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The fees that can be charged by bookkeepers depend on their level of experience and the nature of the job that is required. Construction expense reports are compiled by recording the purchase as an expense on the income or profit and loss statement. Features, such as timecards, can be synced automatically while working remotely so [...]

The 10-column worksheet is an all-in-one spreadsheet showing the transition of account information from the trial balance through the financial statements. Accountants use the 10-column worksheet to help calculate end-of-period adjustments. Using a 10-column worksheet is an optional step companies may use in their accounting process. The adjusting entries are shown in a separate column, [...]

We’re not just keeping your financials organized, but also taking the extra steps to understanding and interpreting your financials. Shortly after you sign up, we’ll give you a call to learn more about your business and bookkeeping needs. On this call, we’ll connect your accounts to Bench, and gather any extra documentation we need to [...]

If you'd prefer not to do the math manually, you can use the compound interest calculator at the top of our page. Simplyenter your principal amount, interest rate, compounding frequency and the time period. You can also include regular deposits or withdrawals to see how they impact the future value. In reality, investment returns will [...]

In most cases, this is the correct entry to book, however, in certain transactions we are paying upfront for the right to use an asset or receive a service over a defined period of time. Under the cash basis an organization would immediately record the full amount of the purchase of a good or service [...]

Our writing and editorial staff are a team of experts holding advanced financial designations and have written for most major financial media publications. Our work has been directly cited by organizations including Entrepreneur, Business Insider, Investopedia, Forbes, CNBC, and many others. Our goal is to deliver the most understandable and comprehensive explanations of financial topics [...]

ContentGeneral Rules for Debits and CreditsWhich Accounts Have a Normal Debit Balance? Which Accounts Have a Normal Credit Balance?Contra AccountsNormal Balance of an AccountWhat are the Normal Balances of each type of account? Since Accounts Payable increases on the credit side, one would expect a normal balance on the credit side. However, the difference between [...]

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The term “reasonable assurance” implies a risk that material monetary misstatements may remain undetected and precludes our guaranteeing the accuracy and completeness of the financial statements. An audit includes examining, on [...]

At the end of the month, the total expenses recorded in the "Advertising Expenses" account will be calculated by summing up the debit column. In this example, the "Advertising Expenses" account tracks the various advertising expenditures incurred by the company in May 2023. Each expense is recorded as a debit entry in the account, increasing [...]

By automating accounts receivable—with the right tools—you can circumvent this disconnect and deliver better experiences. Billtrust is an accounts receivable automation software that’s designed to help firms future-proof B2B transactions and billing systems. It offers unique solutions for businesses large and small and includes integrated payments and credit application features. Accounts receivable automation refers to [...]