Knowing the normal balance of an account helps maintain accurate financial records, prepare financial statements, and identify errors in the accounting system. The relationship between normal balances and the categories of assets, liabilities, and equity ensures that the accounting equation remains in balance. The accounting equation states that assets equal liabilities plus equity. Keeping accurate …
Let’s say Standard Manufacturing owns a large machine that they purchased for $270,000. The machine has a useful life of four years and is depreciated using the double-declining balance method. As the asset was available for the whole period, the annual depreciation expense is not apportioned. The straight-line method of depreciation can be used to …
Straight-Line Method of Depreciation Definition & How It Works Read More »
Straight-line depreciation is a method of allocating the cost of a tangible fixed asset evenly over its useful life. This means that the asset’s value is reduced by the same amount each accounting period until it reaches its salvage value, or the estimated residual value at the end of its useful life. Straight-line depreciation is …
What Is Straight-Line Depreciation? Formula & Example Read More »
Misclassifying expenses as capital assets can distort the financial picture of a restaurant business. It’s important to differentiate between day-to-day operational costs and capital expenditures, as they have distinct implications for tax reporting and financial analysis. Implementing clear guidelines for expense classification and providing training for staff involved in recording transactions can help prevent this …
Restaurant Bookkeeping and Accounting: How to do it? Read More »
These can range from online or in-person events to classes or trips. For example, travel influencer Tia Cooper built a lucrative business as a travel agent and sold $119,000 worth of trips in eight months in 2023. Some creators receive a payment when they are invited to events or conferences to speak, both virtually and in …
Accounting tips for influencers and digital content creators Read More »
In summary, understanding the meaning of FTEs is a key competency for HR professionals today. Knowing how to accurately calculate and strategically apply FTE analysis helps optimize staffing, forecast budgets, align talent strategy to business goals, and support employee retention. FTE is calculated by adding up the total number of hours worked by all employees …
FTE: what does it mean and how to calculate it + calculator Read More »
Franchise owners need to have a clear understanding of their financial statements, expenses, and revenue to make informed business decisions. Proper accounting allows them to track and analyze the performance of their franchise locations, identify areas for improvement, and plan for future growth. In addition to day-to-day record-keeping, bookkeeping services may also include financial advisory …
If two sides of the equations don’t match, you’ll need to go back through the ledger and journal entries to find errors. Post corrected entries in the journal and ledger, then follow the process again until the accounts are balanced. You’ve created your set of financial accounts and picked a bookkeeping system—now it’s time to …
Exterior building renovations, such as landscaping, parking lot repairs, or roofing don’t qualify either. Even what is a leasehold improvement interior alterations like upgrades made to a building’s elevator or HVAC systems aren’t considered leasehold improvements. The process of accounting for leasehold improvements involves several steps, from the initial recognition of the assets to the …
But if your business is busy and you want it to grow, hiring a bookkeeper or accountant is money well spent and could help you see more growth and more profit. It’s fine to do your own bookkeeping so long as you’re organised, methodical and quite good with figures, but doing your own accounts is …
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