The Generally Accepted Accounting Principles that guide financial statement preparers is an area where accountancy and accounting intersect – this adds more confusion to how one term is distinct from the other. In practice, payroll administrators, accounts receivable clerks, accounts payable specialists, and bookkeepers fall under the category of accounting professionals. Despite these differences, accounting…

Cline Tax and Accounting focuses on building long-term relationships with its clients through accounting and tax services, as well as objective financial insights. The professionals at this firm assist businesses and individuals in different aspects of tax preparation and planning. They also have experience working with high-net-worth individuals, personalities in the entertainment industry, corporations, non-profits,…

The entire idea is to be on your game and make as few mistakes as possible. If you do not have the labor available, there are many brands of accounting software that can also keep an eye on things. A custom accounting system with robust AP automation is the key to making fewer mistakes. The…

Inventory valuation is used to determine the value of your stock at any given time, which is important for making informed decisions about buying and selling inventory. We recognize the unique challenges faced by family-owned vineyards and wineries, particularly in expanding into new markets and succession planning. Whether you’re focused on local or global expansion,…

The cost of business assets can be expensed each year over the life of the asset to accurately reflect its use. The expense amounts can then be used as a tax deduction, reducing the tax liability of the business. There are several steps to follow when calculating amortization for intangible assets. Since intangible assets are not easily…

Zapier is a no-code solution that lets you connect your PMS with Airbnb and thousands of popular apps. It lets you automate manual or repetitive tasks and gives you back more time to focus https://www.bookstime.com/articles/1099-vs-w2 on running your business. Let’s take a look at three great accounting tools that you can connect with Hostfully or…

LLC structures allow business owners to separate their personal finances from the company’s finances. Owners of LLCs cannot be held personally liable for debts incurred solely by the company. This resource introduces and explains basic accounting terms, principles, acronyms, and abbreviations. It was developed for students, entrepreneurs, and anyone else looking to brush up on…

Fundamentally, all liquidity ratios measure a firm’s ability to cover short-term obligations by dividing current assets by current liabilities (CL). The cash ratio looks at only the cash on hand divided by CL, while the quick ratio adds in cash equivalents (like money market holdings) as well as marketable securities and accounts receivable. The current…

Accounts receivable aging is a cash management technique used by accountants to evaluate the accounts receivable of a company and identify existing irregularities. Aging makes it easier for companies to recognize probable cases of bad debt, stay on top of outstanding invoices, and keep unpaid bills to a minimum. One of the main uses of…

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