The primary distinction between an ATM card and a debit card is what it can be used for. While both may be connected to a checking account or money market account, only a debit card can be used to make point-of-sale purchases. You can withdraw cash from an ATM with either type of card, but…
Category Archives: Bookkeeping
While the FSLA sets out its guidelines, the State rules must be adhered to. In many cases, salaried employees are exempt from overtime, but there are exceptions based on job role, salary level, and working hours. Exempt status means that a job doesn’t include overtime payment and/or that the employer can pay less than the…
Go for professionals who have already worked with similar businesses. It’s also important to make sure they have experience in cost of bookkeeping services for small business accounting software you use. Many businesses rely on FreshBooks because of their flexible, trustworthy, and versatile system. It’s also ideal for brand-new businesses because FinancePal can help with…
For small businesses and entrepreneurs, it’s important to know when to choose simplicity over the latest tech. At a grocery store using the perpetual inventory system, when products with barcodes are swiped and paid for, the system automatically updates inventory levels in a database. The periodic vs perpetual inventory journal entries diagram used in this…
Another description of a contra expense account is an account that reduces or offsets the amounts reported in another general ledger expense account(s). Note that accountants use contra accounts rather than reduce the value of the original account directly to keep financial accounting records clean. Another type of contra account is known as “contra revenue,”…
This clause contains the maturity date of the bond, when the face amount of the bond will be paid to bondholders. Shaun Conrad is a Certified Public Accountant and CPA exam expert with a passion for teaching. After almost a decade of experience in public accounting, he created MyAccountingCourse.com to help people learn accounting &…
Consider factors such as payment processing times, customer creditworthiness, and the efficiency of your invoicing and collections processes. Day Sales Outstanding (DSO) is a financial metric used to measure the average number of days it takes for a company to collect payment from its customers after a sale has been made. This metric provides valuable…
Xero and NetSuite stand out for their advanced reporting and robust financial management capabilities. FreshBooks offers user-friendly invoicing, while QuickBooks Online provides comprehensive expense tracking. Effective mobile applications are vital for space tourism businesses due to the global nature of operations. Mobile access allows accountants and financial managers to review transactions, generate invoices, and monitor…
This section should cover how much this account is currently worth, which opportunities you’ve lost, won, where you see potential revenue growth and your projected value for those opportunities. According to RAIN Group, the most significant difference between high-performing companies and everyone else is an effective account planning tool. Starting a KAM program requires organization-wide…