Category: Bookkeeping

It is advisable to record your assets as per fair market value rather than the actual cost that might fluctuate. It becomes easier to differentiate the cost of assets from the asset value. The cost principle is an accounting principle that requires assets, liabilities, and equity investments to be recorded on financial records at their… Continue reading Cost Accounting Definition, Principles, & Importance

Ongoing monitoring ensures your budget remains an effective tool for your church’s financial stewardship. Also called an Income Statement, this details your church’s revenue and expenses over a specific period. It provides a snapshot of your financial performance, showing whether your church is operating at a surplus or deficit during that time. These documents are… Continue reading Church Annual Reports: A Complete Guide to Creating Powerful and Engaging Reports

Cloud Bookkeeping is a transformative tool, offering real-time data access, automated processes, and advanced technologies to streamline operations and drive smarter decisions. It ensures scalability, cost efficiency, and enhanced security, empowering businesses to thrive in today’s competitive market. Online accounting uses the internet and cloud computing for real-time bookkeeping and accounting. It’s different from old… Continue reading 5 Cloud Accounting Software Mistakes to Avoid and How to Fix Them

One (or more) of these professionals can greatly assist with your law firm accounting. To effectively manage legal accounting for law firms, it’s wise to start with a foundation that works for all aspects of running your firm. This is because a professional legal bookkeeper and accountant can help you manage your firm’s revenue and… Continue reading Balancing the Books: Role of Bookkeeping in Law Firms 2024