Bookkeeping

Both of these terms have Latin origins, where dr. is derived from debitum (what is due), while cr. Rasmussen University is accredited by the Higher Learning Commission and is authorized to operate as a postsecondary educational institution by the Illinois Board of Higher Education. Rasmussen University is accredited by the Higher Learning Commission, an institutional […]

Each year, the depreciation expense account is debited, expensing a portion of the asset for that year, while the accumulated depreciation account is credited for the same amount. As more depreciation is charged against the fixed assets, the amount of accumulated depreciation will increase over time, resulting in an even lower remaining book value. Accumulated […]

The budgeted income statement is useful for reporting all the earnings and expenses for a particular period, say a month, quarter, and year. If actual costs for the period were lower than budgeted costs, the company would be more profitable than expected. Management uses the budgeted income statement to track how well both departments and […]

It can be a simple yet invaluable means to arrive at more informed decisions on restocking. Understanding DSI is important in gauging a company’s liquidity, overall inventory health, and profitability. With a DSI calculation, you can compare your business performance against competitors, but also find out internal weaknesses that may need a new strategy to […]

If you’re running a small business or a startup, your budget is likely a primary concern, but you still need reliable tools to keep your finances in order. The good news is there are many excellent, affordable accounting automation options designed just for you. Typically, small business owners can expect to invest between $15 and […]

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Manufacturing Overhead includes all indirect costs required to run the production process. This covers expenses like utilities, factory maintenance, equipment depreciation, and the salaries of supervisors who oversee production. Unlike direct labor and materials, overhead costs are not directly tied to each product but still contribute to the overall cost. Technology and automation play a […]

We’ve helped thousands of companies with our specialized services, customizing their software and settings, and even training them to get the most from their bookkeeping processes. BDO offers payroll, tax, financial reporting, auditing, and analysis, customized to client needs. Their tailored approach unearned revenue makes them ideal for businesses needing strong financial oversight. KPMG offers […]

Bad debt is predicted and recognized on the books in the same time period as related sales and is written off using a contra-asset account called ‘allowance for doubtful accounts’. Once a debt is identified as uncollectible under the direct write-off method, the business makes a journal entry to remove the asset and recognize the […]