Category: Bookkeeping

A blue-collar worker is a person who performs manual labor or skilled trades. ] Blue-collar work often involves something being physically built or maintained. In social status, blue-collar workers generally belong to the working class. Some jobs are for unskilled labor but today’s blue-collar workers often need substantial specialized training and earn high wages. Blue… Continue reading The origins of white collar vs blue collar

These amounts include the basic salary, overtime, bonus, and Other allowance. Salaries and wages payable are also known as employee salary or taxable income, which is the amount of money that the employees earn for their work that is subject to taxation. Taxable income may include not only salaries and wages, but also other forms… Continue reading The Differences in Wages Payable & Wages Expense

Wave is well-developed software that rivals even some paid programs in terms of features. The software covers all of the accounting basics, including invoicing, expense tracking, accounts payable, bank reconciliation, and more. Finally, ease of use and collaboration for business owners, employees, and accountants was considered because it’s important for all users to be able… Continue reading 5 Best Accounting Books for Small Business Owners

Customers can click a Pay Now button on invoices and pay find transposition errors before they turn into a bigger issue instantly by credit card, secure bank payment (ACH/EFT), or Apple Pay. You can accept credit cards and bank payments for as little as 1%2 per transaction. Manually creating invoices in Microsoft Word or Excel… Continue reading Best Invoice Software for Small Businesses Wave Financial

Transposition accounting might creep into your journal entries, business ledger, financial statements, or invoices. You can also inadvertently flip-flop the numbers of an employee’s wages while writing their paycheck. Mistakes happen, especially when it comes to recording transactions in your books. Understanding Transpositional Errors Inaccurate financial records can result in misinformed strategic planning and forecasting,… Continue reading 10 common types of errors in accounting

However, you can create customized estimates for project bids, but then there is no way to automatically compare actual costs to the estimate. These are why I couldn’t award Wave more points in this criterion. Depending on your subscription, you can snap a photo of your expense receipt and upload it to Wave through the… Continue reading Wave: Small Business Software Wave Financial

But we also learned that for every debit there is a corresponding credit, so while we debit cash, we should at the time credit common stock. And, crediting common stock is increasing common stock as common stock is an owner’s equity account. So, in this case, we complete the analysis of the transaction by debiting… Continue reading Accounting Cycle 8 Steps in the Accounting Cycle, Diagram, Guide

This trend ensures organizations are resilient despite health-related challenges and disruptions. Integrating ESG considerations into risk management strategies aligns with sustainability goals and enhances brand reputation and resilience. One significant example of Boeing managing residual risk is related to its 737 MAX aircraft. A notable example of a company dealing with both inherent and residual… Continue reading Understanding inherent risk and residual risk

Operating expenses include both fixed and variable costs and directly impact operating margins. Expense forecasting involves estimating the costs required to support projected revenue, including direct costs (COGS) and operating expenses. Note that accumulation can lead to more severe consequences in the future. For example, if you don’t invest in projects or stimulate the interest… Continue reading How to Prepare a Statement of Retained Earnings

Contract retainage is a common The Significance of Construction Bookkeeping for Streamlining Projects practice where customers pay contractors less than the project’s full cost. It ensures that the contractor meets all requirements and that the customer is satisfied with the performance before delivering the full payment. Generally, contract retainage is specified in the contract and… Continue reading Accounting for Construction Companies Definitive Guide