The matching principle says that revenue is recognized when earned and expenses when they occur (not when they’re paid). The Inventory Loss account could either be a sub-account of cost of goods sold, or you could list it as an operating expense. We prefer to...
Along with processing bills, invoice preparation is an essential skill for any virtual bookkeeping assistant. Busy business owners, after all, do not have the time to dedicate to preparing invoices as their skills are needed elsewhere in the organization. One which involves handling quantities, product...
Outsourcing is an excellent way to reduce costs and increase efficiencies but it is essential to partner with a provider that is right for your business and that starts by ticking a few key boxes. This structured approach ensures that outsourcing accounting is efficient, secure,...
QuickBooks offers a range of features for small businesses, including bookkeeping, invoicing, and payments. With bank statement in-hand, you can systematically check off matching transactions one-by-one by clicking their boxes. The bottom of the screen contains a running total of items you have checked off,...
