Bookkeeping

Department of Labor’s Wage and Hour Division resource on minimum wages for tipped employees. In addition, the Economic Policy Institute logs historical minimum and subminimum wages by state with its minimum wage tracker and tipped minimum Payroll for restaurants wage tracker. Confusing tax codes are the root of many preventable payroll tax issues. Make sure […]

The quick ratio may also be more appropriate for industries where inventory faces obsolescence. In fast-moving industries, a company’s warehouse of goods may quickly lose demand with consumers. In these cases, the company may not have had the chance to reduce the value of its inventory via a write-off, overstating what it thinks it may

Chartered accountant Michael Brown is the founder and CEO of Double Entry Bookkeeping. He has worked as an accountant and consultant for more than 25 years and has built financial models for all types of industries. He has been the CFO or controller of both small and medium sized companies and has run small businesses

Plenty of companies have gone under, despite raising millions of dollars, owing to the simple fact that they were unable to generate steady cash. Poor cash flow management is one of the top reasons small businesses fail. Properly managing your cash flow takes time and energy, but it’s imperative to understand where and when your

When it comes to the duty to accept an endorsement, banks and other financial institutions (such as credit unions) have a fair degree of latitude. To ensure that the accepting financial institution doesn’t reject or dishonor your check, make sure you endorse it appropriately before you date and sign it. In addition to personal hassles

The easiest way to avoid paying interest expense is to avoid buying stocks on margin. Here we look at interest expense in the context of evaluating a company’s profitability, as well as its relevance for your personal finances. Below is a portion of the income statement for Tesla Inc. (TSLA) for the years ending 2021 and 2020 as reported

The related expense for the month of December 2011 had not been recorded in the financial statements as the related invoice was received in February 2012. You might be thinking that accrued liabilities sound a whole lot like accounts payable. Accrued expenses and accounts payable are similar, but not quite the same. Accrued liabilities, or

Negative shareholders’ equity is a warning sign that a business could be facing financial distress. A company might have taken on too much debt or could be otherwise overspending. Though companies with negative equity can eventually succeed and grow, investors should closely examine them before investing to understand how they wound up with negative equity,

Bookkeeping serves as more of a preliminary function through the straightforward recording and organizing of financial information. Accounting takes that information and expands on it through analyzing and interpreting the data. It may take some background research to find a suitable bookkeeper because, unlike accountants, they are not required to hold a professional certification. Eventually,

This simplifies your financial reporting process and helps to analyze critical financial data more efficiently. These tools are designed to streamline businesses’ tax obligations and ensure compliance with local, state, and federal regulations. Efficient and accurate calculation of sales tax is essential, as non-compliance can lead to fines and legal complications. Inventory management is a key