This information is not intended to create, and receipt does not constitute, a legal relationship, including, but not limited to, an accountant-client relationship. Moss Adams LLP and its affiliates petty cash assume no obligation to provide notification of changes in tax laws or other factors that could affect the information provided. There are several ways to allocate […]

This account is a non-operating or “other” expense for the cost of borrowed money or other credit. Operating expenses are the costs of a company’s main operations that have been used up during the period indicated on the income statement. For example, a retailer’s operating expenses consist of its cost of goods sold and its […]

For businesses, gross income includes revenue minus COGS, but before deducting operational expenses. Factorial’s time management software makes it incredibly easy to manage absences and time off. Employees can request leave directly through the system, and managers can quickly approve or deny requests. The system keeps a clear record of all employee absences, so when […]

Accounting practices require the pulling and analysis of financial data—in other words, everything that’s recorded in your ledger, among other financial transactions like loan disbursements or payments. In this guide, we’ll explain the functional differences between accounting and bookkeeping, as well as the differences between the roles of bookkeepers and accountants. While accounting is similar […]

The Income Summary balance is ultimately closed to the capital account. Now for this step, we need to get the balance of the Income Summary account. In step 1, we credited it for $9,850 and debited it in step 2 for $8,790. Let’s look at a few commonly asked questions regarding temporary accounts. Temporary Accounts […]

Negative cash flow can lead to a cash crunch, which can be challenging to recover. A death spiral is a term used in the business world to describe a downward spiral or a vicious cycle of negative events that can ultimately lead to the failure of a company or organization. However, the concept of death […]

Negative cash flow can lead to a cash crunch, which can be challenging to recover. A death spiral is a term used in the business world to describe a downward spiral or a vicious cycle of negative events that can ultimately lead to the failure of a company or organization. However, the concept of death […]

Plus, thanks to its integration with the budget-friendly Wave Payroll solution, Wave Accounting can also work well for small businesses with employees. Since the paid version of the software allows for multiple users, it may also appeal to midsize and growing businesses where more than one person keeps an eye on company finances. Wave’s introduction […]

When it comes to choosing the best back office accounting software for your hotel, it’s always a good idea to research a few different options. Make a list of potential providers so you can compare features, pricing models, and how each product aligns with your preferences. There is plenty of software on the market that […]

You also have the flexibility to work with remote bookkeepers or accounting firms, gaining expert support without the overhead. Many accounting practices don’t know if it’s the right time to invest in accounting technology, but we’ll give you a few hints. If you notice one (or more) of these signals, rest assured it is time […]