Categoría: Bookkeeping

Gross profit can also be a misnomer when considering the profitability of service sector companies. A law office with no cost of goods sold will show a gross profit equal to its revenue. Gross profit may indicate a company is performing exceptionally well but must be mindful of the «below the line» costs when analyzing…

Companies try to maximise their expense for depreciation to incorporate the tax filings. As a result, taxpayers financially benefit when they understand the deductions they qualify for, as it minimizes their tax burden. Both corporations and individuals can use tax shields to save money on their taxes. The result equals the depreciation tax shield as…

But if you have the time to dedicate to updating your books regularly, doing your own bookkeeping may be feasible. If you’re new to business, you may be wondering about the importance of bookkeeping. Whether you outsource the work to a professional bookkeeper or do it yourself, you’ll be able to reap a business bookkeeping…

Always evaluate the numbers inside the parentheses before moving on to any other operations when solving mathematical equations. Parenthesis is the use of a phrase, word or sentence that’s added into writing as extra information or an afterthought. For example, ‘his favourite team – whom he had followed since the age of five – was…

Dependents who are not from Canada or Mexico, and not dependent on military members overseas WILL require a stamped date of entry into the US on their valid passports. The foreign address is only used for applicants who reside outside of the U.S., such as dependents. In addition to a W-7 IRS ITIN form, a…

The 980 credit to the income statement increases the net income which increases the retained earnings and therefore the owners equity in the business. You may find your credit card service provider charges both a per-transaction fee you could record using the net method and a monthly fee you would record using the gross method.…

But you may be charged fees for spending more than what’s in your account. You can make a purchase even if you don’t have available funds at the time of purchase, so it can be easy to go over budget. You borrow money from a lending institution and pay back some or all of it…