of financial statements requesting a more informative auditor’s report and for the report to include more relevant information for users. Candidates attempting AA will need to be able to identify and describe the basic elements contained in the auditor’s report. When […]

Find help articles, video tutorials, and connect with other businesses in our online community. Opinions are our own, but compensation and in-depth research may determine where and how companies appear. In the end, your virtual bookkeeper should be a partner that can help grow your business affordably. Keep that in mind as you search for

Since the income statement only recognizes income and expenses when they are earned or incurred, many other sources of revenue and expenses are left off the statement because they haven’t been realized yet. Investors and creditors still want to know how these other items affect the equity accounts even if they are not included in the bottom

To differentiate the two, consider the company’s liabilities to external parties such as lenders and suppliers. In contrast, equity represents the initial amount of capital contributed to starting the business plus cumulative after-tax profits the company saves over time. If the revenues earned are a main activity of the business, they are considered to be

Inventory includes amounts for raw materials, work-in-progress goods, and finished goods. The company uses this account when it reports sales of goods, generally under cost of goods sold in the income statement. An asset can be cash or something that has monetary value such as inventory, furniture, equipment etc. while liabilities are debts that need

Establish a robust reporting structure for financial matrices. Define key performance indicators (KPIs) relevant to your business, allowing for a clear understanding of financial performance and facilitating strategic decision-making. As a successful small business owner, you can’t do everything. If bookkeeping isn’t the best use of your time, let someone handle it for you. Bookkeeping

The COA helps businesses manage their money wisely, giving them a tool for keeping track of cash flow, creating accurate financial reports, facilitating budgeting, and cost control. If you’re using accounting software and want to set up a customized chart of accounts, you can add or edit parent and sub-accounts to the existing default chart