Category: Bookkeeping

Officeheads is a premier accounting firm serving Evanston, IL and its surrounding areas. Among the various and efficient services offered by this company are bookkeeping, business accounting, cash flow management, financial analysis and strategic business coaching. Officeheads takes pride in the high-quality services that bookkeeping services chicago they offer, and they assure their clients accuracy,… Continue reading Chicago Area Bookkeeping Services

Any cost not deductible in 1 year under section 179 because of this limit can be carried to the next year. Special rules apply to a deduction of qualified section 179 real property that is placed in service by you in tax years beginning before 2016 and disallowed because of the business income limit. See… Continue reading The Double Declining Balance Depreciation Method

Let’s look at the scenario where a customer makes a late payment on their credit card bill. The credit card company might issue a debit memo to note the late fee added to the customer’s account balance. Another example is a vendor who fails to deliver goods as agreed upon in a contract. houston bookkeeping… Continue reading Credit Memo: Using Credit Memorandums in Your Business

The organization might want to ensure the proper credit application to the customer’s account. It may involve updating the customer’s balance in the accounts receivable ledger or issuing a refund through the organization’s payment processing system. The requester, often a customer service representative or the accounting team member, gathers all necessary documentation related to the… Continue reading Credit Memorandum Overview, Uses, Methods of Settlement

They’ll work closely with you to create financial strategies and plans for your business, which allows you to focus on other aspects of operations. It is totally appropriate to ask about their fees and how they bill. Some services may be a straight fee-for-service charged by the job, while others might be billed hourly. Industry-Specific… Continue reading Startup Accounting: Everything You Need to Know

Underneath that, you’ll see a series of sub-tabs, you’ll look for Entries.Financial entries are a key input into your accounting calculation. At a minimum, this could include base rent, but may include other items, including but not limited to end of lease costs. To terminate a lease is to cancel the agreement before the end… Continue reading Accounting for Lease Termination Certified Public Accountants

Your retained earnings can be useful in a variety of ways such as when estimating financial projections or creating a yearly budget for your business. However, the easiest way to create an accurate retained earnings statement is to use accounting software. Retained earnings can be used for a variety of purposes and are derived from… Continue reading Retained earnings definition