Once you have the closing balance for retained earnings, add it to the opening balance of owners’ equity. Before closing your accounts, you may need to post adjusting entries. Despite differences in GAAP and IFRS accounting standards, the purpose of each financial statement remains the same. The net income from the income statement will be used in the Statement of Equity. Maintaining a healthy balance — enough but not too much — is mission-critical. A trial balance checks the…
If you choose Metro Accounting Services as your accounting firm, your business will be in good hands. When you talk, we listen and learn all we can about your business in order to provide accounting and tax planning strategies that will preserve resources and increase profits. We'll thoughtfully design a package of accounting services around your needs and will always provide personalized support and advice when you call on us for assistance. Full-service accounting services for all types of small…
There are dozens and dozens of bookkeeping options available and the choices may seem overwhelming. We’ve analyzed and rated the best online bookkeeping services to help you make the best decision when choosing the right one. The bookkeeper is generally responsible for overseeing the first six steps of the Accounting Cycle, while the last two are typically taken care of by an accountant. While there is a general overlap between the two professions, there are a few distinctions that are…
Focus on ease of use, how quickly your team can adapt, and whether the features meet your needs. Kantata is a good solution for professional services businesses focused on resource allocation. Its workflows are highly customizable, making it adaptable to various project needs. Productive brings together time tracking and billing into one cohesive platform. Toggl track functions seamlessly since you don't need to start the timing process.
Time Tracking Software: The Heavyweight Champ of Tracking Hours Worked
This formula…