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Bookkeeping is a great home-based business that’s easy to start with very little cash. Whether you want extra income or a full-time operation, this guide is designed to get you qualified, equipped, and ready to take on paying clients. This guide cuts out the busywork and

Microsoft Excel offers powerful functions that help accountants handle complex calculations that many bookkeeping software packages can’t handle. It isn’t ideal as a primary bookkeeping system, but it works well for filling in gaps, such as reconciliations and specialized computations. This guide outlines practical ways to

A fixed asset roll forward report is a schedule that reconciles beginning and ending balances of fixed assets and accumulated depreciation over a period by capturing all movements. It presents the opening balances for asset cost, accumulated depreciation, and net book values, followed by period

Use our free MACRS depreciation calculator to compute the deductible amount for each year of the asset’s life. The IRS’s MACRS depreciation tables are included, along with an explanation of how to use them to calculate MACRS depreciation by hand. How to use our MACRS depreciation

Key takeaways: A collection letter is a written correspondence informing a client of a lapsed invoice date and reminding them to settle their debt. It is typically sent within 14 days after the missed due date. The process of how to write a collection letter

The prime cost is the total direct material and labor costs of producing a product or delivering a service. It helps you analyze how much these costs reduce your gross profit, making it easier to determine whether your expenses are within a healthy range. The formula

In this article, I’ll guide you through setting up QuickBooks Online for nonprofits, from getting a QuickBooks Online plan and modifying the account setting to creating products and services and setting up classes and locations. The process ensures your income and expense information is perfectly

The accounts payable (A/P) turnover ratio is a liquidity measure that shows how fast a business pays its suppliers during a specific period. The A/P turnover formula is: Accounts Payable Turnover = Total Credit Purchases Average Accounts Payable Accounts Payable Turnover Ratio Calculator Generate A/P reports faster by using accounting software.

The inventory turnover ratio is an efficiency ratio that measures the number of times a company sells and replaces stock during a set period, generally one year. While you shouldn’t base decisions solely on it, a high inventory turnover is generally positive and means you

A professional locksmith invoice must include standard information such as the invoice number, amount due, and customer billing address. It must also include special items like detailed descriptions of items and services, relevant dates, a warranty statement, and terms and conditions. We provide two locksmith invoice

I’ll walk you through how to set up advanced settings in QuickBooks Online. I’ll show you how to navigate to the Advanced tab, where you can set up and adjust various preferences, including the fiscal year and accounting method, company type, chart of accounts, and

By following our 10 cash flow management tips for small business operations—including not paying bills until due, utilizing a credit line, investing excess cash, establishing a petty cash fund, and determining your cash conversion cycle—you can meet short- and long-term cash requirements and optimize return