July 12, 2021
Charles Lutwidge
When You Should Outsource Your Bookkeeping?
What business processes should be outsourced? Rational use of time, finances, and other resources is one of the motivators for optimizing the work of the entire company. Therefore, a successful leader periodically re-evaluates opportunities and chooses options for optimizing business...
Delegate your financial records to a highly qualified bookkeeper and forget about bookkeeping stress forever.
July 09, 2021
Charles Lutwidge
Net Working Capital: Meaning, Measurement, and Optimization
In the course of their activities, many companies attract borrowed funds to finance current projects and expand the scope of their activity in the industry. However, it is worth remembering that the main feature of attracting any loan is the...
July 08, 2021
Charles Lutwidge
What Is the Meaning of Opportunity Cost?
Definition Opportunity cost is the cost of production of a good or service, measured in terms of a lost (missed) opportunity to produce another type of good or service that requires the same resources. It is the lost profit as...
July 06, 2021
Charles Lutwidge
Revenue Recognition Principle
Overview As we all know, earning revenue is the purpose of doing business. Revenues are created from day-to-day activities that a business was created to do, whether it is manufacturing and/or selling goods or providing services. Revenue is the income...
July 05, 2021
Charles Lutwidge
What Is Chart of Accounts Numbering and Why Do You Need It?
Overview Chart of Accounts serves as a basis for the whole accounting process. It is a place where bookkeepers list all the account titles that they have access to and can use for recording various business transactions in the company’s...
July 04, 2021
Charles Lutwidge
Basic Explanation of Order of Liquidity
What is liquidity? Liquidity in accounting is the ability to quickly turn assets into their monetary equivalent at good prices. There are high and low liquidity assets, as well as non-liquid assets. The concept of liquidity can be applied to...
July 03, 2021
Charles Lutwidge
Expense Recognition Principle: Meaning and Importance
In the modern business world, all enterprises, regardless of their type and form of ownership, maintain accounting records of business operations in accordance with the current legislation. Consequently, in the course of the organization’s activities, expenses are always an inevitable...
July 02, 2021
Charles Lutwidge
What is Tax Shield?
Overview Tax payments is a topic that you get familiar with as soon as you get your first job or start your own business. Many find the tax payments to be a big burden for them financially in addition to...
