Businesses in any fields also face critical challenges in aligning accounting methodologies with the demands of the comparatively stringent requirements of their target market, the government, accounting system and regulations.
It can be a bit overwhelming and confusing when doing your business accounting. So many boxes, so many inventories, so many accounting terms you've never heard before! However, once you understand the accounting terms that the VAS uses, your journal will feel way more manageable. Let's take a brief moment to discuss the 2 accounting terms of Amortization and Depreciation. These words come up a lot, especially as they relate to your assets’ value, but many internal accountants do not know how to distinguise two of them.
Inventory costing is an accounting concept which has a direct impact on your company’s gross profit and taxable income. Methods of valuing inventory are simply different cost-flow assumptions about how to allocate your cost of goods available for sale and each inventory valuation method has a different effect on your cost of goods sold and ending inventory value.
Keeping track of a whole company's financial transactions can quickly become difficult and confusing. For this reason, many companies often outsource financial accounting instead of using their own accountants. These days, we have received a variety of questions about Inventory.
When you just start a business there are a lot of tasks on your plate so your accounting can easily get put on the back burner. And as your company is growing, many issues involved in your finance happen. One of the most confused accounts that many normal accountants encountered and failed when realizing it: Provision for doubtful debts! In today’s article, follow S4B to track the questions related to this account!
Sale and leaseback is a familiar phrase to most of the airline business. The end of the year is the busiest time of accounting, we get a lot of questions from entrepreneurs/ customers about how to accounting for sale and leaseback transaction. In today’s article, S4B will discuss this special transaction and figure out the right way to account it in your journal!