All Accounting Articles - Page 7

FIFO vs LIFO: Differences & Which Is Right for Your Business?

By Crystalynn Shelton on August 7, 2019 | Accounting, Business Accounting, Versus

First-in, first-out (FIFO) and last-in, first-out (LIFO) are costing methods used to value ending inventory and the cost of goods sold. The differences between FIFO vs LIFO are simple. FIFO assumes the first items sold are the first ones added to inventory. With LIFO, the first items sold are the last items put into inventory….

Yooz vs QuickBooks: Price, Features, & What’s Best in 2019

By Crystalynn Shelton on August 2, 2019 | Accounting, Accounting Software, Versus

QuickBooks Online (QBO) is an all-inclusive accounting solution for small businesses. You can track all income and expenses in QBO. Yooz is ideal for small businesses that are struggling to pay bills on time and need help streamlining accounts payable. When to Use QuickBooks Online is ideal for small businesses needing an accounting software that…

Sage Intacct vs QuickBooks: Price, Features & What’s Best in 2019

By Crystalynn Shelton on August 2, 2019 | Accounting, Accounting Software, Versus

We compared Sage Intacct vs QuickBooks on price, features included, and customer reviews. QuickBooks Enterprise is ideal for businesses on a budget that have complicated inventory needs and require parent and subsidiary tracking and reporting. Sage Intacct is best for larger companies that need multiple approval levels and tracking by entity, department, and location. When…

5 Best Accounting Practice Management Software 2019

By Crystalynn Shelton on July 29, 2019 | Accounting, Accounting Careers, Buyer's Guide

Accounting practice management software allows accounting firms who provide tax, bookkeeping, and payroll services to manage their client work in one system. We looked at over a dozen options and narrowed it down to five based on cost, project tracking, time and billing, and reporting features; pricing range from free up to $3,950 per month….

Accounts Payable Turnover Ratio: Definition, Formula & Free Template

By Crystalynn Shelton on July 25, 2019 | Accounting, Business Accounting, What is

The accounts payable (A/P) turnover ratio measures how fast a business pays its suppliers. The ratio is calculated by dividing total supplier purchases by the average accounts payable balance for the period. It can be used to identify payment issues, and it gives creditors a sense of your payment history with vendors. If you use…

Journal Entries: What They Are & How to Do Them

By Crystalynn Shelton on July 15, 2019 | Accounting, Business Accounting, Ultimate Guide

A journal entry is a record of a financial event that has occurred in your business. By recording journal entries, you ensure that your financial statements are accurate and complete. We cover basic accounting, two types of journal entries, and three simple steps to prepare journal entries manually or using an accounting software. What Is…

What Is Depreciation & How Does Depreciation Work?

By Kathleen Murray on July 11, 2019 | Accounting, Business Accounting, What is

Depreciation is an income tax deduction that allows you to recover the cost of assets like cars, furniture, and equipment that you purchase and use in your business. It can also be reported for accounting purposes so that your financial statements accurately reflect your investment in fixed assets and allocate those costs over time. How…

GoDaddy Bookkeeping vs FreshBooks: Prices & Features in 2019

By Crystalynn Shelton on July 9, 2019 | Accounting, Accounting Software, Versus

We compared GoDaddy Bookkeeping vs FreshBooks on cost, features, customer support, and user reviews. GoDaddy Bookkeeping is ideal for ecommerce businesses, and FreshBooks is ideal for freelancers. GoDaddy Bookkeeping fits any budget with a starting price of $4.99 vs $14.99 for FreshBooks. However, FreshBooks offers more features for the additional cost. When to Use FreshBooks…

Units of Production Depreciation: How to Calculate & Formula

By Kathleen Murray on July 2, 2019 | Accounting, Business Accounting, How To

Units of production depreciation is a depreciation method that allows businesses to determine the value of an asset based upon usage. Common in manufacturing, it’s calculated by dividing the equipment’s net cost by its expected lifetime production. Multiplying this rate by the asset’s output for the year gives you the depreciation expense. You cannot use…

Bookkeeper vs Accountant: Differences & Which Is Right for You

By Crystalynn Shelton on July 1, 2019 | Accounting, Business Accounting, Versus

Eventually, most small businesses will need to hire a bookkeeper and accountant. If you are struggling to keep up with daily transactions like invoicing customers and paying bills, you need to hire a bookkeeper. If you’ve got daily tasks under control but need someone who can interpret financial statements, it’s time to hire an accountant….