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March 30, 2021

Charles Lutwidge
Explanation of Cash Flow and Its Importance

Explanation of Cash Flow and Its Importance

Undoubtedly, the main indicator of the effectiveness of any business is its income and profitability. However, there is one more accounting indicator that can be used to judge the company’s success – this is cash flow. Looking at it, you can..

Reading Time 4 mins
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Articles

March 30, 2021

Charles Lutwidge
Outstanding Checks: Definition and How to deal with them

Outstanding Checks: Definition and How to deal with them

Definition The definition of outstanding checks is checks written by us and sent to the payee. If the payee has not deposited the check, it will not be reflected in our bank account and stay outstanding. It is considered to be..

Reading Time 3 mins
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Articles

March 30, 2021

Charles Lutwidge
Matching Principle: Definition and Importance

Matching Principle: Definition and Importance

Definition The matching principle is an international accounting principle, which means that all the revenues should be attributed to the period of sale, delivery of goods and provision of services and that only those expenses are recorded in the reporting period..

Reading Time 3 mins
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Articles

March 09, 2021

Charles Lutwidge
What is a Chart of Accounts?

What is a Chart of Accounts?

The chart of accounts is one of those bookkeeping basics that you should know before you can start learning more advanced material. Without knowing this concept, it will be practically impossible to maintain proper bookkeeping records, especially for a larger company...

Reading Time 3 mins
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Articles

March 09, 2021

Charles Lutwidge
Conversion Costs: Meaning, Formula, and Example

Conversion Costs: Meaning, Formula, and Example

Definition Businesses where process costing is used, as opposed to job costing, usually have various production stages. At each production stage, resources, such as labor, additional material, and utilities, are added. Each stage includes a large amount of costs and at..

Reading Time 2 mins
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Articles

March 09, 2021

Charles Lutwidge
What is the Cost of Goods Sold? Meaning and Calculation

What is the Cost of Goods Sold? Meaning and Calculation

In the process of analysis and planning, the management usually wants to calculate indicators that characterize the efficiency of an enterprise. These indicators are crucial for being able to steer the business in the right direction and towards success. In today’s..

Reading Time 4 mins
5 / 5 (1 voted)

Articles

March 03, 2021

Charles Lutwidge
Fundamental Accounting: Concepts and Principles

Fundamental Accounting: Concepts and Principles

Reports and other accounting information are produced so management, investors, creditors, government, or other stakeholders can take actions based on this accounting information. If you consider every organization type, every organization location, how can we all speak the same language and..

Reading Time 4 mins
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Articles

March 03, 2021

Charles Lutwidge
How do bookkeepers get clients?

How do bookkeepers get clients?

There are many bookkeepers and accounting firms today that provide bookkeeping services. The competition is fierce and clients have options to choose from. How can a bookkeeper present oneself self in order to stand out from the competition? How to be..

Reading Time 5 mins
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Articles

March 03, 2021

Charles Lutwidge
Is bookkeeping a dying profession?

Is bookkeeping a dying profession?

There has been a recent trend of people viewing new technologies and software as a threat to the bookkeeping profession. Can we say that this is a dying profession without much future? Transformation of the bookkeeping profession The level of automation..

Reading Time 3 mins
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Articles

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