Bookkeeping

However, as time goes by and if payment is not received, the company may determine that the amount is uncollectible. Instead of directly reducing the accounts receivable at that point, the company records an expense called bad debts expense and reduces the allowance for bad debts by the same amount. The allowance method involves…

Before making any investment, it’s important to undergo extensive financial planning by running your business investments through a cash flow forecast. This will show you the impact your investment-related activities will have on your cash flow statements and tell you how much cash you might need to get funded. So, as you can see,…

If the cash recorded in the register is higher than the physical cash in hand, it falls under cash short. The accounting for the cash over and short account is straightforward. It requires determining the difference between the value of monetary transactions recorded in the system with actual cash. As stated above, any discrepancy…

My Tax Team has a team of skilled bookkeeping specialists in the Dallas region ready to assist you. Discover smart, legal ways to reduce taxes on your investments and keep more of your earnings with expert taxation services in Dallas. Business planning is the process of defining goals, strategies, and actions to drive a…

This question leads us to the core of this new trend in financial management. By outsourcing your bookkeeping to a professional, you can ensure that it is being done correctly and efficiently. It can save you money in the Car Dealership Accounting long term by preventing mistakes and keeping your finances in good order.…