The classification of rent impacts financial ratios like the operating margin, which measures the efficiency of core operations. Understanding whether rent is operating or non-operating helps businesses make informed decisions about cost management and resource allocation. Advanced payments given to the owner of the property are considered as assets, i.e. “Prepaid Rent”. Example – On […]

Independent contractors often have limited time to spare between client work, marketing, and other business activities. Outsourcing bookkeeping allows you to focus on revenue-generating tasks while leaving the time-consuming financial management to experts. Every day that we come into work, we take pride in the part we play in helping our neighbors succeed. Review Before […]

Since Kevin manages the Coca-Cola displays in four grocery stores in Birmingham, a typical day involves visiting each store to make sure the displays are looking as good possible. Likewise, they should follow the no of containers in the vehicle and get the customers’ report and post the item’s conveyance. Notwithstanding the previously mentioned errands, […]

Encumbrance journal entries and accounting are also sometimes called commitment accounting. This naming makes more sense when you realize that encumbrance enables budgetary control by recording money that is allocated for future projects, preventing over-expenditure of a budget. Encumbrance accounting helps your company with budget visibility and analysis by recording planned future payments. Rather than […]

At the end of each month, the company usually make the adjusting entry for insurance expense to recognize the cost of that has expired during the period. When the check for the deposit is cut and sent to the vendor, the business records the transaction on the balance sheet by debiting prepaid inventory and crediting […]

Identifying cash discrepancy is essential to prevent financial losses and maintain financial stability. This section will provide you with a detailed guide on how to identify cash discrepancy in your business. Effective daily cash handling procedures are foundational for managing and identifying cash income summary discrepancies. Good for people with no credit score: Oportun By […]

The Internal Rate of Return (IRR) identifies the discount rate at which a project’s NPV equals zero. Essentially, IRR represents the expected annualized rate of return on an investment. Projects with an IRR exceeding the company’s required rate of return are typically considered attractive. Strategic Considerations Building a new plant or taking a large stake […]

Over the years, we have helped numerous local normal balance businesses save thousands of dollars by eliminating wasteful spending, minimizing tax over-payments, negotiating better vendor rates, and optimizing expense tracking. Our tax team can help you comply with local and federal tax laws while keeping your financial success at the forefront of every decision. Paying […]

NSKT Global also helps clients in other endeavors, such as taxes, company formation, IT consulting, and business advisory. The CEO and founder, Nikhil Mahajan, is a certified tax preparer, fraud examiner, and Sarbanes-Oxley expert. Pendleton Tax & Accounting provides tax and accounting services to individuals and businesses in the Minneapolis, MN metro area for over […]

But we guarantee that our bank deposit slips will be compliant and compatible with whatever accounting software you use. No matter what accounting software you use, our bank deposit slips will be compatible. Check Depot’s business deposit slip books work with over 500 accounting software programs. You’re no longer stuck having to fill countless deposit […]