Category Archives: Bookkeeping

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…

This focus on mission often requires nonprofits to engage in fundraising efforts to secure the funding and donations necessary to support their finances. This fundamental difference influences how they approach financial management and reporting. GAAP’s goal is to ensure companies’ financial statements are consistent across industries — allowing investors and the government to interpret them…

This focus on mission often requires nonprofits to engage in fundraising efforts to secure the funding and donations necessary to support their finances. This fundamental difference influences how they approach financial management and reporting. GAAP’s goal is to ensure companies’ financial statements are consistent across industries — allowing investors and the government to interpret them…

Due to the purchase of goods, the asset (cash) decreases by $12,000, and the owner’s equity (expenses) decreases by $12,000. This transaction results in an equal increase in assets and owner’s equity by $20,000. The accounting equation helps to assess whether business transactions carried out by the company are being accurately reflected in its books…

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…