Kategori: Bookkeeping

The sole purpose of a reversing entry is to cancel out a specific adjusting entry made at the end of the prior period, but they are optional and not every company uses them. Most often, the entries reverse accrued revenues or expenses for the previous period. Some examples of reversing entries are salary or wages […]

Automatic payment reminders encourage customers to pay on time, saving you from following up and dealing with unpaid invoices. You can set the software to send reminders before the payment is due or when it’s past due; you can also set up the system to email your customers’ receipts after receiving and recording payments. When […]

Nonetheless, it’s essential to follow certain steps to avoid missing critical data. Net income is calculated by subtracting your business’s total expenses from its total income. This figure shows the overall profitability of your business over the period covered by the budget report. It is important to regularly review and update your budget report to […]

Securing funding for expansion can be daunting, as small businesses lack the credit history and collateral that larger players possess. Moreover, their lean organizational structure necessitates that owners wear multiple hats – from finance to marketing to customer service – making effective time management an uphill battle. Provide your clients with a safe and easy […]

This simple structure provides a straightforward incentive for salespeople to increase their sales volume. A commission is a payment or compensation you receive on behalf of a company or client for making a successful sale. It is a percentage of the sales price that goes directly into your pocket. And intended to motivate individuals to […]