Therefore cash (asset) will reduce by $60 to pay the interest (expense) of $60. $10,000 of cash (asset) will be received from the bank but the business must also record an equal amount representing the fact fundamental accounting equation that the loan (liability) will eventually need to be repaid. This transaction also generates a profit…
BPO stands for Business Process Outsourcing, which is an industry centered on helping other countries with outsourcing and offshoring to India. It’s a huge industry because businesses always look for ways to save on costs while getting the same quality output. In fact, China and Malaysia have also held on to their second and third…
Studies have shown that the median annual income is $70000 per year. Annual income is determined by how you define it and your cost of living. There are many companies that are looking for employees and are willing to give you a raise if you are a good fit for the job. Another example of…
Having somebody outside of your company who is managing bookkeeping and financial records can take a huge chunk of time off your plate. They can deal with legal compliance, employee wages, paying suppliers, managing expenses, and everything else, so you can focus on other aspects of running a company. External accounting companies will have the…
The better option is using a crypto wallet that allows for self-custody. To explain, non-custodial wallets allow you to control your private keys, thus giving you true ownership of your crypto. Every blockchain address is generated along with two related pieces of information – the private key, and the public key. These keys allow you…
The variables classified as “sensitive” were those that, when changed across an acceptable range, also altered the chosen method. The variable was said to be “robust” if the preferred strategy remained constant. Monte Carlo analysis was utilized in conjunction with microsimulation and probabilistic sensitivity analysis for 5000 samples to create 95% confidence intervals for the…
After you calculate your beginning retained earnings, you’ll work out your net income. First, make sure your income statement is correct with all expenses and revenues recorded accurately. Then, calculate your income along with your loss while ensuring accuracy; double-check your figures. Lenders are interested in knowing the company’s ability to honor its debt obligations…
Entering the ending balance in QuickBooks Desktop is a critical step in the reconciliation process, ensuring that the financial records match the closing balance of the bank statement accurately. Accessing the reconcile tool in QuickBooks Online is the initial step in the reconciliation process, allowing users to review and match the financial records with the…
If you want to make purchases or give a gift to someone else, gift certificates and gift cards are a convenient substitute for cash or using a credit card. Cards may have a serial number, barcode, magnetic strip, which is read by an electronic credit card machine. Many cards have no value until they are…
QuickBooks is an accounting software package created by Intuit. It offers solutions for managing personal, business, and tax finances. You can easily scan and upload receipts in real-time using the QuickBooks mobile app, so you don’t need to run helter-skelter to collect them at the time of taxes. If you want, you can also invite…