Our mission is to help clients maintain financial viability in the present while taking a proactive approach to achieve future goals. This requires open communication to reach an understanding of our clients’ needs through research and sound analysis. Pellegrino, wine accounting Saccomani & Wells, CPA’s, LLP is dedicated to meeting these goals with high standards […]
GAAP stands for Generally Accepted Accounting Principles, which are the best methods you can use to track and manage your business financials. These are methods used by most people in the accounting profession, so if your bookkeeping is ever questioned, your methods will be accepted by others. When creating the company’s balance sheet, the FIFO method […]
The formula uses historical data from previous bad debts to calculate your percentage of bad debts based on your total credit sales in a given accounting period. The credit is posted to the allowance for the doubtful accounts account, and the debit balance is posted to bad debt expense. The amortization table that tracks the […]
If that $20 was net profit, it goes toward the owner’s equity in the business. Accounts Payables, or AP, is the amount a company owes suppliers for items or services purchased on credit. As the company pays off its AP, it decreases along with an equal amount decrease to the cash account. Unlike example #1, […]
Such an expenditure is capitalized which means that it is recorded on the balance sheet and written off as expense over the useful life of the fixed asset through a process called depreciation. It’s also useful for property, plant and equipment is sometimes called plant assets or the business itself to keep track of its […]
Debits and credits should always equal each other so that the books are in balance. The debited account is the one that receives or loses value, and the credited account is the one that gives or gains value. The golden rules of accounting can help ensure that your bookkeeping is accurate and up-to-date. However, it’s important to […]
For plumbers, these expenses could be materials, tools, or (if you have a van you use for work) petrol. You’ll have quite a few expenses if your plumbing business gets a lot of work since you’ll likely need to buy new materials for every new client. This is costly, but the advantage is that you […]
Valid financial transactions always result in a balanced accounting equation which is the fundamental characteristic of double entry accounting (i.e., every debit has a corresponding credit). The amount of money transferred to the balance sheet as retained earnings rather than paying it out as dividends is included in the value of the shareholder’s equity. The […]
Get quick invoicing, online payments, and financial reporting tools that use client data to give you the most comprehensive picture possible. You can also integrate Quickbooks with ShootQ to access additional accounting tools and features. There are several popular accounting tools that cater to photography businesses. Some of the top choices include FreshBooks and Wave […]
You may know how many organizations calculate PTO, but that doesn’t mean the most common method is inherently better. Keep these options in mind to help identify which PTO accrual is ideal for your employees. Employers may have blackout dates where employees are not allowed to request time off based on business needs or levels […]
The sales budget, which is based on the sales forecast, is the first schedule to be created. The sales budget is usually different from the sales forecast and is adjusted based on managerial judgment and other data. Any item that is not in cash, such as depreciation, is ignored by the cash budget. For example, […]