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Bookkeeping

  • Accounts payable turnover ratio: Definition, formula, calculation, and examples

    Assessing trends in the context of cash flow and other liquidity ratios helps businesses determine if payables management aligns with operational needs or poses risks. You’ll learn the formula for calculating payables turnover, how to analyze trends over time, industry benchmarks, and strategies to optimize this important ratio. Therefore, industry-specific […]

  • How to Calculate Total Manufacturing Cost Formula + Guide

    In coffee manufacturing, for example, the cost of coffee beans is a direct material cost. And for craft brewers, their direct material costs would include the yeast, hops and water used. Understanding total manufacturing costs is an important step for those who want to improve manufacturing productivity. What is the difference […]

  • Staten Island, NY Accounting Firm

    Many small businesses in the early stages are primarily concerned with compliance – paying bills, getting paid, recording transactions, ensuring payroll accuracy, and following state and federal regulations. At some point, your business will cross a threshold and you’ll begin to place more emphasis on the need for timely, accurate […]

  • What Are Chart of Accounts? How It Works, Setting up & Pros

    At this point, they demanded a more structured and standardized approach to accounting to help them track their finances, manage inventories, control costs, and assess their financial performance. Accounting software can facilitate standardization, providing pre-defined templates that align with generally accepted accounting principles (GAAP). This helps ensure consistency and comparability […]

  • Closing Entries as Part of the Accounting Cycle

    This meticulous approach helps in maintaining the integrity of the financial data and lays a solid foundation for the subsequent steps in the closing process. Closing entries are journal entries made at the end of an accounting period, that transfer temporary account balances into a permanent account. The second entry […]

  • How to Record Journal Entry of Account Payable?Definition and Examples

    This means that your business is purchasing more goods on credit than for cash. However, say your accounts payable decrease relative to the previous period. This implies that you are meeting your short-term obligations at a faster rate. Many businesses underestimate the importance of accounts payable management and automation. As […]

  • 7 3 Analyze and Journalize Transactions Using Special Journals Principles of Accounting, Volume 1: Financial Accounting

    However, with accurate record-keeping and frequent reconciliation of bank statements against the ledgers maintained for each escrow matter, a general trust account can work well. It is less complicated than an escrow management account and will still generate interest for the beneficiaries of the funds. For the purpose of tracking […]