Category: Bookkeeping

Then, you can calculate how much it costs you to bring in a new patient to your practice. Be careful though not to go overboard with taking deductions. If you were ever audited, you need to be able to justify how it is a business expense. We’re loved by thousands of therapists. If you’re just […]

One of the standout features of the solution is its ability to automate almost 50% of manual repetitive tasks. This is achieved through LiveCube, a ‘No Code’ platform, that replaces Excel difference between llc and llp and automates data fetching, modeling, analysis, and journal entry proposals. To see a live example of how the accounting […]

Just over 30% of Microsoft’s total sales went toward costs for revenue generation, while a similar figure for Walmart in its fiscal year 2021 was about 75% ($429 billion/$572.75 billion). It indicates that Walmart incurred much higher cost than Microsoft to generate equivalent sales. Where loan is to be repaid in several installments, the current […]

Just over 30% of Microsoft’s total sales went toward costs for revenue generation, while a similar figure for Walmart in its fiscal year 2021 was about 75% ($429 billion/$572.75 billion). It indicates that Walmart incurred much higher cost than Microsoft to generate equivalent sales. Where loan is to be repaid in several installments, the current […]

The purpose of the Accumulated Depreciation account is to track the reduction in the value of the asset while preserving the historical cost of the asset. Examples of deferred unearned revenue include prepaid subscriptions, rent, insurance or professional service fees. Double Entry Bookkeeping is here to provide you with free online information to help you […]

That’s because of the challenges it presents, including storage costs, spoilage costs, and the threat of obsolescence. Work-in-progress inventory is the partially finished goods waiting for completion and resale. A half-assembled airliner or a partially completed yacht is often considered to be a work-in-process inventory. Net realizable value is the difference between the selling price […]

For the past 52 years, Harold Averkamp (CPA, MBA) has worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com. Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides […]

CPAs must meet eligibility requirements, obtain state licensure, and follow strict principles established by the AICPA. Licensed CPAs can perform specialized tasks not allowed for general accountants, like representing clients to the IRS. I’ve met plenty of great accountants who don’t have a CPA, but in my experience, having the credential really helps to advertise […]

The fundamental accounting equation, as mentioned earlier, states that total assets are equal to the sum of the total liabilities and total shareholders equity. The balance sheet is one of the three main financial statements that depicts a company’s assets, liabilities, and equity sections at a specific point in time (i.e. a “snapshot”). This straightforward […]

Because the returns on these instruments are determined by the applicable market interest rates, the overall returns on money market funds are also determined by interest rates. The current ratio assesses a company’s ability to repay its short-term debts using all of its current assets, including marketable securities. Current assets are divided by current liabilities […]