التصنيف Bookkeeping

Handling client funds is a significant responsibility, and you must remember a large number of rules to conduct your role ethically and responsibly. However, it’s easy to make attorney bookkeeping and data entry mistakes when you have to maintain and…

Advocates of variable costing argue that the definition of fixed costs holds, and fixed manufacturing overhead costs will be incurred regardless of whether anything is actually produced. Using the absorption costing method on the income statement does not easily provide…

However, additional payment methods and legal payment processors lead to more compliance requirements. Consider trusted solutions like LawPay’s payment processing software, which includes built-in compliance. While accrual accounting is great for looking ahead, it’s not an ideal method for monitoring…

Cost of goods sold includes any direct costs that a business incurs in the manufacture, purchase and sale or resale of products. COGS is not addressed in any detail in generally accepted accounting principles (GAAP), but COGS is defined as only…

Financial and cost accounting systems can be differentiated based on their target audiences. Financial accounting is designed to help those who don’t have access to inside business information, such as shareholders, lenders, and regulators. For example, retail investors who analyze…

In supply chain logistics, a hub and spoke model refers to a system where goods or services are transported through a central hub to various spoke locations. The hub acts as a central point for collection, sorting, and distribution, while…

Even worse, you could be subject to a lawsuit, depending on what sort of agreement you what is financial leverage have in place. The workout below shows how using leverage magnifies the returns for a company (i.e. how it benefits…

An annuity due is an annuity where the payments are made at the beginning of each time period; for an ordinary annuity, payments are made at the end of the time period. Usually, the time period is 1 year, so…

This clause ensures that you have all the material to work with and are not held accountable in case this data is tainted. In addition to defining the services, this section of the bookkeeping service agreement also contains details pertaining…

As stated previously, bookkeeping companies can offer a wide array of services. Thus, this clause of the bookkeeping service agreement interprets and outlines the services that the client wishes to procure. Having a clear definition of the services ensures that…