Bookkeeping

Cost allocation is paramount in decision-making as it provides accurate cost information. Properly assigning costs allows decision-makers to assess product profitability, identify cost drivers, and make strategic choices that align with the company’s goals. Comprehensive staff training plays a crucial role in successful costing system implementation. Employees must understand the chosen methodology’s principles, procedures, and …

Actual Costing vs Normal Costing: Which Costing Method is Best? Read More »

This keeps you accountable and ensures streamlined organization of incoming and outgoing funds for easy tax management. Having a business plan to start a bookkeeping business isn’t a requirement, but creating one can help you get some clarity on what your goals are and how you plan to proceed with https://www.instagram.com/bookstime_inc growing the business. Even …

How to Start a Bookkeeping Business in 14 Steps In-Depth Guide Read More »

In comparison to other countries like China, opening a corporate bank account is also a simple process. Some corporate service providers such as us at Sleek offer matchmaking services with their network of bankers, making the process even smoother. Singapore banks also offer excellent Letters of Credit (LC) support to Singapore companies engaging in international …

8 Steps to Register a Business in Singapore Read More »

Consequently, any transactions recorded in the bank statement and missing in the cash register should be added to the register. Using a double-entry accounting system, as shown below, ABC credits cash for $2,000 and debits assets, which is the equipment, by the same amount. For the first job, ABC credits $500 in revenue and debits …

Reconciliation Finance, Definition, Process, Methods Read More »

Training also helps your team stay updated on changes to accounting standards, internal processes, or new automation tools. When everyone is on the same page, you’ll reduce the likelihood of errors, speed up the closing process, and improve overall consistency across client accounts. Having updated and ensured the accuracy of your general ledger and other …

Closing Entry in Accounting: How to Record & Examples Read More »

Regular reassessment ensures that financial statements reflect the true value of assets. Vehicles include any company-owned cars, vans, trucks, or other transportation assets used for business purposes. In industries like logistics, delivery, and field services, vehicles are crucial for transporting goods, conducting on-site services, or allowing employees to travel between locations. Vehicles are subject to …

Property Plant and Equipment PP&E: Definition Read More »

Regular reassessment ensures that financial statements reflect the true value of assets. Vehicles include any company-owned cars, vans, trucks, or other transportation assets used for business purposes. In industries like logistics, delivery, and field services, vehicles are crucial for transporting goods, conducting on-site services, or allowing employees to travel between locations. Vehicles are subject to …

Property Plant and Equipment PP&E: Definition Read More »

Evaluating the accounting equation can provide valuable insights into a company’s financial health and performance. By analyzing the changes in assets, liabilities, and owner’s equity over time, stakeholders can identify trends, detect potential issues, and make informed decisions. The accounting equation’s left side represents everything a business has (assets), and the right side shows what …

The Accounting Equation: Assets = Liabilities + Equity Read More »

Because you’re getting cash earlier, the values will always be slightly higher than the ordinary annuity table. This table is used when you’re receiving equal payments at the end of each period (like many bonds or rental payments). Choose a discount rate (r)This could be based on expected inflation, interest rates, or your personal required …

Annuity Payment PV Formula with Calculator Read More »

The total of the debit column must equal the total of the credit column. On the income statement, debits increase the balances in expense and loss accounts, while credits decrease their balances. Debits decrease revenue account balances, while credits increase their balances. The Single entry system records financial transactions in a single ledger. Why Is …

Double Entry System in Accounting Advantages, Examples & Types Read More »