November 04, 2022
Charles Lutwidge
What are Different Types of Liability Accounts?
Liabilities Definition Virtually every business deals with liabilities, or items that it owes or has borrowed. According to the exhaustive definition, liabilities represent probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets...
Delegate your financial records to a highly qualified bookkeeper and forget about bookkeeping stress forever.
October 27, 2022
Charles Lutwidge
Statement of Comprehensive Income
Running a successful business means keeping track of profit and cost. Of course, this is more easily said than done. Business owners rely on different types of reports to capture different aspects of their financial structure. One example is the...
November 11, 2021
Charles Lutwidge
Accounting Errors and Error Corrections
Types of Errors in Accounting An error in accounting is a non-fraudulent error in double-entry bookkeeping transactions. In most cases, errors occur because the bookkeeper either lacks accounting expertise or is careless. The moment an error is spotted, investigative measures...
November 09, 2021
Charles Lutwidge
Payroll Taxes and Employer Responsibilities
Payroll Taxes and Employer Responsibilities A responsibility of every profit-making enterprise is the payment of taxes. Businesses require federal, state, and local services, and taxes are the cost of those benefits. One of the ways these agencies determine your company’s...
November 08, 2021
Charles Lutwidge
Opening Entry in Accounting
Keeping of accounting records begins with an Opening Entry. If you are embarking on a new venture, these entries capture everything with which you are starting your business. On the other hand, if you already own an established business and...
January 12, 2021
Charles Lutwidge
BooksTime vs. QuickBooks Live
What is QuickBooks Live? QuickBooks is best known as accounting software makers. Recently, they started offering something new: a bookkeeping service called QuickBooks Live. The service is simple: they give you a bookkeeper who uses the QuickBooks app to keep...
November 05, 2020
Charles Lutwidge
The Accounting Industry and the Pandemic
To learn about how COVID-19 is impacting the accounting industry, we sent a survey to a small group of accountants across the US. The results from this survey indicate that the accounting industry is much less hard-hit than many other...
September 02, 2020
Charles Lutwidge
Present Value of a Single Amount: Calculation and Formula
In financial decision-making, whether personal or for business, it is crucial to take timing into account. If you could invest $1,000 today and receive $1,500 in 2 years, would that be a worthwhile deal? If you are offered a 10%...
