It also provides the strongest chargeback protection tools of any system on this list — an absolute must for any restaurant that accepts online or mobile payments. Most restaurants run their transactions through a POS system, so I looked for processors compatible with multiple systems. I also looked for online payment tools, tableside card readers, […]

Historical data provides a valuable foundation for estimating the allowance for doubtful accounts. By analysing past trends in customer payment behaviours and bad debt occurrences, businesses can develop reliable estimates. Factors such as industry standards, economic conditions, and specific customer circumstances should also be considered to refine these projections. Effective financial planning and reporting requires […]

Just like the assets side, the liabilities are also divided into current and non-current liabilities. Consider if a person wants to create a budgeted balance sheet from March 1st to April 1st that person must mention this at the start. Current assets can be monetized quickly, ideally within a year, whereas non-current assets are classified […]

This is a fancy name for checks printed on demand for specific purposes at your bank or credit union. Banks typically charge a fee for these checks, which can be anywhere from a few dollars to as much as $25. But, if you normally have no need for paper personal checks, this can be a […]

Declared dividends are a debit to the retained earnings account whether paid or not. It involves paying out a nominal amount of dividends and retaining a good portion of the earnings, which offers a win-win. Retained earnings, on the other hand, refer to the portion of a company’s net profit that hasn’t been paid out […]

If your spending trends change, adjust your monthly budget accordingly. This step is crucial for maintaining financial accuracy and ensuring you’re prepared for any changes in your business’s cash flow needs. Since variable expenses can sometimes be unpredictable, it’s wise to build a financial buffer into your budget. A variable cost is an expenditure directly […]

It will typically be printed on deposit slips that Bookstime come with your checkbook and it may even appear on blank deposit slips that you can pick up at your bank. A checking deposit slip is a small written form that is used to place funds into your account. It indicates the deposit date, name […]

Using the DDB method allows the company to write off a larger portion of the car’s cost in the first few years. This higher initial depreciation aligns with the rapid decrease in the car’s value and the heavy use in the early years. Accruing tax liabilities in accounting involves recognizing and recording taxes that a […]

If the company receives an electric bill for $1,700, under the cash method, the amount is not recorded until the company actually pays the bill. However, under the accrual method, the $1,700 is recorded as an expense the day the company receives the bill. HighRadius offers a cloud-based Record to Report Suite that helps accounting professionals streamline […]