All Accounts Bookkeeping
Here’s How You Can Calculate The Total Loan Amount For Your Paycheck Protection Program
The Paycheck Protection Program was launched to facilitate businesses amid the Coronavirus pandemic, mainly to help them bounce back from the financial repercussion faced during this period. This loan program effectively covered employee salaries and some other important expenses and was meant to support businesses by offering them an alternate and sustainable way to raise […]
Understanding The Way In Which States Calculate Unemployment Benefits – The Complete Guide
What Are Unemployment Benefits Unemployment benefits are a beneficial program run jointly by both federal and state governments to aid people who have lost their jobs or are forced to quit. At times, some situations make it harder to find another job. Let’s take this global pandemic of coronavirus as an example that has significantly […]
A Comprehensive List Of All Types Small Business Tax Deductions For 2021
Today, every small business owner wants to save as much money as possible. The simplest way to do it is to claim all the tax deductions available in the small business expense list. The tax deduction is the main area that small businesses could leverage to lower their taxable income. This article will list down […]
Everything You Need To Know About An Income Statement
Ever wondered how businesses calculate their profit at the end of each year? The simple answer is the “Income Statement.” Every business drafts an income statement to calculate profit or loss for the year. Have you never made one? Don’t worry, that’s why I’m here today. I will discuss the income statement in detail, and […]
Defining Owner’s Equity & How It’s Calculated
Owner’s Equity – This is one of the most important things in your accounting books that you must be aware of as a business owner. In this guide, we’ll explore some of the most important aspects related to owner’s equity in order to make it easy for you to understand what it is and how […]
Do You Still Qualify For A Stimulus Check Even If You Owe Taxes To The Government?
The CARES Act, The Coronavirus Aid, or the Relief and Security Act signed by President Trump, initiated a $2 trillion stimulus package. The package itself is regarded as the largest emergency relief package in the history of the USA. According to the Tax Foundation, an average household would receive a payment of $1,532, which is […]
What Are Adjusting Entries?
Adjusting entries follow the matching principle that requires the expenses and revenue to be recorded in the same period when they occur. They are made to keep track of the flow of money in the different accounts of the company. Adjusting entries also follow the accrual accounting system, where the journal entries are made to […]
The Complete Guide Towards Calculating Straight Line Depreciation Through Formula
Accounting, bookkeeping, calculating tax deductions, and maintaining balance sheets have to be the most boring tasks for every business owner! Nobody wants to do it, which is why sometimes businesses prefer opting for the best online bookkeeping services to do these tasks for them. However, if you’d rather do it yourself then this guide on […]
Cash Basis Accounting VS. Accrual Accounting
Today, businesses and companies of every type, big or small, have to record all their financial transactions in a ledger. The process is also called Bookkeeping, where you have to add all your expenses and income in one central. This is important for tracking business performance in both the short and long term. More importantly, […]
The Right Method To Calculate Retained Earnings
What Are Retained Earnings Retained Earnings is a part of business revenue reserved for reinvesting back into the business and not distributed as dividends. Retained earnings are technically directly proportional to the profits of a business. They go up as your business earns a profit and drops down if your business suffers a loss or […]
What Is A Cashflow Statement?
Since their inception back in 1988, cashflow statements and income statements have become an integral part of an enterprise’s financial report. A cash flow statement summarizes all the expenses, depreciation, increases in inventories, and the total amount of cash received and left a company (cash-tracking). The statement of cashflow maintains and records the revenue side […]
PPP Loan Forgiveness: The Complete Guide
PPP loans also known as Paycheck Protection Program Loans became extremely popular when they were opened from April 3rd to April 16th. PPP loans were introduced to facilitate businesses amid the coronavirus pandemic. We all know that businesses suffered a significant loss during the COVID-19 related shutdowns. Analyzing the fact that several businesses today rely […]
What Is Bookkeeping? – A Complete Guide
The process of bookkeeping involves recording, categorizing, and organizing all financial transactions that business partakes in or they come about as a result of any activity that business initiates.
Bookkeeping Basics That You Must Know.
Running a business requires an entrepreneur to be adept at handling nearly every aspect of the business. However, most entrepreneurs and small business owners are not that great when it comes to managing the financial or accounting-related aspects of their business.