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August 31, 2020

Charles Lutwidge
IOLTA Account Basics

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 professional..

Articles

August 31, 2020

Charles Lutwidge
Fixed Assets – Explanation and Examples

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 for..

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August 31, 2020

Charles Lutwidge
Amortization Accounting for Intangible Assets

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 assets..

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August 31, 2020

Charles Lutwidge
What are Different Types of Liability Accounts?

What are Different Types of Liability Accounts?

Liabilities Definition It is important to understand what liabilities are because they are crucial part of normal business. The word liabilities always makes them seem like a bad thing and something we want to avoid, but that is not the case...

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July 24, 2020

Charles Lutwidge
Ignite Spot Review

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 them..

Articles

July 24, 2020

Charles Lutwidge
Amortization: Explanation and Examples

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 period..

Articles

July 24, 2020

Charles Lutwidge
Fixed Asset Accounting

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 long-term..

Articles

July 24, 2020

Charles Lutwidge
Double-Entry Bookkeeping

Double-Entry Bookkeeping

Double-entry accounting, also known as double-entry bookkeeping, is a set of accounting rules. It serves as the foundation of accounting rules across the globe. Double-entry is an accounting principle that ensures that the accounting equation remains balanced at all times. This..

Articles

July 24, 2020

Charles Lutwidge
Cost of a Bookkeeper: Can Your Business Afford One?

Cost of a Bookkeeper: Can Your Business Afford One?

How many hours do you spend on your books? Are you feeling overwhelmed? Or simply just do not have time to do it? Did you know that bookkeeping will give you time and money? While employing a bookkeeper may be a..

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