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As we previously mentioned, you can find a variety of online accounting companies that aren’t limited to professional bookkeeping services. Virtual bookkeeping companies don’t just help you with your books – some even offer online CPA services. Depending on the plan you purchase, you can outsource all the accounting-related tasks of your business. No matter what size your …

Enhanced data protectionMost finance and accounting procedures have gone digital, resulting in vast confidential data. It is a company’s responsibility to protect this data, which could be internal or client-related. They’ll have the ability to discuss new accounting trends quickly, solutions, and technologies. Building a robust accounting infrastructure is a foundational element of that. That’s …

The accounting equation emphasizes a basic idea in business; that is, businesses need assets in order to operate. The company does not use all six months of the insurance at once, it uses it one month at a time. As each month passes, the company will adjust its records to reflect the cost of one …

If we expand the view, we’ll find the usual suspects—the temporary accounts. These accounts were reset to zero at the end of the previous year to start afresh. Only income statement accounts help us summarize income, so only income statement accounts should go into income summary. Permanent (real) accounts are accounts that transfer balances to …