Bookkeeping

When the payee deposits the check at a bank, it requests the funds from the payor’s bank, which, in turn, withdraws the amount from the payor’s account and transfers it to the payee’s bank. When the bank receives the full amount requested, it deposits it into the payee’s account. Before sending one, ask the payee […]

CIP stands for “carriage and insurance paid to” says that the seller pays for delivery and insurance of goods to a carrier or nominated location. If a shipment is sent FOB shipping point, the sale is considered complete as soon as the items are with the shipment carrier. At the same time, the buyer will

Knowing how to itemize your financial accounts properly can save you time and effort at tax time and alleviate stress. Once you develop patterns and practice good itemization, you’ll be able to complete this step quickly. Having separate checking and savings accounts for your business makes connecting them seamlessly to your accounting software or platform

Reconciliation is the foundation for accurate financial data, and when integrated with budgeting and forecasting, it ensures that these projections are based on real-time, reliable information. This integration allows law firms to compare their actual financial performance with budgeted figures more effectively, helping to identify variances early and adjust strategies as needed. Bank accounts should