Like accounting, financial planning services are always in demand, on both a personal and business level, to help save money and maximize profits. Financial planning spans services from retirement funds to wealth management, investment strategies to business plans. The healthcare industry is full of essential services that are truly recession-proof. Home health companies What has […]

Some organizations might also include admin or facilities expenditures in their program budget allocation. Use a free template to get you started and once you’ve added any unique requirements to it, this can be reused for subsequent budgeting sessions. It also helps to use a standard format for budgets as you can compare them and […]

The primary purpose of nonprofit budgeting is to ensure that the organization can meet its goals without running out of money. It involves tracking where your funds are going and identifying areas where you may need to cut back or raise more money. A capital budget focuses on long-term investments rather than day-to-day operations. It […]

Be it startups, small to medium-sized businesses, or non-profit organizations, outsourcing offers major advantages. Outsourced accounting refers to all the accounting services from an external service provider hired by a business. The Essential plan, starting at $750 per month, includes the native bookkeeping software and a dedicated controller and team to handle full-service outsourced bookkeeping […]

For example, the accounts receivable account will usually have a positive balance. We will apply these rules and practice some more when we get to the actual recording process in later lessons. This graphic representation of a general ledger account is known as a T-account. Time Period Assumption For example, Lynn Sanders owns a small printing […]

For the past 52 years, Harold Averkamp (CPA, MBA) has worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. You will credit “Administration — Office Supplies Expense” and debit “Administration — Minor Tools & Equipment Expense”. The ELPAC helps teachers make sure that all students are able to access […]

Depreciation is a process by which organizations account for the deterioration of a fixed asset’s value over time. Amortization refers to the spreading of the costs of long-term intangible assets over their useful lives. Both of these methods are used to match the expense with the revenue generated from using the asset. It is important […]

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CPAs and accountants tend to focus on particular niches or specialties, such as small-business owners, high-net-worth individuals, or clients who work in certain industries. As a result, Henn recommends asking people who have similar needs. “For example, if you’re a doctor, talk to other doctors and ask who they use,” he said. If someone holds […]

Manufacturing companies offer a good example of how depreciation can affect book value. These companies have to pay huge amounts of money for their equipment, but the resale value for equipment usually goes down faster than a company is required to depreciate it under accounting rules. Making Calculations Practical Now it’s time to use the […]