Category: Bookkeeping

Daily communication, possibly at a fixed time can ensure better work flow. A transparency during the working is also essential to build the trust and ensure work is as per the company requirement. Professional accounting firms are well-versed in tax regulations, financial reporting standards, and compliance requirements. They can help ensure that a small business…

It represents cash received by the company that cannot yet be considered earned revenue. If the company does not deliver the goods or services, the funds will be due back to the customer. When the revenue is earned, an adjusting entry is completed to move the funds out of Unearned Revenue and into a revenue…

Liability accounts include interest owed on loans from creditors—known as interest payable, as well as any tax obligations accumulated by a company, which are known as taxes payable. Although there is no legal or prescribed time limit, money owed must be paid within a short time—usually within 30, 45, or 60 days. Some companies may…