The purpose of closing entries is to prepare the temporary accounts for the next accounting period. In other words, the income and expense accounts are “restarted”. When doing closing entries, try to remember why you are doing them and connect them to the financial statements. Secondary-Activity Expenses The income summary account is an account that receives all the temporary accounts […]

Companies can artificially inflate their asset turnover ratio by selling off assets. This improves the company’s asset turnover ratio in the short term as revenue (the numerator) increases as the company’s assets (the denominator) decrease. The asset turnover ratio calculation can be modified to omit these uncommon revenue occurrences. A higher ratio is generally favored as there is the implication […]

We adhere to the US Generally Accepted Accounting Principles (US GAAP) to maintain proper accounting practices. By entrusting us with your financial book management, you can free up your time and focus on the growth of your business. Connect with our knowledgeable experts who will guide you through the process, ensuring your finances remain controlled. While typical software often requires […]

This crucial step enhances communication and transparency regarding out-of-pocket costs, ensuring that patients understand what they owe and why. Superbill creation involves documenting all provided services and procedures during a patient visit. This detailed record is crucial for accurate coding and, subsequently, reimbursement. Medical coding can be a stressful https://www.bookstime.com/ job for some professionals, but it depends on your workplace, […]

Larger or multi-entity product-based businesses with complex needs. Let’s get started understanding exactly what QuickBooks is all about and whether it should be the accounting platform powering segmentation your small business. Users can often take advantage of time-limited promotional pricing. There’s also the option of a 30-day free trial you can take advantage of to try before you buy. With […]

This type of payment is subject to payroll taxes, including Social Security and Medicare taxes, as well as federal and state income tax. The draw method, typically used by sole proprietors, partners in a partnership, and members of a limited liability company (LLC), involves taking money directly from the business profits. It’s more flexible than the salary method, allowing you […]