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If an improvement increases the useful life of the asset (fancy weather-resistant shingles on a roof, for example), you should decrease the accumulated depreciation account to record the value of the extraordinary repair expenditures. Extraordinary repairs are capitalized, which means the repair cost increases the book value of the fixed asset that was improved as […]

An accounting workflow provides guidance for an accurate and compliant financial management process. These workflows make it easier for businesses to make informed decisions and keep their financial health by improving operational efficiency and financial transparency. Frequent financial reporting facilitates the detection of trends, cash flow monitoring, and regulatory and standard compliance in accounting. Software […]

If XYZ uses $300,000 of its earnings to reduce liabilities, common equity also increases. The price per book value is a way of measuring the value offered by a firm’s shares. It is possible to get the price per book value by dividing the market price of a company’s shares by its book value per […]

You successfully graduated medical school, finished your residency, passed your board exams – and now have your own practice. Part of running your own practice includes some managerial roles such as managing staff, hiring the correct consultants and building a team of trusted advisors. Reviewing your practice’s financial information is not something you may have […]

The question of whether or not an accountant or bookkeeping freelancer is worth it depends entirely on your business and your abilities. It’s 2022, and most of the accountant freelancers you’re looking for are going to be interested in working remotely. The project involve compliance check on the accountant engagement and draft complaint to CPA […]

The more working capital a company has, the less likely it is to take on debt to fund the growth trial balance of its business. The exact working capital figure can change every day depending on the nature of a company’s debt. What was once a long-term liability, such as a 10-year loan, becomes a […]

In this question, the Bright Company has experienced a favorable labor rate variance of $45 because it has paid a lower hourly rate ($5.40) than the standard hourly rate ($5.50). The combination of the two variances can produce one overall total direct labor cost variance. Predictive analytics is another powerful tool for managing labor variance. […]

In this post, we’ll talk about the pros and cons of SEO, customer service, software outsourcing to India, and more. We’ll also look into how businesses normally take advantage of outsourcing to India. Finally, you’ll catch a glimpse into how to outsource work to India once you’re ready to give it a try. Conduct extensive […]

One of the biggest risks businesses take is providing goods and services without payment. While this is the way things are often done in business, that doesn’t mean there isn’t another option. Instead, you could choose to require advance payments for your goods and services, or just for certain projects. Unexpired or prepaid expenses are […]

Either way, it’s critical to have an accurate balance sheet and income statements. Bookkeeping is the process of recording your company’s financial transactions into organized accounts on a daily basis. It can also refer to the different recording techniques businesses can use. Why Is Bookkeeping Important for a Business? It is a foundational accounting process, […]