Bookkeeping

These integrations help you manage your finances by syncing your Shopify sales data with your accounting software, making it easier to track income, expenses, and taxes seamlessly. This streamlines your financial processes and ensures accurate bookkeeping. As a result, effective cash flow management allows for better financial stability, enabling businesses to weather uncertainties and seize …

Shopify Bookkeeping 5 Steps to Complete Your Shopify Books Read More »

When a business buys identical inventory units for varying costs over a period of time, it needs to have a consistent basis for valuing the ending inventory and the cost of goods sold. The LIFO method is helpful for businesses whose prices are more subject to inflation, like grocery stores, convenience stores, and pharmacies. In …

What Is FIFO Method: Definition and Example Read More »

We also allow you to split your payment across 2 separate credit card transactions or send a payment link email to another person on your behalf. If splitting your payment into 2 transactions, a minimum payment of $350 is required for the first transaction. The rent per month amounted to $200 for the given space, …

Understanding Prepaid Expenses in the Balance Sheet Read More »

Coming to some kind of agreement with the customer is almost always the less time-consuming, less expensive option. Simply getting on the phone with a client and reminding them about unpaid invoices can often be enough to get them to pay. Sending email reminders at regular intervals—say, after 15, 30, 45, and 60 days—can also …

Average accounts receivable calculation Read More »

The capital accounts total must be the same as the business liabilities subtracted by the assets. That is, each of the balances of the capital accounts need to be added first. Then this number should be the same as the total assets minus liabilities of your business. Note that the result that you get when …

How a Does a Business Owner’s Capital Account Work? Read More »