Category Archives: Bookkeeping

These activities include obtaining loans, issuing bonds, and receiving contributions from donors. The funds raised through financing activities are used to support the organization’s operations and programs. It is important for nonprofit organizations to carefully manage their financing activities statement of financial position non profit to ensure financial stability and sustainability. By effectively managing financing […]

She has worked in multiple cities covering breaking news, politics, education, and more. Her expertise is in personal finance and investing, and real estate. Our experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners; however, our opinions […]

Conversion costs is a term used in cost accounting that represents the combination of direct labor costs and manufacturing overhead costs. Conversion costs are a cost accounting phrase that refers to the sum of direct labor costs and manufacturing overhead costs. In other words, conversion costs are costs incurred by a manufacturer other than the […]

It shows various accounting balances classified into three categories. Usually, these balances have a specific classification known as normal account balance. This means when a company makes a sale on credit, it records a debit entry in the Accounts Receivable account, increasing its balance. Conversely, when the company receives a payment from What is the […]

Businesses that have more complex financial transactions usually choose to use the double-entry accounting process. From Wave to QuickBooks to FreshBooks, there are many different accounting softwares you can consider. Using tech tools that work well together can save you time you would otherwise spend manually entering sales and other financial information. how to do […]

Putting up with employees, catering to customers, and devising business plans will make it seem, some days, like you simply do not have time for anything outside of your work life. At Business.org, our research is meant to offer general product and service recommendations. We don’t guarantee that our suggestions will work best for each […]

Goodwill isn’t the only intangible asset that companies may have on their books. To remain competitive, organizations incur research and development cost to develop new products or services. Under both sets of standards, all costs during the research phase are expensed as incurred. But when the project moves into the development phase, the standards diverge. […]

Content Small Business Accounting Services Accounting qualifications questions to ask yourself before hiring a bookkeeper Job Outlook signs you need a bookkeeper or accountant While accounting can be a lucrative long-term career, most accountants, unlike corporate attorneys or investment bankers, do not command huge salaries during the first few years. There are various career paths […]

Deferred expenses are payments made for goods or services that will be received in the future. Prepaid income is when a company receives payment in advance for goods or services that they will provide in the future. Journal entries that recognize expenses related to previously recorded prepaids are called adjusting entries. They do not record […]

Deferred expenses are payments made for goods or services that will be received in the future. Prepaid income is when a company receives payment in advance for goods or services that they will provide in the future. Journal entries that recognize expenses related to previously recorded prepaids are called adjusting entries. They do not record […]