When you reconcile your books, you’ll navigate to the “Reconciliation” tab within the Accounting menu. If you need to manually edit, add or remove any transactions, you can do so on the Reconciliation or Transactions pages. Next, you can add sales tax (if necessary), create customer profiles and customize your invoice templates. Wave Money is currently available to single-owner businesses […]

Well, it can provide valuable insights into a company’s profitability and overall financial health. For example, by analyzing revenue trends over time and comparing them to expenses incurred during that same period, business owners what is federal excise tax and when do you have to pay it can identify areas where they might need to cut costs or invest more […]

For example, factory overhead and administrative costs are not part of prime costs. The cost of labor and payroll taxes used directly in the production process are part of prime costs. Labor that is used to service and consult the production of goods is also included in prime costs. Direct labor examples might include assembly line workers, welders, carpenters, glass workers, painters, […]

When doing closing entries, try to remember why you are doing them and connect them to the financial statements. To update the balance in Retained Earnings, we must transfer net income and dividends/distributions to the account. By closing revenue, expense and dividend/distribution accounts, we get the desired balance in Retained Earnings. Likewise, a Loan account and other liability accounts normally […]

Amy Nichol Smith has more than 20 years experience as a journalist and editor, writing on a range of topics, including tech products and services, the gaming industry, and small business. She has been featured in Tom’s Guide, L.A. Times, Business.com, Reader’s Digest, and Investopedia. Starting any new business is not an easy endeavor, but it doesn’t have to be […]

⇒ Follow every general ledger account from the trial balance to the dealer financial statements. In addition to our standard software packages we offer customization services and data extractions services to make the software work for you. With changing time, human requirements are also changing rapidly and with that the car dealership accounting professional services are picking upwards. Conduct regular […]

For every new small business, it might not make sense to hire a bookkeeper straight away. But as soon as you see growth in your company, it will soon be essential to have a highly detailed, consistent bookkeeping approach. While you might be able to do this yourself to start as a small business owner, it’s best to make the […]

For example, when the Tax Cuts and Jobs Act (TCJA) went into effect on Jan. 1, 2018, it made some sweeping changes to the tax code. This made filing taxes more complicated and required substantial (and potentially unproven) updates to tax filing programs. For example, the US cattle supply is at its lowest level in a decade, pushing beef prices higher […]