Bookkeeping

If you were hoping for a one-stop shop that can tackle all of your financial needs, Merritt might not be the right choice for you. But there’s more than one virtual accounting company in the world, and solutions range from on-demand CFO services to simple pay-by-the-hour book balancing. Below, we review the best virtual and…

Conversion costs are all the costs that are borne to convert raw material into finished goods. Both these costs can be used by the management to evaluate the efficiency of the production process in different ways. Prime costs ad conversion costs are different in their calculation, presentation and objective. Conversion costs include the direct labor…

This means tracking bills that have been generated and need to be accounted for. Did your customer make the payment by their credit card on the stipulated date after receiving the service? As a business, you must ensure everything you owe others is paid for on time and that you are also paid for your…

This collaboration allows current staff to work alongside specialists, gaining expertise in technical areas. The close association with an outsourcing partner provides valuable learning opportunities for the in-house team. This is a big advantage for small businesses because most small business owners are not accounting and bookkeeping services experts. They might have taken a few…

Enhanced data protectionMost finance and accounting procedures have gone digital, resulting in vast confidential data. It is a company’s responsibility to protect this data, which could be internal or client-related. You hire a third-party organisation to manage your business’s affairs instead of having an accounting team. Our competitive pricing packages are customized to meet your…

Managerial accounting uses some of the same financial information as financial accounting, but much of that information will be broken down to a more detailed level. In managerial accounting, the quantity and dollar value of the sales of each product are likely more useful. The financial statements are typically generated quarterly and annually, although some…

This is why one can also describe compound interest as a double-edged sword. Putting off or prolonging outstanding debt can dramatically increase the total interest owed. Interest is the cost of using borrowed money, or more specifically, the amount a lender receives for advancing money to a borrower. When paying interest, the borrower will mostly…

We were a small shop in Texas, however, so we weren’t in Southern California to deal with U.S. customs and had no expertise in that area. ‘FOB Destination, Freight Prepaid’ is the opposite of ‘FOB Destination, Freight Collect’ and is used to indicate that the seller assumes the cost of freight. FOB means that the…