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The short-term bank loans are often not backed with a mortgage and recorded as current liabilities. Another specification of short-term loans is that they are recorded as the line of credits or bank overdrafts. Business owners may need to abide by state wage reduction laws when it comes to collecting payments from employees’ paychecks. Sometimes, …
Continue reading “How do I record an advance to an employee and the deduction?”
Employees who have received a prior loan from you may request more money down the road. Borrowers may also try to negotiate a longer repayment term or reduce their interest rate. As with any kind of loan, there is always a risk of being paid back late or not at all. Evaluate whether this is …
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As well, an average of these inventory turnover ratios could be calculated to assess the current inventory turnover. Inventory turnover rate treats all products equally, potentially leading to misinformed decisions about inventory levels for high-margin versus low-margin items. Businesses with an optimal turnover rate often have a better cash flow and reduced storage costs, indicative …
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In addition to handling day-to-day accounting tasks, finance modules in ERP systems also help organizations manage more strategic financial activities, such as budgeting, forecasting, and financial planning. This enables businesses to gain greater visibility into their financial performance and make more informed decisions about resource allocation and investment strategies. ERP applications can help a corporation …
It also provides the technical skills for using double-entry accounting techniques. Public companies are required to perform financial accounting as part of the preparation of their financial statement reporting. Small or private companies may also use financial accounting, but they often operate with different reporting requirements. Financial statements generated through financial accounting are used by …
Every Penny Counts Bookkeeping Service operates in and around the Austin metro. It offers bookkeeping solutions that are individualized according to the needs of the client. These include financial reporting, yearly tax filing 1099, year-end reporting to CPA, client invoicing, payroll, and bank account and credit card monitoring. Some of these could be scheduled monthly, …