Bookkeeping

Overall, this bank is ideal for full-service banking and larger balances. Business bank accounts don’t usually come in specific “types” for certain kinds of businesses. There isn’t a common, designated account type for LLCs, for example (although some banks may offer “LLC bank accounts”). But different business bank accounts come…...

Since your accounting system is connected to the cloud, they can use their own login to access reports like the general ledger, balance sheet, or cash flow statement whenever they need. All data transferred online is protected with 128-bit SSL encryption. With QuickBooks Online Advanced, you can also restore a…...

For 2024, updates to withholding tables reflect changes in tax brackets and standard deductions. Align your withholding with your anticipated tax liability to avoid underpayment penalties. For instance, if you’re in the 22% tax bracket, ensure your withholding reflects this rate. Every employee is asked to fill out a W-4,…...

Kristen Slavin is a CPA with 16 years of experience, specializing in accounting, bookkeeping, and tax services for small businesses. A member of the CPA Association of BC, she also holds a Master’s Degree in Business Administration from Simon Fraser University. In her spare time, Kristen enjoys camping, hiking, and…...

It accommodates a wide range of services and client needs, from simple tax returns to complex financial planning. Firms in metropolitan or high-cost-of-living (HCOL) regions tend to charge more, while smaller firms outside these areas offer more competitive rates. Additionally, larger businesses with more complex ownership structures can justify higher…...

Negative goodwill is usually seen in distressed sales and is recorded as income on the acquirer’s income statement. If a company assesses that acquired net assets fall below the book value or if the amount of goodwill was overstated, then the company must impair or do a write-down on the…...

As for the Benefits (light green), we listed affordability, schedule flexibility, comfort, flexible navigation in LA, and minimal travel time. We also mentioned that it’s hard to navigate in LA without a car as a Risk (yellow) and that driving that far is tiring – Domain knowledge (purple). After that,…...

This will make sure you fulfil your legal requirements regarding taxes and will also ensure you have a good grasp on the overall financial health of your business at any given time. However, Merritt can still recommend a solid payroll provider or tax consultant who meets your needs. Merritt Bookkeeping…...

Average total and variable costs measure the average costs of producing some quantity of output. Marginal cost is the additional cost of producing one more unit of output. It is not the cost per unit of all units produced, but only the next one (or next few). What Is the…...

This balance represents the total amount of the intangible asset that has been expensed. Eventually, the intangible asset will have zero remaining cost, meaning it’s fully amortized. When amortization is charged, it is shown on the debit side of the income statement as an expense. The fair value method of…...