September 01, 2020
Charles Lutwidge
A Closer Look at Forensic Accounting
The term forensic accountant was first used in 1946 by Maurice Peloubet, who wished to recognize and celebrate IRS special agent Frank J who led to the takedown of the famous gangster Al Capone. What is Forensic Accounting? Forensics is...
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September 01, 2020
Charles Lutwidge
Job Costing Basics
In some companies, like a design studio, auditing firm, consulting business, or custom furniture manufacturer, every job is different. It is, therefore, necessary to estimate the cost of each individual job. This is in contrast to companies with products that...
September 01, 2020
Charles Lutwidge
Project Accounting
How important is accounting in a business? Do you own a construction, manufacturing, or any other project-based company and wonder if you hired the wrong bookkeeper? The only way to start right is to make sure you bookkeeping us set...
August 31, 2020
Charles Lutwidge
Work-in-Process Inventory
A merchandising firm just buys inventory and then sells inventory that is already put together. A manufacturing firm, on the other hand, has a completely different accounting process for its inventory. Work-in-process inventory, sometimes called work-in-progress inventory or simply WIP,...
August 31, 2020
Charles Lutwidge
Unrestricted Net Assets in Nonprofits
Net Assets Defined Accounting in for profit business and nonprofit organization slightly differs. The experience in a for profit world does not always translate to the nonprofit world, where many don’t have as much experience. One of the things that...
August 31, 2020
Charles Lutwidge
Accounting for Lease Termination
Lease termination is when a lessee or lesser decide to break the lease agreement before the agreement is over. There can be several reasons for terminating the lease. For example, the tenant might terminate it because of the conditions of...
August 31, 2020
Charles Lutwidge
IOLTA Account Basics
What is an IOLTA account? IOLTA is an acronym for Interest on Lawyer Trust Accounts. It simply describes a type of trust account designed to keep client funds in trust. Holding client funds in trust is a requirement of the...
August 31, 2020
Charles Lutwidge
Fixed Assets – Explanation and Examples
What are Fixed Assets? The classic definition of assets is that it is an economic resource, something of value. According to the definition of fixed assets, also referred to as Plant, Property, and Equipment (PP&E), these are tangible assets acquired...
