Bookkeeping

A prepaid expense is an expenditure paid for in one accounting period, but for which the underlying asset will not be consumed until a future period. If consumed over multiple periods, there may be a series of corresponding charges to expense. When accounting for assets, the difference between the asset’s account balance and the contra […]

Examples of raw materials include steel, oil, corn, grain, gasoline, lumber, forest resources, plastic, natural gas, coal, and minerals. A pharmaceutical company executed global strategic sourcing and “make versus buy” initiatives to uncover a savings opportunity of approximately 30% for Active Pharmaceutical Ingredients (APIs). The company also identified opportunities to improve its current sourcing process […]

The company introduced customer profitability analysis, using activity-based principles. The analysis identified the following activities, along with their cost per unit of driver. A risk with ABM is that some activities have an implicit value, not necessarily reflected in a financial value added to any product. Remember, at this stage, we select only the important […]

It quickly processes your paperwork and seamlessly integrates it with your accounting software. Dext saves you valuable time for other important tasks by automating data collection and eliminating manual input. There are many receipt scanner and management apps available to choose from. Initially, I checked these messages often to ensure Keeper wrote off each business […]

For example, the outstanding payments against suppliers, payments to be collected from customers, etc. Furthermore, at the end of the accounting https://www.bookkeeping-reviews.com/ period, you close these Ledger Accounts. You do this as a result of balancing the debit and the credit sides of such accounts. Some of the most common types of subledgers include accounts […]