This is a crucial consideration for businesses that prioritize cash flow management. Improved cash flow can provide more flexibility for capital expenditures, debt repayment, and other strategic initiatives. ...

The information in the sales journal was taken from a copy of the sales invoice, which is the source document representing the sale. The sales invoice number is entered so the bookkeeper could look up the sal...

Most businesses must submit their last month's payroll deductions to the Canada Revenue Agency (CRA) by the 15th of the current month. Check with the CRA or your accountant to see what's right for your b...

For example, Bookkeeping support costs $149 per month, which can be a lot for small businesses. Wave invoicing offers customizable invoices and allows you to add your branding to invoices. If that’s not somet...

There should be an explanation for any discrepancies, allowing auditors to easily review financial reports during audits. Not only that, automating your reconciliation allows you to have complete assurance th...

Similarly, If a competitor starts offering big discounts, your projected sales might drop and may cause you to miss your break-even point. Once you’ve determined your break-even point, you’ll be able easily v...

CIP accounting, or Construction-in-Progress accounting, is an essential aspect of accounting for businesses in the construction industry. It involves the management of financial transactions related to the co...

It can also help you budget for larger debts, such as car loans or mortgages. This way, you know your outstanding balance for the types of loans you have. Lastly, the credit to the cash or bank account is the...

Firstly, activities are identified and then classified into different categories that have relationship with the different parts of the production process. For example direct labour related activities, machin...