What You Need to Know About Work-in-process Inventory

An important note to consider is that what is the difference between adjusting entries and correcting entries can vary greatly. Some inventory might have one stage of machining done and other inventory might have all but one stage of machining done. Any materials during the manufacturing process are considered work in process inventory. As mentioned […]

What is Bookkeeping & why it is important? Methods of Bookkeeping

Accountants may have a bachelor’s degree in finance and training in bookkeeping roles. Of course, education depends on the individual or bookkeeping service you hire. Bookkeeping requires knowledge of debits and credits and a basic understanding of financial accounting, which includes the balance sheet and income statement. Other smaller firms may require reports only at the end […]

What Are Pro Forma Financial Statements? Insights, Examples, and How to Create Them

As a slight aside, for more in-depth insights on pro forma adjustments as well as some handy best practices and examples, we urge you to look at our Ultimate Guide to Pro Forma Statements. For these walk-throughs, however, we’re assuming you’ve already looked over the different events 10 steps to effective conflict resolution and scenarios […]

Cost-Benefit Analysis: What It Is & How to Do It

The project scope is kicked off by identifying the purpose of the cost-benefit analysis. An example of a cost-benefit analysis purpose could be “to determine whether to expand to increase market share” or “to decide whether to renovate a company’s website”. Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience […]

20 5 Post-acquisition accounting for goodwill

A caveat is that under GAAP, goodwill amortization is permissible for private companies. The purpose of this accommodation is to reduce the costliness of annual impairment testing on private companies that lack the internal accounting resources needed to perform the tests. It’s important to note that not all private companies take this election because they’d have to restate all of their […]

Tracking Landscaping Expenses to help with the 2019 Tax Season

Send invoices on the road, take photos and upload expense receipts in seconds, and respond to your clients’ questions right from the app. FreshBooks accounting software stays in sync across the desktop and mobile apps so you can work on whatever device you prefer without missing any important information. When operating a landscaping company, it […]

What are source documents and why are they important?

If payment is made using internet banking, it will either be posted along with the check or separately. The seller will produce a paper outlining all the specifics of the sale when an item is sold. If the vendor does not require payment in full before shipping the goods, they will specify their payment terms, […]


Purchasing tax accounting software can be a less expensive option; it can be free (for simple returns), and for more complex filing options, it will generally cost less than $120. Both TurboTax and H&R Block offer reasonably priced options for tax accounting software. Using tax accounting software can be like having a virtual accountant there […]