The plan lacks true double-entry accounting, has no general ledger and lacks free accountant access, which makes it unsuitable for all but the smallest of businesses. SliQ Invoicing is a simple yet powerful invoicing program for small businesses. It lets business owners create invoices, payment reminders, and record payments. SliQ Invoicing also helps handle invoices for […]
Category Archives: Bookkeeping
Publicly traded companies are obligated to recognize contingent liabilities on their balance sheets to comply with GAAP (FASB) and IFRS accounting guidelines. Since it presently is not possible to determine the outcome of these matters, no provision has been made in the financial statements for their ultimate resolution. FASB Statement of Financial Accounting Standards No. […]
The ‘not-to-prejudice‘ exemption in IAS 37.92 is also applicable to contingent liabilities. We follow strict ethical journalism practices, which includes presenting unbiased information and citing reliable, attributed resources. For information pertaining to the registration status of 11 Financial, please contact the state securities regulators for those states in which 11 Financial maintains a registration filing. […]
With $5 million in earnings and 400,000 outstanding shares, Company Y has an EPS of $12.50 (5,000,000/400,000). With $4 million in earnings and 500,000 outstanding shares, Company X has an EPS of $8 (4,000,000/500,000). Before investing, it’s wise to use various financial tools to determine whether a stock is fairly valued. However, there are problems […]
Like cash sweep accounts, money market funds often pay higher yields than typical bank savings accounts and some of the best CDs. These savings deposit accounts operate just like a traditional savings account but with a higher APY offering. Like all savings accounts, a high-yield savings account’s APY is variable. Banks set their own withdrawal […]
In other words, it measures how much money each additional sale “contributes” to the company’s total profits. Other examples include services and utilities that may come at a fixed cost and do not have an impact on the number of units produced or sold. For example, if the government offers unlimited electricity at a fixed […]
Content Definitive Guide to Back-Office Operations and Processes Back Office Definition How the Back Office Works Back office How is the Front Office different from the Back Office? Our Company Before you bring in external resources to run parts of your enterprise, it is worth pausing to consider the features, benefits, and downsides of staff […]
Compare the business’s financial records to the bank statement to spot the errors. This can be accomplished by matching transactions, and then adding or deducting any transactions that do not align to balance the total amounts. Outstanding checks are those that have been written and recorded in the financial records of the business but have […]
The accounting cycle has 6 steps; if followed correctly, your financial records will be more accurate and reliable. Every dollar that enters and leaves your company will be well-recorded during this cycle. As you learn more about the accounting cycle steps, you can worry less about keeping track of the money and more about building […]
Another necessary yet massively important account to follow when doing your books. It’s no surprise why business owners love this one, as the sales account is where you record all incoming revenue from what you sell. Accounts receivable (AR) is pretty much the exact opposite of accounts payable. If you sell a product or service […]