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...
Delegate your financial records to a highly qualified bookkeeper and forget about bookkeeping stress forever.
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...
August 31, 2020
Charles Lutwidge
Amortization Accounting for Intangible Assets
What is Amortization? You might have come across this work in financial statements before, but what exactly does it mean? The definition of amortization is simple. Amortization is a cost allocation process to systematically allocate the cost of long-term intangible...
August 19, 2020
Charles Lutwidge
A Step-By-Step Guide to Starting Your Own Bookkeeping Business.
So you’ve been working as a bookkeeper or maybe a tax consultant or similar, but you are feeling the job getting to you. Maybe it’s the hours, or the management style of your superiors or even the outdated, cumbersome software...
July 24, 2020
Charles Lutwidge
Ignite Spot Review
Most large businesses have a fully staffed accounting department, including a CFO and staff accountants, to perform basic accounting functions. Unfortunately, the majority of businesses cannot the cost of a complete accounting team. Thus, they hire a CFO and overpay...
July 24, 2020
Charles Lutwidge
Amortization: Explanation and Examples
Amortization is a term that you will come across in the business and accounting world. Its definition can vary based on the context of its use. For instance, the amortization can mean paying off debt or a loan over a...
July 24, 2020
Charles Lutwidge
Fixed Asset Accounting
From an accounting perspective, fixed assets – an item with a useful life greater than one reporting period, depreciated over time. Fixed assets are also known as capital assets and tangible assets. These are items that an organization purchases for...
