Published on Mar 8, 2022 by

Understanding Net 30 on an Invoice

When written on an invoice, “net 30” simply means that the customer has 30 days from the date of the invoice in which to make payment. If, for example, “net[...]

Published on Mar 7, 2022 by

What is the Gross Margin Formula?

Gross profit is the money a business has remaining after it has paid off the direct costs of manufacturing a product or service. Calculating the gross profit margin is done[...]

Published on Mar 5, 2022 by

How do You Calculate Depreciation?

Devaluation is the value of an asset to a business over the useful lifetime of that asset. There are three ways to calculate depreciation, but in essence, it is the[...]

Published on Mar 3, 2022 by

How Much Money Can You Deposit Before it...

Yes! The government requires banks to report all cash deposits greater than $10,000. This and other guidelines relating to large cash transactions, which apply to all banks and financial institutions,[...]

Published on Feb 24, 2022 by

Gross Profit – What it is and How...

In accounting terms, when we talk about gross profit, we are referring to the income that a business has left over after paying all the direct costs related to manufacture[...]

Published on Feb 23, 2022 by

Bookkeeping 101 – Debits and Credits

If you need to balance your business’s books, understanding debits and credits is key. In very simple terms, debits decrease liability and increase assets and expense accounts, and credits do[...]

Published on Feb 23, 2022 by

What is an Invoice?

Put simply, an invoice is a way of listing products and services which a business has supplied to a customer. It itemizes those products and services, and their costs, and[...]

Published on Feb 7, 2022 by

A Step-by-Step Guide to Calculate Withholding Tax

Every small business with employees needs to calculate withholding tax so that they can deduct the correct amount from each employee’s paycheck to cover their tax obligations as defined by[...]

Published on Jan 24, 2022 by

Need Fresh Capital? Here are 5 Great Ways...

So you’ve decided to start a small business? It’s an exciting time and it’s going to require all your commitment to make it a success. But remember that it doesn’t[...]

Published on Jan 22, 2022 by

What is Bank Reconciliation and How does it...

Bank reconciliation is the process whereby you match your bank statement to corresponding entries on your balance sheet. Identifying any discrepancies will help you to correct your accounting records, and[...]