Bookkeeping

For example, if it takes an appliance retailer 35 days on average to sell inventory and another 28 days on average to collect the cash post-sale, the operating cycle is 63 days. When you’re met with unexpected expenses or other challenges to your cash flow, […]

One common type is the provision for bad debt, which companies calculate to cover debts expected to remain unpaid during an accounting period. In financial reporting, provisions are recorded as a current liability on the balance sheet and then matched to the appropriate expense account […]

Best practices for managing and clearing outstanding checks include regular bank statement reconciliation, promptly voiding or canceling unused checks, and maintaining proper record-keeping. Also, always maintain in communication with payees about payments not fully processed. The purpose behind preparing the bank reconciliation statement is to […]

Such restrictions can hamper a company’s ability to do business and limit its operational options. Issuing bonds enables companies to raise money with no such strings attached. Keep abreast of significant corporate, financial and political developments around the world. Stay informed and spot emerging risks […]

Note how this statement is worksheet style, which discloses each retrospective adjustment net of tax, followed by a restatement of the equity account opening balances. Each equity account opening balance is then reconciled to its respective closing balance by reporting the changes that occurred during […]

Taxpayers who are self-employed will have to pay the entire Social Security and Medicare contributions themselves. If you fall into this camp, make sure that during tax season you look into possible deductions to help recoup the money you spend on the “employer” portion of […]