Adam received his master’s in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew…
While Bookkeeper360 provides bookkeeping services for Xero users, it is also compatible with QuickBooks Online. Xero has a slight edge in this category due to its ability to create a sales tax return and pay sales tax liability with either a check or electronically. While neither provider allows you to file a sales tax return,…
Construction bookkeeping is unique and complex, requiring specific approaches to accurately track costs, handle fluctuating budgets, and manage long project timelines. For contractors, having robust bookkeeping practices helps maintain profitability and control over each project. Financial statements, including income, cash flow statements, and balance sheets, are compiled by construction company bookkeeping. Accurate accounting ensures quick…
Permanent accounts represent the performance of an entity for the life of an entity. The closing of income statement temporary accounts which is not a temporary account indeed is similar for all categories. Once reconciled, the ending balances are shifted from the income statement to the balance sheet simply. Stay up to date on the…
Once you’re set up in Xero you can import all your data from your previous accounting software, including the chart of accounts, invoices, bills, contacts, and fixed assets. We recommend you work with an accountant or bookkeeper, preferably one with Xero experience, when you move to Xero online accounting software in the US. Xero has…
Thomas Richard Suozzi (born August 31, 1962) is an accomplished U.S. politician and certified public accountant with extensive experience in public service and financial management. The two straight line depreciation vs accelerated main assumptions built into the depreciation amount are the expected useful life and the salvage value. In the first depreciation year, 5/15 of…
Also referred to as “revenue recognition”, it represents the point at which a construction project becomes profitable. Under the cash method, you will record expenses as you pay them The Significance of Construction Bookkeeping for Streamlining Projects out, and income gets accounted for when payments are received. With the right process, you can save time…
There are situations that may arise when the auditor may request management to make an assessment, or extend their original assessment of going concern. If management refuse to make, or extend, an assessment of going concern the auditor will consider the implications for the report. If a company’s liquidation value – how much its assets…
The material quantity variance can yield unusual results, since it is based on a standard unit quantity that may not be even close to actual usage. The material quantity is usually set by the engineering department, and is based on an expected amount of material that should theoretically be used in the production process, along…
Crediting the Accounts Payable account increases the company’s liabilities, showing that the purchase will be paid for at a later date, not immediately impacting the company’s cash flow. If the purchase is on credit, credit the Accounts Payable account to increase the company’s liabilities, indicating that the company has an obligation to pay the supplier…