This blog post explores common property accounting errors that property investors make and offers practical advice on how to prevent them. Plus, the self-employed can be the hardest hit when economic times get turbulent. Just as you’re able to use the company coffers...
This happens due to depreciation, damage to goods, market changes, increases/decreases to demand, changing trends etc. A good inventory accounting system will be able to account for these changes and adjust company asset values and the relevant costs involved in the...
Outsourcing bookkeeping can be a valuable tool for CPAs seeking to optimize their business operations and enhance client services. Look for an outsourcing partner that specializes in bookkeeping and accounting services. Research their reputation, experience, and...
Deductions you can take for personal as well as for business activities are allowed in full. For individuals, all nonbusiness deductions, such as those payroll expenses definition for home mortgage interest, taxes, and casualty losses, may also be deducted. Deduct...
ASC 842 offers practical expedients that can be elected by certain entities or in certain arrangements. For a comprehensive discussion of the lease accounting guidance in ASC 842, see Deloitte’s Roadmap Leases. While the accounting issues discussed above may...
A warranty is another common contingent liability because the number of products returned under a warranty is unknown. Assume, for example, that a bike manufacturer offers a three-year warranty on bicycle seats, which cost $50 each. If the firm manufactures 1,000...
