Danielle Bauter

Fixed asset impairment is a reduction in the value of a long-term fixed asset (like property, plant, or equipment) when its book value exceeds its recoverable amount. This reflects a decrease in the asset’s future economic benefits. Impairment can happen due to various reasons, such as physical damage, economic downturns, obsolescence, and changes in business…

Bench Accounting is a virtual accounting service provider that offers bookkeeping and tax support for businesses and individuals. Monthly prices are either $299 or $499 per month, depending on whether you need tax services. When you sign up, you’ll be matched with a dedicated bookkeeper who is backed by a team of in-house accountants. Your…

You need accounting software if you’d like to avoid time-consuming report generation and manual data entry, improve organization, stay compliant, have a scalable accounting solution, and benefit from mobile access, among other things. The decision of whether your company needs accounting software hinges on several factors, including business size, complexity, financial acumen, and time constraints….

It is used to record small expenses paid with cash, such as office supplies, small repairs, courier fees, and small gifts for clients or customers. By implementing a petty cash voucher system, you can effectively track expenses, enhance financial control, and simplify the accounting process. Important Items on a Petty Cash Voucher A petty cash…

The report is essentially a list of the items on hand, grouped by the length of time in inventory. It helps with Identifying slow-moving and nonmoving products: The report highlights products that are either slow to move or not moving out of inventory. It helps you determine why certain products sit in inventory longer than…

Managing A/P requires finding the balance between validating and approving bills, paying them on time, and maintaining enough cash for daily operations. It is one of the most important tasks of a bookkeeper. We list 16 accounts payable best practices—from entering bills immediately and contacting vendors for discrepancies to attaching invoices and receipts to transactions…

Maintaining an effective accounts receivable (A/R) management system is an important duty of the bookkeeper that can help your business grow, even if you expose yourself to the risks of selling goods and services on account. Creating an efficient management process can be made easier by following some well-established accounts receivable best practices—and we’ll take…

The best QuickBooks Online integrations depend on your unique business needs and circumstances. For instance, if you need to manage sales pipeline and lead tracking, you may integrate QuickBooks Online with a customer relationship management (CRM) software like Pipeline CRM. You may consider a QuickBooks Online and Square POS integration if you run a retail…

To record it, debit the Owner’s Draw account while crediting the Cash or Bank account from which you took the owner’s draw. It’s essential to track all draws throughout the year for accurate financial records and, at the fiscal year’s end, transfer the total in the Owner’s Draw account to the Retained Earnings account. This…

The best QuickBooks property management software integrate seamlessly with QuickBooks’ industry-leading accounting features to include useful tools like tenant screening and automated rent payments. We evaluated QuickBooks property management integration options to determine whether they offer two-way integration and real-time synchronization. We also looked at whether they are listed in the QuickBooks App Store. We…

QuickBooks Online offers many features for businesses across different industries, while Sage 100 Contractor is tailor-made for general, service, and other contractors that need specialized functionality, such as unitary billing, equipment tracking, and project scheduling. QuickBooks Online might be enough for very small contractors that need to track activity by class and location. After carefully…

A general ledger, or GL, is essentially the backbone of a company’s financial record-keeping system. It functions as a centralized repository that tracks all of a company’s transactions over time, organized by specific accounts. These accounts are categorized as assets, liabilities, equity, revenue, and expenses. The GL supports the double-entry accounting system, where each transaction…