Inventory Expense: Deducting the Cost of Goods Sold
Inventory would be considered a long-term asset, as it is something that a company expects to use for more than one year. CapEx is typically recorded on the balance sheet as opposed to the income statement. As soon as a customer gives you money in exchange for that item, it moves from the category of…
Read MoreWhat Is a Receivable Management Service?
Many businesses prefer to simply outsource the accounts receivable collection process. Sometimes, despite your best efforts, some customers may fail to pay their invoices on time or at all. In such cases, you may need to enlist the help of a reputable collection agency that can recover your outstanding debts in a professional and ethical…
Read MoreOutsourcing your accounting and bookkeeping
Outsourced accounting is when an organization hires a third party to accomplish its finance and accounting services. You should only hire an outsourcing firm if it complies with the security standards. This prevents the company from disclosing any business information without authorization. It would surely help if you verified that the company possesses the required…
Read MoreWhat is an Account? Definition Meaning Example
It is important for companies to establish credibility with these external users through relevant and reliable accounting information. The term account is also used in transactions where suppliers sell goods to customers and grant credit terms such as net 10 days. In those situations, a supplier is selling goods on account and the customer has…
Read MoreWhen It Comes to Taxes, Here Is How to Handle Inventory
This means that the remaining items in inventory will have a cost of goods sold of $3,000,000 and their average inventory cost will be $900,000. As a result, the majority of the items in inventory will have an average turnover ratio of 3.3 ($3,000,000 divided by $900,000). Items previously in inventory that are sold off…
Read MoreAccounting 101 for Beginners: Basic Terminology & Definitions
The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company’s operations, financial position, and cash flows. Accounting designed or meant for outsiders is known as financial accounting. It is concerned with the recording of business transactions and the periodic preparation of income statement, balance sheets…
Read MoreSystematic Investment Plan
SIP investment in Mutual Funds is the most convenient way to inculcate the habit of saving. Too often the youngest generation of earning people do not save much. To have a Systematic Investment Plan one does not require a massive amount of investing as the starting amount is as low as Rs 500. So, join…
Read MoreTop 6 Benefits to Outsourcing Accounting & Bookkeeping
It’s no secret that logging, analyzing and reconciling payments and other financial records takes time out of your day. One of the benefits of a virtual bookkeeper is that you can buy your time back—at a much lower cost than your lost opportunities, too. Outsourced bookkeeping can be an effective way for small and mid-sized…
Read MoreOffshore Bookkeeping Services Best Offshore Bookkeepers
We provide accurate and timely financial reporting services to help businesses monitor their financial performance and make informed decisions. Our comprehensive financial reports provide valuable insights into key financial metrics, enabling our clients to assess their financial health and plan for the future. Our tax compliance services ensure that businesses and individuals meet their tax…
Read Morehow much to invest in sip calculator 2024
In this Post Office scheme, you get interest at the rate of 7.5 per cent. Kisan Vikas Patra (KVP) is also one such scheme which promises to double your amount in a fixed period. If you want to double your money, you can choose the option of post office FD. There is an auto-debit feature…
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