Bookkeeping Services
An invoice is a document submitted to a customer, identifying a transaction for which the customer owes payment to the issuer. This document represents an asset of the issuer and a liability of the customer.
Accounts receivable are amounts a company has a right to collect because it sold goods or services on credit to a customer. Accounts receivable are assets.
The Profit and Loss (P&L) Statement is also known as the Income Statement. It shows how well a company buys and sells inventory (or services) to make a profit. A firm must create a profit in order to survive and remain solvent.
Accounts payable are amounts a company owes because it purchased goods or services on credit from a supplier or vendor. Accounts payable are liabilities
Vendor management is a discipline that enables organizations to control costs, drive service excellence and mitigate risks to gain increased value from their vendors throughout the deal life cycle.
A Bank reconciliation is a process that explains the difference between the bank balance shown in an organization’s bank statement, as supplied by the bank, and the corresponding amount shown in the organization’s own accounting records at a particular point in time.
A financial statement (or financial report) is a formal record of the financial activities and position of a business, person, or other entity. Relevant financialinformation is presented in a structured manner and in a form easy to understand.
A balance sheet reports the assets, liabilities, and equity of a business as of a specific point in time. The balance sheet is usually measured as of the end of a time period, which is why its title will state “as of [date]”, rather than “for the period ended [date]”.
The job cost record will report the direct materials and direct labor actually used plus the manufacturing overhead assigned to each job. An example of an industry where job order costing is used is the building construction industry since each building is unique.
Budgeting, planning and forecasting (BP&F) is a three-step process for determining and detailing an organization’s long- and short-term financial goals. The process is usually managed by an organization’s finance department under the Chief Financial Officer’s (CFO’s) guidance.