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Charles Lutwidge

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Charles Lutwidge is a writer with a passion for helping small businesses succeed. Having worked at multiple startups, Charles understands the unique challenges that entrepreneurs face. He writes about a wide range of topics, from management to bookkeeping to technology — all with a focus on helping business owners overcome key obstacles to growth.

Email: charles@bookstime.com
Phone: 8889026657

July 04, 2022

Charles Lutwidge
Bookkeeping and Accounting Tips for Small Business

Bookkeeping and Accounting Tips for Small Business

If you need to improve your business strategy, take a look at your bookkeeping method. Proper bookkeeping enables small businesses to plan their budgets, file taxes, reduce taxable income by claiming deductions, etc. Bookkeeping has a myriad of benefits, so it’s..

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July 01, 2022

Charles Lutwidge
Debt Service Coverage Ratio (DSCR) Meaning

Debt Service Coverage Ratio (DSCR) Meaning

The debt service coverage ratio (DSCR) is a critical term for small business owners and individuals. DSCR indicates the ability of a company, business, or government to repay its debts. However, the ratio is more commonly used in the business world...

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June 30, 2022

Charles Lutwidge
What is Accountancy

What is Accountancy

You may have come across two different concepts, such as accountancy and accounting. Is it the same term? Or these two concepts have different definitions. Check out the article to find out. Understanding Accountancy Accountancy is a process of managing all..

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June 29, 2022

Charles Lutwidge
Biweekly vs Semimonthly Payroll

Biweekly vs Semimonthly Payroll

Choosing a payroll schedule may be confusing. Every system has benefits and flaws, which doesn’t make it easier to make up one’s mind. Keep reading the article to learn about two payroll schedules: biweekly and semimonthly payrolls. Hopefully, the article will..

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June 23, 2022

Charles Lutwidge
Noncumulative Preferred Stock Definition

Noncumulative Preferred Stock Definition

Investors know that buying a company’s stock leads to getting dividends. Moreover, buying the stock of a promising company can lead to an increase in the stock price in the future. As a result, the investor may get a good profit...

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June 22, 2022

Charles Lutwidge
What Is Obsolete Inventory?

What Is Obsolete Inventory?

If you own a business with an inventory, the most critical thing is to maintain it properly. Without keeping an eye on the inventory, it may become obsolete. This article focuses on obsolete inventory and ways of treating it. Understanding Obsolete..

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June 17, 2022

Charles Lutwidge
What Does Paid In Arrears Mean

What Does Paid In Arrears Mean

Small business owners have to deal with multiple various tasks. One of the most important tasks is handling finances. Such aspects as paying for rent and utilities, taking care of payroll, and properly maintaining inventory are just some of the expenses..

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June 16, 2022

Charles Lutwidge
How to Keep Track of Business Expenses and why it’s Important?

How to Keep Track of Business Expenses and why it’s Important?

Having a business is fun since you get to make your dreams come true. But it also leads to responsibilities. Business owners have to file taxes, pay salaries and wages, keep documentation in order, and at the same time improve the..

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June 15, 2022

Charles Lutwidge
What is IRS Form 1040

What is IRS Form 1040

1040 is an IRS (Internal Revenue Service) form. The IRS sends it to individual taxpayers to file their annual income tax returns. The form consists of sections that request individuals to disclose their taxable income gained during a specific year. The..

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Articles

Bookkeeping and Accounting Tips for Small BusinessDebt Service Coverage Ratio (DSCR) MeaningWhat is AccountancyBiweekly vs Semimonthly PayrollNoncumulative Preferred Stock DefinitionWhat Is Obsolete Inventory?What Does Paid In Arrears MeanHow to Keep Track of Business Expenses and why it's Important?What is IRS Form 1040What are Notes Receivable in Accounting?What are Asset Disposals?The Purpose of the W-9 FormHow to Hire the Right BookkeeperHow to Сalculate Shares Outstanding in Accounting?What is a Schedule K-1 Tax FormWhat are Trade Receivables in Accounting?Best Free Accounting Software for Small BusinessWhat are net terms?Stocks and Bonds: The DifferenceHow to Calculate Commission in AccountingWhat are Management Assertions?How to Balance Purchase LedgerTotal manufacturing cost: What is it and how to calculate itWhat Is the Difference Between Gross Sales and Net SalesWhat is Full Time Equivalent (FTE)Markup vs Margin: What’s the difference?Accounting Journal Entry for DepreciationWhat is the Contribution Margin Income Statement?What are the Advantages and Disadvantages of forming a Corporation?What are Temporary Accounts?What are Period Costs?What is Cash Flow from Financing Activities (CFF)What are Reorder Points and how to calculate ROP?What is a Master Budget and why is it important?Cash Flow Problems Facing Small Businesses and How to Solve ThemWhat Is Payroll FraudHow to Create a Business Budget for Your Small BusinessBook Balance DefinitionWhat is Predetermined Overhead RateGuide on How To Calculate Overtime PayBudget vs. Forecast: What's the Difference?Change in Net Working Capital (NWC)What Is Self-Employment TaxAccounting Technologies for the FutureWhat are billable hours?What is the difference between 1099 and W2 EmployeesWhat Is A Pay StubHow Long You Ought To Keep Business RecordsWhat is Certified PayrollWhat are Stale Dated ChecksWhat is the Difference Between Financial and Managerial AccountingWhat is a Multi-Step Income StatementCPA vs AccountantNet Cash Flow FormulaTaxes For Small BusinessesFixed Cost: Definition and FormulaTax Form 1120 – What It Is, How to File ItWhat is a Tax Write-OffWhat are Solvency and LiquidityHow to Calculate FIFO and LIFOWhat is OvertimePayroll Expense: Meaning and CalculationJust in Time Inventory: Basics and ImplementationAccrued Vacation Pay: Meaning and CalculationWhat Is Days Sales Outstanding?What is Equity Multiplier?What Is Consolidation Accounting?What to Do If You Missed 1099 DeadlineWhat Is Expense Management and Why Is It ImportantWhat Is Inventory TrackingWhat Is a Sole ProprietorshipGrant AccountingDepreciable Property DefinitionNonprofit Audit GuideList of Small Business Tax DeductionsUnderstanding Your CP2000 NoticeBest Receipt Tracking Apps for Small BusinessesBasics and Importance of Preparing for an Annual AuditAccounting in GeorgiaAccounting in ChicagoAccounting in CaliforniaHow to Calculate Workers’ Compensation Cost Per EmployeeAccounting in FloridaEstimated tax payments: How they work and when to pay themWhat's the Difference Between Purchase Order and InvoiceThe difference between the balance sheet and income statementWhat is a DisbursementAccounting in Memphis TNTax Forms for Independent Contractors: What you need to knowBookkeeping ExpressWhat Is the Current RatioAccounting in San DiegoWhat Is Tax Liability?Customer InvoiceForm 1065: U.S. Return of Partnership IncomeWhat You Need to Know About Independent ContractorWhat is a Full Charge BookkeeperMonth-End Close ProcessPercentage of Completion MethodGrowthForce ReviewHow to Calculate Withholding TaxCreating a Monthly Bookkeeping ChecklistWhat are Management FeesWhat You Need To Know About Tax RefundsThe Difference Between Bookkeeper and AccountantHow to make a balance sheetHow to Write a ReceiptBusiness Tax PreparationResearch and Development Tax CreditHow To Pursue a Career as a BookkeeperSchedule C: Profit or Loss From BusinessAccounting Errors and Error CorrectionsWhat is the Profit and Loss Statement (P&L)Payroll Taxes and Employer ResponsibilitiesHow to Make an InvoiceWhat Is an Invoice?Opening Entry in AccountingWhat Are Closing Entries in AccountingWhat Is a Variable CostWhat are Intangible AssetsWhat is an ExpenseSalvage Value DefinitionGAAP VS. IFRS: What are the key differenceAudit Risk ModelCurrent Assets DefinitionAfter-Tax IncomeWhat is net incomeWhat is gross income and How it worksBasic Overview of Progressive TaxDays Payable Outstanding (DPO)What Is the Equity Method of Accounting?Meaning and Example of Insurance ExpenseVariance AnalysisMarginal Cost FormulaAnnual Income: Meaning and CalculationAccounts Receivable FactoringCapital Lease vs Operating LeaseEncumbrance Accounting: Explanation and ExampleBasics of Nonprofit AccountingFund Accounting Explained in Simple TermsIntroduction to Governmental AccountingExplanation of Account Reconciliation with ExampleWhat Is Sales Margin and How to Calculate It?The Basics of Cost AccountingWhat Is Opening Balance Equity?Bookkeeping: What is a 3-Way Match?Learn How to Calculate Salvage Value of AssetsStockholders' Equity: How to Calculate?Percentage of Sales Method: Explanation with ExamplesPrepaid Insurance Journal EntryRealization PrincipleConsolidated Financial StatementsWhat Is Prepaid Rent?LLC Accounting: Basics and RequirementsA Simple Explanation of Sales Revenue with ExamplesA Simple Guide for How to Write Off Bad DebtWhat Is an Accountant? Roles and ResponsibilitiesExpense Report: Meaning and TemplateThe Meaning and Basics of Hedge AccountingEnterprise Resource Planning (ERP)Cash Reconciliation: What Is It and How to Perform It?The Basics of Lease AccountingBusiness Valuation Formula and PurposeExplanation of Future Value of an Annuity with ExamplesWhat Is a Budget Report?Cash Flow from AssetsExplanation of Prepaid Insurance with ExampleAdvanced online bookkeeping services for business needsWhat CPAs areWhat is the Present Value of an Annuity Table?Review of the 6 Best Virtual Bookkeeping Services in 2021Outsource Bookkeeping Solutions for BusinessesComparison of Online vs Traditional BookkeepingWhen You Should Outsource Your Bookkeeping?Net Working Capital: Meaning, Measurement, and OptimizationWhat Is the Meaning of Opportunity Cost?What is GAAP in Accounting?Revenue Recognition PrincipleWhat Is Chart of Accounts Numbering and Why Do You Need It?Basic Explanation of Order of LiquidityExpense Recognition Principle: Meaning and ImportanceWhat is Tax Shield?What Is Depreciation Tax Shield?Post Closing Trial BalanceWhat Is Net Sales and How to Calculate It?Product Cost Meaning and CalculationClassified Balance SheetWhat Are the Main Income Statement Accounts?Learn How to Calculate Cost Per UnitDebits and Credits in AccountingCapital Budgeting ExplainedIndirect Method – Cash FlowAsset Turnover Ratio Explanation and ExampleSimple Explanation of the Periodic Inventory SystemThe Beginner's Tutorial to BookkeepingAccrued Payroll ExplanationLIFO Reserve Explained with ExampleWhat Is the Payback Period?Units of Production Method of Depreciation: Explanation and CalculationAn Easy to Understand Explanation of a Debit Memo with an ExampleWhat Are Investing Activities in Accounting?Stockholders' EquityAbsorption Costing in AccountingTrade Discount Explanation with ExampleEasy to Understand Explanation of Accrued InterestIncremental Cost Explanation and CalculationOperating Cycle Explanation and FormulaOperating Expenses Explanation with ExamplesMeaning of Mixed Cost in AccountingSimple Explanation of Purchase DiscountsCash and Cash EquivalentsSimple Explanation of FOB Shipping PointDays Sales in InventoryContingent Liability Explanation and ExamplesBookkeeping Services for BostonBookkeeping Services for San AntonioBookkeeping Services for San FranciscoBookkeeping Services for SeattleBookkeeping Services for Las VegasBookkeeping Services for AtlantaBookkeeping Services for PhoenixBookkeeping Services for HoustonBookkeeping Services in AustinBookkeeping Services for MiamiWhat are Long Term Liabilities?Vertical Analysis Explanation and ExampleHorizontal Analysis OverviewPublic AccountingTimes Interest Earned Ratio: Explanation and PurposeSalaries and Wages: Which one is better?Contribution Margin Explanation and ImportanceWhat Is Going Concern Principle?What does MM mean? Explanation and ExamplesDirect vs Indirect Cash Flow Statement Preparation MethodsAccumulated Depreciation Explanation and Calculation ExampleProcess Costing Explanation and ExampleWhat is Net Realizable Value? How to Calculate NRV?Simple Explanation of SG&A ExpensesBreak Even Point: What is it and Why is it important?Cost Principle Definition and Role in AccountingA Simple Guide to Payroll AccountingWhat Does Goodwill Mean in Accounting?Introduction to Pro Forma Financial StatementsMeaning and Example of Credit MemoActivity-Based CostingStandard Costing Meaning and How It WorksPlant Assets: Explanation and ExamplesHow to Calculate Sales Tax: Step-by-Step GuideExplanation of Cash Flow and Its ImportanceOutstanding Checks: Definition and How to deal with themMatching Principle: Definition and ImportanceWhat is a Chart of Accounts?Conversion Costs: Meaning, Formula, and ExampleWhat is the Cost of Goods Sold? Meaning and CalculationFundamental Accounting: Concepts and PrinciplesHow do bookkeepers get clients?Is bookkeeping a dying profession?How can I learn bookkeeping?What are the two types of bookkeeping methods?Should I become a bookkeeper or an accountant?Does bookkeeping have a future?Bookkeeping: Do you need to be good at math?Is it hard to be a bookkeeper?What are the basic bookkeeping skills?What exactly does a bookkeeper do?What is another name for a bookkeeper?What are Depreciable Assets for a Business?Comparing BooksTime vs. QuickBooks LiveContribution Margin RatioAccounts Receivable Turnover RatioA Guide to Notes PayableAccounting Basics for BeginnersQuick RatioDouble Declining Balance Method of DepreciationDepreciation Expense Overview and CalculationOverview of Debt to Asset RatioFlexible BudgetExplanation and Calculation of the Owner’s EquityAverage Collection PeriodAdjusted Trial Balance BasicsCost of Goods ManufacturedIntroduction to Capital ExpenditureGross Margin RatioPros and Cons of Capital StockFinancial Leverage: What is It and Why a Business Needs One?Debt Ratio – Meaning and CalculationHow The Pandemic Is Affecting The Accounting IndustryAn Introduction to Credit RiskDirect Write-Off MethodAllowance for Doubtful AccountsAging of Accounts Receivable – Definition and ExamplesHow to Record a Credit SaleBad Debts Expense - Explanation and AccountingPreparing a Bank ReconciliationVertical and Horizontal Analysis: What's the Difference?Financial Ratio AnalysisCash Dividends and Stock DividendsSingle-Step vs Multi-Step Income StatementInventory Turnover RatioBusiness Credit CardNotes to Financial StatementsStatement of Comprehensive IncomeOverview of Reversing EntriesBasic Accounting PrinciplesIntroduction to T-AccountsEarly Payment DiscountsStock Splits and Stock DividendsRecording Transactions for BeginnersFinancial Ratios You Should KnowAmortizing Bond Premium with the Effective Interest Rate MethodFederal Insurance Contributions Act (FICA)Minimum Wage and Overtime PayIncome Summary AccountStatement of Stockholders EquityCash Flow from Operating ActivitiesBalance Sheet Template and StructureCash Short and Over AccountDividends Account - Explanation and ExampleThe Suspense Account - Everything You Need to KnowWhat is a Trial Balance?Manufacturing Overhead CostsGross vs. Net IncomeA Simple Explanation of Straight Line DepreciationInternal Controls in AccountingAccounting in Banks SimplifiedSmall Business Guide for Invoice Payment TermsWorking Capital Ratio: Definition and ExampleBetter Bookkeepers Accounting ReviewYour Guide to the Real Estate Capitalization RateCompleted Contract MethodHow to Calculate the Present Value of a Single AmountMinimum Wages in the United StatesHow to Increase Your Business ProfitabilityYour Guide to Inventory AccountingPaperless Invoicing - Can and Should Your Business Do It?Cash Flow ProjectionForm W-8 Defined and ExplainedPropeller Industries ReviewSalt Lake City Bookkeeping ReviewFinancial Statements Audit ReportNon-Profit Statement of ActivitiesYour Guide to Form 990Everything You Need to Know About In-Kind DonationsYour Guide to Tax FilingsSingle vs. Double Entry BookkeepingThe Balance Sheet BasicsNon-Manufacturing Overhead CostsTOA Global Accounting ReviewThe Meaning and Benefits of 501 (c3) for Donors and OrganizationA Closer Look at Forensic AccountingJob Costing BasicsProject AccountingWork-in-Process InventoryUnrestricted Net Assets in NonprofitsAccounting for Lease TerminationIOLTA Account BasicsFixed Assets - Explanation and ExamplesAmortization Accounting for Intangible AssetsWhat are Different Types of Liability Accounts?A Step-By-Step Guide to Starting Your Own Bookkeeping Business.Ignite Spot ReviewAmortization: Explanation and ExamplesFixed Asset AccountingDouble-Entry BookkeepingCost of a Bookkeeper: Can Your Business Afford One?Business Taxes: What are they and how do you calculate them?Acuity - Accounting and Bookkeeping ServicesIntroduction to Cash Flow ForecastCPA Exam Cost and License FeesBill Pay AutomationOverview of the Best Invoicing ToolsBest Payroll Software for Small BusinessesBest Accounting Software – Top 5 ChoicesHow to Hire an AccountantA Guide to Your Own Virtual Bookkeeping BusinessOverview of Fractional CFO ServicesOutsourced BookkeepingProperty Management Accounting GuideA Guide to Real Estate EscrowCryptocurrency AccountingIntroduction to Financial Statements for NonprofitsStartup Bookkeeping: Basics and TipsYour Guide to Real Estate TaxesRemote Books Online ReviewLedgerGurus Review: Virtual and Outsourced Accounting25 Highest Paid Occupations in the U.S. for 2020The 5 Richest People in the World and How Coronavirus Affected ThemHow to Fill Out Form W-4 2020The Best Practices for eCommerce BookkeepingPart-time Bookkeeping - A Solution to Your Small Business ProblemsRemote Bookkeeping for Small BusinessesBill.com ReviewOnline AccountingQuickBooks Self-Employed – a Bookkeeping Service with Online LoginCoronavirus Aid, Relief, and Economic Security (CARES) Act promises help for small businessesCARES Act - Step-by-Step Guide for Small BusinessesPandemic Relief Loans: A Quick OverviewWhat is a Bookkeeper?What is QuickBooks Payroll Service?Deductible ExpensesWhat is Gross Profit?What is Deferred Revenue?1-800Accountant ReviewBench Accounting ReviewReview of BotkeeperReview of inDineroWhat is Indirect Cost?What is petty cash, and why is it important for small businesses?Foreign Currency Translation — International Accounting BasicsWhat is a C Corporation (C Corp)?SmartBooks ReviewReview of KPMG SparkWhy should you pay attention to the retained earnings line on the balance sheet?What is an S Corporation (S Corp)?Pilot Bookkeeping Service ReviewADP Run Review: Payroll Software for Small BusinessesGusto ReviewHubdoc 101: The Basics from Hubdoc Reviews ExpertsReview of ScaleFactor BookkeepingWhat are Financial Statements?What is an Income Statement?What is a Cash Flow Statement?What Are 1099s?Tax Season 2020: What You Need to KnowNetSuite ERP ReviewKashoo ReviewGoDaddy Bookkeeping ReviewsSage 50cloud ReviewSage Intacct ReviewWhat is QuickBooks Accountant?How to Become a QuickBooks ProAdvisor in 3 StepsAccounting Profit and LossZoho Books Review — What You Need to KnowAdjusting EntriesPurchases JournalWhat is Xero?Wave Accounting Review — What You Need to KnowTurboTax Review – The Best Online Tax Preparation Software or Not?Intuit Payroll ReviewWhat is FreshBooks?Balancing off AccountsCash Disbursement JournalQuickBooks Online ReviewDifferent Types of AccountingPosting in AccountingSales JournalControl AccountsContra Expense AccountAccrual to Cash ConversionAccounting Transaction AnalysisWhat is the accounting cycle?What is a general ledger account?What is a Contra Asset Account?What is a contra revenue account and why is it important to my small business bookkeeping?Royalties in AccountingAccruals and DeferralsNormal Balance of AccountsAccounting Equation DefinitionWhat is Unearned Revenue in Accounting?Retained Earnings StatementRetained Earnings Statement ExampleNegative Retained EarningsIs Unearned Revenue a Current Liability?A Guide to Prepaid ExpensesThe Agent BackgroundHow much does an EA earn?What is the Special Enrollment Exam?What is the accounting equation?What are Retained Earnings?What is an enrolled agent, and does your business need one?What is bookkeeping?Unearned Revenue and How It Is Accounted for in BusinessThe Accounting Equation May be Expressed as Assets = Liabilities + Owner’s EquityThe Accounting Equation – Your Guide to Important Accounting EquationsStatement of Retained EarningsStatement of Retained Earnings: Example CalculationRetained Earnings ExplainedWhat is retained earnings normal balance?Cash Basis AccountingHow to use the Retained Earnings Formula to track the profits your business has earned and keptIntroducing Balance SheetWhat is the accounting equation formula?Accrual basis as an accounting methodWhat is bookkeeping, and how does it operate today?The Difference between Daybooks, Journals, Ledgers, and Other Record-Keeping DocumentsHow to meet your bookkeeping needs: employee, contractor, or firm?What's the difference between accounting and bookkeeping?How to choose an accounting method for your businessA rundown of the new I-9 form for 2017Bills vs. invoices: do you know the difference?What does "accounts receivable" mean?A short primer on accounts payable.What is cash flow and why is it important?Bank reconciliation: a simple explanation.Why is accounting important?
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