Bookkeeping

The bookkeeper’s detailed recording of financial transactions provides a foundation for the accountant’s high-level analysis. A bookkeeper’s role is primarily transactional, dealing with the day-to-day recording of financial transactions, including purchases, sales, receipts, and payments. This meticulous recording forms the foundation of a business’s financial data. An accountant uses the financial data provided by a …

Basic Bookkeeping for Beginners: 6 Steps to Get You Started Read More »

Under the straight line method, the cost of the fixed asset is distributed evenly over the life of the asset. It is important to note that depletion is also a method of allocating the cost of natural resources over their useful life. Depletion is similar to depreciation and amortization, but it is used for assets …

Depreciation: Types and Journal Entries Explained Read More »

In addition, Intuit provides many tutorials and videos to build and test your knowledge. You can learn broader topics such as small business accounting tips, but also very specific details such as how to enter invoices. Businesses can use QuickBooks to automate invoicing, payments, and accounting. QuickBooks is an accounting software package created by Intuit. …

QuickBooks Boot Camp: Master Your Business Finances In-Person! U S. Small Business Administration Read More »

Gross profit calculates the gross profit margin, a metric that evaluates a company’s production efficiency over time. It measures how much money is earned from sales after subtracting COGS, showing the profit earned on each dollar of sales. Comparing gross profits year to year or quarter to quarter can be misleading since gross profits can …

Gross Margin Formula + Calculator Read More »