For example, if a fixed asset was entered as an expense, it can cause the opening balance equity account to be incorrect. To fix this issue, the bookkeeper should review the data entry process and make sure that all accounts are entered correctly. The Chart of Accounts is a list of all accounts used by…

A corporation has most of the rights and obligations of an individual, such as being able to enter into contracts, hire employees, own assets, incur obligations, and pay taxes. The interests of shareholders are represented by a board of directors, which they elect. An LLC, or limited liability company, provides business operators the protections usually…

The percentage of completion method recognizes revenue based on the percentage of the contract that has been completed. This method is used for long-term contracts where the outcome can be reliably estimated. For example, if a customer orders a subscription-based service, revenue can be recognized when the service is provided to the customer, and the…

By understanding each client’s unique situation, at Profit Line we are is able to develop proactive tax planning strategies that maximize benefits and minimize liabilities. At Acuity, we specialize in personalized accounting solutions for entrepreneurs. With over 2,000 businesses served, we’ve got the experience you need.We help you grow by taking care of your finances,…