Bookkeeping

Bank reconciliations are an important tool in cash-flow management and are usually handled by an accounting department or a business owner. The end result should be a reconciliation of the two balances, with any remaining differences explained and resolved. As outlined above, bank reconciliations is a process that  compares and matches the financial records of […]

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Depreciation recapture is a provision of the tax law that requires businesses or individuals that make a profit in selling an asset that they have previously depreciated to report it as income. In effect, the amount of money they claimed in depreciation is subtracted from the cost basis they use to determine their gain in […]

For businesses, statements may be issued more frequently, such as weekly or even daily, depending on the nature of their financial operations. They often include the customer name, their contact information, your company’s name, and your contact information, too. One difference between an invoice and statement is that invoices go out with each shipment or […]

If you don’t certify your passport, you’ll need to send the IRS your original passport. That can be especially stressful if you need to travel soon or you’re currently traveling in the U.S. Instead, when hiring an accountant, they can certify your passport for you and send that in along with your ITIN Application (instead […]

In 2023, artificial intelligence chatbots such as ChatGPT and Bard became popular tools for research and advice. You can give a bot specific prompts, such as “My salary is $50,000, and I want to save $5,000 by the end of the year. ” and it can do the math for you, calculating what you need […]

Understanding how net sales works is especially important when calculating your business’s revenue and determining your overall net earnings, also known as the bottom line. Knowing how to calculate net sales is one of the first steps to creating an accurate income statement for your business. Some companies choose to offer “instant rebates,” which are […]