Now we have access to artificial intelligence that helps ensure accurate financial statements and write up concise summaries. I can't imagine what I'll be using to help my clients in... read more →
The aged receivables report is a table that provides details of specific receivables based on age. The specific receivables are aggregated at the bottom of the table to display the... read more →
In other words, how well is a business able to pay its current liabilities using only its current assets? There are many types of assets, but to qualify as current... read more →
The second entry closes expense accounts to the retained earnings account. The third entry closes the dividend account to the retained earnings account. The information needed to prepare closing entries... read more →
Now, to calculate the cost of ending inventory and COGS, FIFO method is used. Under the Perpetual Inventory System of inventory valuation, only increases and decreases in the quantity of... read more →
You can use Botkeeper to connect your books to your bank account and simplify reporting. It can also organize and pay bills for you, as well as collect payments and... read more →
A financial advisor can help you understand how taxes fit into your overall financial goals. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your... read more →
Increasing your revenue doesn't necessarily mean raising selling prices, although it can. Before introducing higher prices, you can invest in marketing to help sell more goods and boost revenue. Now,... read more →
With accrual accounting, you can include a receivable amount in gross income for the tax year if you can establish your right to receive the money and the amount, with... read more →
Banks would prefer a current ratio of at least 1 or 2, so that all the current liabilities would be covered by the current assets. Since Charlie’s ratio is so... read more →