What if there is a bookkeeping software solution that is so simple that you can learn it from scratch? TallyPrime is a business management software that can take care of all the accounting needs of your business. It is easy to use, simple to set… Read More »How much does it cost you to hire a virtual assistant in 2024?
At the end of the month, the owner debits unearned revenue $400 and credits revenue $400. He does so until the three months is up and he’s accounted for the entire $1200 in income both collected and earned out. We see that the cash account… Read More »What Is Unearned Revenue? A Definition and Examples for Small Businesses
The percentage of sales method provides a straightforward way to forecast financial figures. This helps businesses get a sense of their short-term financial outlook. With a revenue of $60,000, she’s not running a corporation, but she should still expect to run into a small amount… Read More »Financial Forecasting using Percent of Sales Method & How to Calculate Projected Retained Earnings
ROE is considered a measure of how effectively management uses a company’s assets to create profits. Retained earnings are part of shareholder equity and are the percentage of net earnings that were not paid to shareholders as dividends. Think of retained earnings as savings since… Read More »Owners Equity Learn How to Calculate Owner’s Equity
Start with a free account to explore 20+ always-free courses and hundreds of finance templates and cheat sheets. Depreciation charges for the first two years of the asset are $45,000 and $30,000 respectively (refer the solution of the example above in case of confusion). Deskera… Read More »Sum of Years Digits Method of Assets Depreciation Pros, Cons
Refunds will be issued only in the event of overpayment, duplicate payments, or a payment made when no tax was due, and a refund was requested on your return. Payments not received within five (5) business days after the due date will be considered late. A second… Read More »Oregon Tax Tables 2024 Tax Rates and Thresholds in Oregon
Managing accounts payable with outdated systems often means navigating loads of inefficiencies and uncovering hidden costs. A leading provider of better-for-you foods that also taste great, Simple Mills’ small AP team struggled with processing a growing volume of invoices using their previous AP system. By… Read More »How To Master Changes To Your Accounts Payable Software
This can be sufficient for very small businesses that aren’t incorporated. As a business owner, you’ll most likely have to create a complete financial report at least once a year, for tax purposes. However, there are plenty of reasons to make quarterly, or monthly financial statements as… Read More »The Best Books for Starting a Business
Once you’ve determined the asset’s salvage value, you’re ready to calculate depreciation. If the residual value assumption is set as zero, then the depreciation expense each year will be higher, and the tax benefits from depreciation will be fully maximized. When calculating depreciation, an asset’s… Read More »Salvage Value Definition, Importance, Depreciation
If you split the rent with someone else, each taxpayer is entitled to the deduction for the portion of the rent that they pay. Likewise, if your rent is paid by a third party, such as a parent, you aren’t eligible for this deduction. If… Read More »Massachusetts State Income Tax: Rates and Who Pays in 2023-2024