4 Resourceful Xero alternatives in Australia
4 Xero Alternatives in Australia explained in detail with a study on Accounting software.
Tips To Migrate From QuickBooks To Another Accounting Software
The well-known accounting software QuickBooks Online is exiting the Indian market on 30th April 2023. As the deadline gets closer, the rush to migrate from QuickBooks online to other software is at an all-time high. This migration process is creating a lot of chaos and is leading to a lot of confusion you might be…
Cash Flow Statement: Explanation and Example
A very important metric that every business owner should be well aware of is the metric of managing once cash flow. Cash flow helps you understand how you are using your funds as well as help you allocate your capital resources appropriately. For a new business owner learning how to manage their cash flow is…
Is an invoice the same as a bill?
If you step out in the market often and interact with businesses or any transactions, you’d have encountered the terms‘ invoice‘ and ‘bill’. Businesses, accountants, and customers often use these two terms interchangeably. Though they do have some commonalities, they surely aren’t identical. If you are a business owner and wish to have some assistance…
What Is Fixed Asset? (Updated in 2023)
It’s been a few years since you are running this business. You are about to end this financial year and now you want to know – What is my actual business worth? Most small business owners consider only revenue while assessing their business worth. However, they rarely consider one fundamental thing in the calculation Fixed Assets. An example…
What Is Depreciation?
What is Depreciation? In accounting terms, depreciation is defined as the reduction of the recorded cost of a fixed asset in a systematic manner until the value of the asset becomes zero or negligible. An example of fixed assets are buildings, furniture, office equipment, machinery etc. The land is the only exception that cannot…
Tips To Seprate business And Personal Finances in 2023
Certain things just dont mix well like milk in Maggie or your parents and your goal plans, and even tho you can separate your goa plans and your parents .You should separate your business and personal finances separately. On paper this might sound simple and easy, but one day to get some groceries from…
Advanced Accounting Using Journal Entry
Advance accounting, is a skill every business owner should be well aware of. The way advance accounting works may feel very overwhelming for business owners, but this is were this article will come in handy! In the following article, we have listed 10 tips for advance accounting using journal entry. 1. Fixed Asset Purchase. Depreciation allocates…
How to record Loan Transaction?
One of the most popular methods of financing is borrowing. Loans can be short term, long term, secured, or unsecured and should be recorded accordingly. It is important to keep track of the principle and interest amount, and record them respectively in books for correct accounting. Classification is vital as ‘interest’ paid on loan is…
How to create Proforma Invoice
Lets first understand What is Proforma Invoice and where it is used. According to this definition on Investopedia, Proforma Invoice is like a preliminary bill of sale sent to buyers in advance of a shipment or delivery of goods. Typically, it gives a description of the purchased items, notes the cost, as well as other important…