Data, a necessary element of quality decision-making, appears more cloudy than clear in the midst of compliance and accuracy woes. First, local bookkeeping is usually done with pen and paper, while virtual bookkeeping takes this…

In traditional approaches to expense reporting, even if the reports and receipts are submitted promptly, it takes time to review and approve them. With an expense management app, you can create automated approval workflows to…

It’s like a snapshot of the company’s financial health, sorted in a way that makes it easy to read and understand. For example, an investor interested in the day-to-day operations and profitability of the firm…

The accrual basis of accounting dictates that you should record revenues and expenses as these transactions occur. It does not take into account when you actually receive payment or disburse cash. Accrual accounting records income…

Repeat the process each month until the policy is used and the asset account is empty. Capital is the account used for showing how much personal money is used by the business owner to pay…

A cost-accounting method would probably be better operationally to address that shrink issue. Oliver Chen, managing director and senior equity research analyst at TD Cowen, for years has touted the value of replacing RIM with…

My Online Accountant is a real estate-centric accounting firm that assists with the accounting and tax needs of real estate investors. It has been helping its clients with bookkeeping, tax preparation, and payroll services since…

Achieving accuracy in footing requires both manual diligence and strategic use of technology. A dual review system, where two individuals verify footed totals, reduces unnoticed errors. For instance, in a company’s quarterly financial report, having…

On the other hand, computation using the direct method does not require any adjustments as it simply jots down the cash flows as and when they occur. It ignores all non-cash transactions and does not…

Passive activities, such as rental real estate, may not qualify unless they meet specific criteria, such as the taxpayer being a real estate professional or materially participating in property management. The IRS uses the material…