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Definition Accounting is about hard numbers, but human errors naturally occur from time to time. If you own a business, you may wonder how accountants handle these errors and accurately balance your books despite them. Often, the bookkeeper can simply scan..

Definition Companies have two options for acquiring assets: using its own capital, or borrowing funds from a third party. The balance between assets owned and borrowed has implications for the company’s financial future and level of risk. It is worth becoming..

Definition and formula Business owners need to know what they own and what they are owed. In order to manage their assets, business owners must learn a hard truth: that what they own (and are owed) tends to depreciate over the..

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 or..

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 Income..

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 should..

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 tax..

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 are..

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 track..