Author: protecos

Whenever a business sells an item, even on credit, the transaction is recorded immediately, regardless of whether or not payment is made at that time. One reason accrual accounting is able to provide a more accurate overview of a business’ performance over a landlord tax guide specific time period is that future revenues and expenses… Continue reading Accrual Accounting vs Cash Basis Accounting: What’s the Difference?

Our bookkeeping staff in Houston is seasoned in working with corporations from various industries. bookkeeping services houston We are a premier, affordable Houston bookkeepers and offer competitively priced business advisory services. We can integrate your financial services with the other applications utilized by your staff and set up QuickBooks to handle your internal work processes.… Continue reading Tax and Accounting Services in Houston, TX

The $300 moves to the income statement as an expense under COGS, directly linked to the revenue of $600. You’ve generated $600 in revenue, but part of that revenue comes at the expense of reducing your inventory. Chartered accountant Michael Brown is the founder and CEO of Double Entry Bookkeeping. He has worked as an… Continue reading Inventory Accounting: Definition, How It Works, Advantages

Trade payables constitute the money a company owes its vendors for inventory-related goods, such as business supplies or materials that are part of the inventory. Accounts payable include all of the company’s short-term obligations. Each time a company purchases goods or services on account, it records an accounts payable liability in its books of accounts. In… Continue reading Payroll Journal Entry: Types, Examples & Best Practices