Although it is powerful and effective, it doesn’t sync with industry standards such as QuickBooks or Xero. The other downside is that its services don’t include bill pay, sending invoices, or writing checks. Once you complete a short questionnaire, Paro works with you to find the right match based on the size of your business, … Continue reading Startup industry expertise in accounting and CFO services →

Control accounts can significantly enhance the efficiency of financial operations. These accounts streamline the accounting process by consolidating transactions from multiple sub-ledgers into a single account. This consolidation saves administrative time and effort, as transactions do not need to be individually verified against the main ledger. In the accounting cycle, the first step is posting … Continue reading What is a Control Account? Definition Meaning Example →

One part is the check and the other two parts are the vouchers for the payee and issuer for their respective records. The voucher will be sent to the owner, who reviews everything to make sure that all the information is accurate, and then the payment will be approved. Afterward, the transaction is closed, and … Continue reading What is a voucher? Definition and examples →

Your accountant must have QuickBooks Online Accountant to access your books. If they don’t already have it, visit QuickBooks Online Accountant so that you can send your accountant the QuickBooks Online Accountant sign-up link that lets them register for free. Your accountant can share their access with other bookkeepers in their firm, so there’s no … Continue reading How to set up QuickBooks Desktop to work from home →

The payee will in turn reinstate the liability amount owed to it by Company X. In essence Company X did not eliminate its liability to the payee by issuing a worthless check. Take the example of writing a $115 check with $100 in your bank account. A $15 account balance will be left on your … Continue reading Should there be negative cash on the balance sheet? →

The brewery probably buys T-shirts, hats, glassware, and so on from a supplier, and sells them on the premises. This is pretty much guaranteed profit, so it makes sense to set up a separate profit center to track it in the accounting system. The labs’ work allowed Donna Kennedy to bury her cousin, Cpl. Charles … Continue reading Brewery Accounting 101: A Practical Guide for Owners and Operators →