#difference between accounting and bookkeeping

[dataplusvalue-blog]

Know The Difference Between Bookkeeping and Accounting

Are you interested in knowing about the stages of finance that people often search for on the internet? Yes, we are talking about bookkeeping vs. accounting!

Through this blog, DataPlusValue has tried its best to tell you what the difference is between bookkeeping and accounting, how both work, and why both are important for financial management.

[theadviso]

Difference Between Bookkeeping and Accounting: An Ultimate Guide

[sonnenburgconsulting]

Nationwide Professional Bookkeeping Services in Utah offers comprehensive financial management solutions, delivering accurate and timely bookkeeping services tailored to meet the unique needs of businesses. For more information contact us at 801-984-3805.

[whencyclopedia]

The Fabric of Civilization: How Textiles Made the World

In "The Fabric of Civilization," Virginia Postrel explores how the history of textiles is akin to the story of civilization as we know it. As evidenced throughout her book, Postrel treats each chapter as a standalone story of its production and journey, all the while masterfully weaving it together to show the story of human ingenuity. While academic in nature due to its incredibly well-researched methodology, the general reader will enjoy the book's unique style and approach to world history.

In The Fabric of Civilization: How Textiles Made the World, Virginia Postrel expertly demonstrates how the history of textiles is the story of human progress. Although textiles have shaped society in many ways, their central role in the development of technology and impact on socio-economics have been exceedingly overlooked. Attempting to remedy this issue, Postrel organizes her book into two distinct sections: one focusing on the different stages of textile production (fiber, thread, cloth, and dye) and the other on the consumers, traders, and future innovators of said textiles. To strengthen her argument, Postrel pulls from different primary sources across many regions and cultures, such as the works of people like entomologist Agostino Bassi and the accounts of disgruntled Assyrian merchants. However, Postrel goes beyond relying solely on books and peer-reviewed articles; she personally interviewed textile historians, scientists, businesspeople, and artisans who offered their own insight regarding the importance of textiles in the world. To help the reader envision the intricacies of textile manufacturing, the book is riddled with images that range from ancient spindle whorls and Andean textile patterns to nineteenth-century pamphlets raging over improved cotton seeds. It is quite a laborious task to explain the history of textiles, but Postrel’s way of organizing her chapters and style of writing does an excellent job of conveying her argument.

In Chapter One, Postrel illustrates the many uses of fibers and how their multipurpose functionality served its role in world economies. From the domestication of cotton in the Americas to sericulture in ancient China, such fibers left an indelible mark on trade and technology. Chapter Two looks at the use of thread's connection with social and gender roles as Postrel argues that dismissing fabric as feminine domesticity ignores its integral role in the social innovations that products like clothing and sails provided. Chapter Three connects mathematics with weaving through handwoven textiles by Andean artisans and in the notations written down in Marx Ziegler’s manual, The Weaver’s Art and Tie-Up Book (1677). Chapter Four explains how dyes not only contributed to the distinction between social classes, such as the use of Tyrian purple by Roman emperors but also the ingenuity of humans to ascribe meaning and beauty to a variety of colors. Furthermore, the increasing and competitive trading of dyes in the 16th and 17th centuries would eventually contribute to the discovery of synthetic dyes.

Textile traders and consumers also helped to foster cultural exchanges. Postrel then highlights how traders often also served as innovators. The implementation of the Fibonacci sequence in European trading not only helped traders with bookkeeping but also gave a new perspective to the practicality of learning math by helping traders understand profits and calculate prices. Readers explore in Chapter Six how the Mongol Empire expanded across many different lands for their desire for valuable woven textiles. Under the Pax Mongolica, the textile trade flourished as the Mongols protected the Silk Road, resulting in cross-cultural and technological exchange between Europe and Asia. Lastly, in Chapter Seven, Postrel introduces synthetic polymers like nylon and polyester, where the efforts made by scientists like Wallace Carothers, Rex Whinfield, and James Dickson have revolutionized the use of textiles. Companies like Under Armour use polyester to create water-repellent clothing. Despite synthetic polymers currently being used innovatively, many still seek to look into the future of textiles. As Postrel explains, imagine your pockets can charge your phone or your hat could give you directions. The future of textiles is incredibly exciting.

As an avid writer of socio-economics, Postrel expertly showcases her knowledge of the subject. Postrel’s previous books, such as The Future and its Enemies (1998) and The Power of Glamour: Longing and the Art of Visual Persuasion (2013), cover the interconnectedness between culture, technology, and the economy. Postrel has also worked as a columnist for several news sites, is the contributing editor for the magazine Works in Progress, and was a visiting fellow at the Smith Institute for Political Economy and Philosophy at Chapman University. This book is a wonderful intellectual contribution that feels like a documentary series, perfectly threading the reader through cultures and regions like a needle through fabric.

Continue reading...

[fuck-customers]

Last year I worked at a small student led handicraft store run by my university and it was originally supposed to be a temporary pop-up run by the lecturers who led the events management course. It was the best job I’d ever had - which isn’t saying much because every other job I’ve had has been horrendous and traumatising in ways I can’t even describe - so of course I was overjoyed when they told us they were extending our temporary contracts by a year and keeping the shop open indefinitely.

At that point things started going downhill. The uni stopped promoting the shop at all so our customer numbers dropped dramatically, and the uni’s PR department refused to let us utilise the shop’s social media page despite asking one of the employees to manage the social media and making her take on extra hours. They refused to make the necessary changes in order to make it the permanent storefront they envisioned - All our bookkeeping for every single purchase had to be written in a paper ledger and then copied and reformatted into a dozen different stock and accounting spreadsheets on a laptop, for every single individual item in each sale, before we could take payment, because they refused to pay for software that would automate it, so a single transaction could take anywhere between 5-20 minutes depending on what the person was buying. Many customers ended up getting frustrated and just walked off.

We started haemorrhaging stockists as the uni didn’t pay them fairly or on time, despite pestering from both stockists and floor staff. Even now, nearly 6 months after the whole thing shut down, some stockists still haven’t been paid. The uni took such a huge amount of commission from each sale (nearly 3 times the industry standard!) that the stockists making products couldn’t afford to pay themselves fairly without doubling or tripling the prices of their work, which fucked up their sales. Most people didn’t even earn enough to cover production costs for their work.

I was maybe the only person on the entire staff who actually had any significant retail and customer facing experience, having worked in the fast food and retail industries for ~4 years before I started at the shop, and it was abysmal. The events management faculty who were supposed to be running it had no customer facing experience and did nothing to help when problems came up - they treated it like a temporary event rather than a permanent shopfront and we had so little support and oversight it was awful. We had to take on full management responsibility despite it being well above our pay grade because they refused to hire an experienced manager or supervisor - while trying to man the store we would also have to do admin, liaise with clients and stockists, accounting, stock input, paying for essential supplies with our own money because the Uni refused to approve them, organising our own shifts and pay, making social media content, and arranging cover for if someone was ill or had an emergency. Instead of any reasonable support they sent us a horribly overworked postgrad intern who was working between 5-6 different departments and could only actually be in the store maybe one hour a month, had no idea what she was doing, and was so overworked that she eventually had a breakdown and quit.

This issue was compounded because they’d only ever let us put two employees on each shift - they refused to pay enough for staff numbers above that despite being so busy in the first few months that we couldn’t keep up, and told us that for safety reasons both employees had to be there to open the shop- so if somebody was late or didn’t show up the other person wouldn’t be able to work either. If one person was on a double shift and the second person’s replacement for second shift wasn’t on time, the person on the double wouldn’t be able to leave for a lunch break, and the person on the single would have to stay extra time. There were several employees that would spend the entire shift doing fuck all - one guy was at least two hours late every single shift, and bought his XBOX with him every time, and spent the entire time he was working with his feet propped up on the counter playing GTA. The university genuinely didn’t care about the shop or its success enough to even give him a disciplinary.

It was awful, especially because there were a small group of us who were both stockists and floor staff, and were genuinely invested in the shop’s success. But our contracts ran till the end of the academic year, and the pay was really decent compared to a lot of jobs in the area, and it was stable and above minimum wage, so we (the staff) really did try to make it work, but we were set up to fail. Eventually we were barely making a sale a day, and then it dropped to a sale a week.

When they closed the shop, right before the end of the semester when people’s rent would be due, they gave us 10 days’ notice - which went against our contract - and no redundancy pay. Most people had had shifts for the next 8-9 weeks already scheduled, which we never got to work. We never got our holiday pay or the Christmas bonus they’d promised us 9 months prior. It was such short notice that several people couldn’t find new jobs in time, couldn’t scrape enough together to pay their bills and rent on time, and they didn’t even have the decency to tell us we were losing our jobs in person - they sent out a single email to one of the girls who helped organise shifts, and she had to post it in the staff group chat.

And the sad thing? It was still the best, least stressful job I’ve ever had. It was the only job I’ve had that didnt actually make me want to die. I miss it like hell. It was the only job I’ve had that paid me above the legal minimum wage. I’m physically disabled, and it was the only job I’ve ever had that actually followed through on the reasonable adjustments and disability accommodations they’d promised me.

But the way it was run it wasn’t fair or sustainable , and it shouldn’t have ended the way it did.

Posted by admin Rodney

[2baabbies]

skz bingo; #7, she/her pronouns, with chan?? maybe some sort of bookstore meet cute where reader can't reach a certain book that's on a shelf just out of her reach, but chan is a little taller than her so he manages to crowd against her back and grab the book for her?? 👀 I don't mind either sfw or nsfw, whichever feels like it fits the fic best!

my dear, I couldn’t make chan taller for fear of excluding the tall girlies ;w; but I think I still worked it in well. and I hope you like hyunlix, because they’re in the background fulfilling my bookkeeper/florist couple fantasies. I also split the difference between n/sfw with extraflirty!chan, enjoyyy 🫶🏻

🖤 read me like a book (bangchan x reader) 🖤

Pairings: chan x reader, background hyunlix

Words: 1170 (I gave up on the world limit)

Humour + Suggestive (no smut) + Fluff

fem!reader

Request guidelines here!

!!ATTENTION!!

Reposting this fic to other platforms, including as a translation, is expressly prohibited. Do not copy, alter, or claim this fic as your own. Absolutely no permission is given to anyone to post my works, even with credit, and this fic should only appear on Ao3 or Tumblr under my accounts. Reposting is not only plagiarism, but a direct violation of my wishes as the original writer and owner. Please respect writers and don’t steal!

Likes, reblogs, asks and comments are very welcome and appreciated <3

~~~

Felix has been flirting with Hyunjin for over ten minutes, which is only a problem for you because he is sitting on the only ladder in the entire bookstore. The shop owner sits on the middle rungs as the florist leans against the wall and dramatically tells him about his morning. Felix clutches the bundle of white and yellow daffodils Hyunjin brought for him to his chest with a dreamy smile.

Residing on one of the upper shelves, out of your reach, is a new romance novel that you came to purchase. You steal a glance at Hyunjin and Felix, then continue glaring at your target. Now, it was not just the minor inconvenience souring your mood, but the envy of seeing the two men together. You felt incredibly unlucky in comparison to the perfect couple chatting away in the corner. You were tired of reading about romance, and more than ready to find it for yourself.

The tips of your fingers just brush the spine of one of the copies as you try again, and you sigh in defeat. Climbing the shelf would be entirely too hazardous, although you are getting desperate enough at this point to try it. You had been waiting for this book for months. But, as miserable as you were, you refused to interrupt Felix and Hyunjin.

“Hey there,” You look over your shoulder to face the man that speaks to you, “You, uh, look like you could use a little help?”

“I’ve got it.”

The speed in which you turn away is criminal. The stranger is incredibly handsome, and you would be damned if you let the cutest man to ever walk into this bookstore see the smut you were trying to pull off the shelf. He clears his throat gently and you peek over your shoulder at him.

“Hm, are you sure? I’ve got to grab something up there anyway.”

“O-Okay. I-If you wouldn’t mind…”

You are about to move when the man drops a stepstool behind you and springs onto it with ease. He braces one hand over your shoulder and leans in, his chest brushing against your back as he grabs the books. Your breath catches as he hops down again, and you will yourself to breathe as you turn around. You inhale sharply as he does not hand the book over to you, but flips through it instead. He then reads that lovely little page of content warnings- mainly kinks- listed by the author at the beginning of the book.

Your face burns as he hums and casually places it in your hand.

“Here’s your book.”

“It’s not mine,” You blurt quickly.

“Oh? Did you want a different one?”

You clutch it to your chest.

“N-No! I-I’m buying it… for my friend. I don’t read this stuff.”

“Oh, I see,” There is a troublesome little glint in his eye, “That’s a shame. That author is quite popular. Maybe you should give it a try?”

You squirm under his playful gaze. You wish you could just melt into the bookcase to escape this conversation.

“No.”

“No? Why not?”

“It’s not… realistic…”

His eyebrows quirk but he looks satisfied with your answer. Felix interrupts the tense moment as he begins leaving the bookstore with Hyunjin.

“Hey, Chan, I’m taking my break now. You got an eye on the cash?”

“Yeah, mate, you’re good. I’ll see ya in a bit.”

Hyunjin gives you an excited wave, which you return shyly, as Felix adds:

“Oh, y/n, I put a book aside for you. It’s behind the counter. Chan, her name is on it.”

“Alright.”

“Thank you,” You murmur.

The doorbell chimes as the door falls shut behind them, and you are left alone with Chan. He kicks up the stepstool and catches it one hand.

“Well, y/n,” He coos in his lovely accent, “I’ll be at the cash if you need anything. Give me a shout if you have any questions, yeah?”

“Y-Yeah, sure.”

He winks and walks behind the counter, settling in and opening the book he pulled from the shelf. You stall for a bit, then steel your nerves and approach the checkout. Chan sets his book aside and smiles as you set yours on the counter. He finds the book Felix set aside for you, and it is the exact same book you pulled from the shelf.

The road to Hell is truly paved with good intentions.

Chan pauses then coyly asks, “I guess you don’t want two of these, hm?”

You puff your cheeks.

“No.”

He chuckles and begins ringing up your purchase.

“Okay, I won’t tease you anymore. You don’t have to be embarrassed, you know?”

“I’m not embarrassed.”

He side-eyes you playfully.

“Alright. Are you paying with cash or card?”

“Cash.”

You quickly pull the bill from your pocket and hand it to Chan. You are both quiet as he makes your change then hands it back to you. You count it then furrow your brow gently.

“Something wrong?”

“Um, it seems… You gave me extra.”

He checks the receipt then looks at your hand as you hold it out to him.

“No, it’s right.”

“You gave me a discount?”

You drop the change in your pocket and accept the book and receipt as he hands them to you.

“Of course. Pretty girls shouldn’t have to pay full price.”

You fluster.

“I thought you said you weren’t going to tease me anymore?”

He rests his chin in his hand and leans his elbows on the counter with a smirk.

“That wasn’t teasing. That was flirting.”

You clutch the book to your chest and duck your blushing face.

“Well…”

He giggles and the charming sound startles you to look up again.

“Sorry. I’ll stop.”

“I-It’s okay.”

“Hm?”

“Uh, you don’t have to stop.”

Chan smiles warmly.

“Only if you like it.”

“I, um, I do.”

“Okay then. Well, I hope your friend likes the book.”

“It’s almost worse when you pretend you don’t know…”

“Well, for the record, I believed you a little bit.”

“Sure.”

“I did,” He purrs, “And I would agree with you. I tried to read those books but they weren’t really my thing.”

“You did?”

“Mhm, like you said: it wasn’t realistic. If you’d like an example of something more realistic though, I’d be happy to show you.”

You roll your eyes as a grin breaks out on his face. Although he delivered the line with confidence, his whole face is flushed like yours.

“I’ll keep that in mind…”

Chan winks as you walk away.

“Have a good day!”

You rush out of the bookstore and pause outside as you notice something sticking out of the book you just purchased. You flip it open to see a scrap of paper with a phone number written on it. You look through the window of the bookstore to see Chan, giving you a fluttery wave as you piece it all together. You huff and cover your face as you stomp away, but you cannot suppress your charmed smile.

[fishrpg]

2024-10-12: Area 12 (Wasco Merchants & Farmers Bank)

Those in need of money in Bowman turn to Wasco Merchants & Farmers Bank. It’s a single-story building with a blue façade and a pitched roof to keep the snow from piling up too much. The front door and windows are barred for security, and the bank tellers operate through a small window cut into a wooden barrier to keep unscrupulous individuals from jumping over the teller counter. A locked door in the lobby leads to the main area of the bank where customers seeking a loan meet with the proprietors of the bank. The bank is not owned and operated by a corporation, instead being wholly-owned by two brothers from St. Louis who relocated to the area six years ago.

Eustace Stockton is the older of the two, approaching the age of 50 and never without a spotless suit. He is the generally seen as the face of the bank, as most people seeking loans interact with him. Hiram Stockton is just two years behind, considerably slimmer and quieter than his brother. Hiram is the one who is over the bookkeeping and helps set the interest rate. Only rarely does Eustace actually disagree with Hiram’s decisions, but the pair often argue about rates in front of the customer. This is almost entirely for show, a performance designed to trick customers into thinking the rates are flexible and that Eustace is looking out for the customer.

Like most banks of the era, loan rates varied considerably and the most favorable rates were given to the already wealthy (or at least those who were presumed to be wealthy and of good character). Rates for the poor (in money, character, or both) could see interests rates as high as 60%, take it or leave it. Most of the time, the brothers work in the same room behind the teller counter alongside two other employees: Edna Downing and Maud Henderson. Both women are capable in their role as tellers, though they were hired because they were relatively young women who could be paid much less. Edna close familiarity with the accounting ledgers has uncovered a series of fraudulent charges and administrative fees that are actually hush money payments to Eustace’s mistress, but Edna has not acted on this information yet. Maud, on the other hand, is only sticking around long enough to scrape together the money needed to move south and start a new life somewhere warmer.

The bank also has a small office where loans involving sensitive or secret details for wealthy customers can be processed discreetly. Behind that office is the vault, which is a walk-in safe secured by a sturdy combination lock. The vault contains about $22,000, though it is spread among several different stores of value: paper bank notes, gold and silver coins, gold bullion and non-negotiable securities. A small ladder runs between the vault and the far wall, which leads to a cramped attic where several boxes of files and personal effects belonging to the Stockton brothers are stored. Though the ground floor of the bank is well-secured, the roof is considerably less robust and makes for an enticing entry point for would-be thieves.

[yusuphbabs]

HOW TO MAKE MONEY IN WORK FROM HOME

There are numerous ways of bringing in cash while telecommuting. A few well known choices include:

Web based Outsourcing: Offer your administrations as a consultant in regions like composition, altering, visual depiction, web improvement, or virtual help. Sites like Up work, Fiverr, and Consultant are extraordinary spots to track down independent work.

Selling items on the web: You can sell items online through stages like Amazon, Etsy, and Ebay. You can likewise begin your own web based business site to sell items.

Web based mentoring or educating: In the event that you have an instructing or coaching foundation, you can offer your administrations online through stages like VIP Kid or I Tutor.

Web based counseling or training: On the off chance that you have mastery in a particular field or industry, you can offer your administrations as a specialist or mentor.

Partner showcasing: You can bring in cash by advancing others’ items and procuring a commission on deals.

Stock exchanging or ventures: You can likewise bring in cash through web based exchanging or speculations.

Online studies or center gatherings: You can likewise bring in cash by partaking in web-based reviews or center gatherings.

Making and adapting content: You can make content on stages like YouTube, TikTok, Instagram, and adapt it through advertisements, sponsorships, or associate showcasing.

Virtual accounting or bookkeeping: Assuming you have insight in accounting or bookkeeping, you can offer your administrations from a distance to organizations and people.

Outsourcing: You can begin an online business by collaborating with makers and providers to sell their items online without holding stock.

Podcasting: You can begin a digital broadcast on a point you are enthusiastic about and adapt it through sponsorships, promotions, or member showcasing.

Virtual entertainment the executives: Assuming you have insight in web-based entertainment, you can offer your administrations to organizations and people hoping to develop their internet based presence.

Online commercial centers: You can sell your items or administrations on web-based commercial centers like Amazon and Etsy.

Visual depiction: You can offer your administrations in visual communication, logos, and other visual components for organizations and people.

Composing or content creation: You can compose for online journals, magazines, or different distributions, or make content for sites, virtual entertainment or different stages.

It’s memorable critical that to find success telecommuting, you should be focused, inspired and have a decent balance between fun and serious activities. It’s likewise essential to recollect that not this multitude of choices will be reasonable for everybody and it’s vital to find what works for yourself as well as your range of abilities.

[scarlettblogs]

Outsource Bookkeeping Services to India: A Smart Business Move

In today’s competitive business environment, companies are constantly looking for ways to streamline operations and reduce costs. One effective strategy is to outsource bookkeeping services to India. This approach not only provides access to skilled professionals but also offers significant cost savings. Let's explore why outsourcing bookkeeping services to India can be a game-changer for your business.

Why Outsource Bookkeeping Services?

1. Cost-Effectiveness

Delegating your bookkeeping tasks to an external provider can result in significant financial savings. By choosing to outsource bookkeeping services to India, businesses can reduce overhead expenses associated with hiring in-house staff, such as salaries, benefits, and training costs. Indian firms offer competitive pricing due to lower labor costs, providing high-quality services at a fraction of the cost.

2. Access to Expertise

India is known for its vast pool of highly skilled and qualified professionals. When you outsource bookkeeping services, you gain access to experts who are proficient in international accounting standards and practices. These professionals are equipped with the latest tools and technologies to ensure accurate and efficient bookkeeping.

3. Focus on Core Business Activities

By outsourcing bookkeeping services, companies can focus more on their core business activities. This allows management and staff to dedicate their time and resources to areas that directly impact growth and profitability, such as sales, marketing, and product development.

Benefits of Outsourcing Bookkeeping Services in India

1. High-Quality Services

Indian bookkeeping firms are known for their commitment to quality. They employ stringent quality control measures and adhere to international accounting standards. This ensures that the financial records are accurate, reliable, and compliant with regulatory requirements.

2. Scalability

Outsourcing bookkeeping services in India offers flexibility and scalability. Whether you are a small business or a large corporation, Indian service providers can scale their services to meet your specific needs. This flexibility is particularly beneficial during periods of growth or seasonal fluctuations in business activity.

3. Time Zone Advantage

The time zone difference between India and Western countries can be leveraged to your advantage. By outsourcing bookkeeping services to India, you can benefit from round-the-clock operations. Work can be completed overnight, providing you with updated financial information by the start of your business day.

How to Choose the Right Bookkeeping Service Provider

1. Experience and Expertise

When outsourcing bookkeeping services, it’s crucial to choose a provider with extensive experience and expertise in the field. Seek out companies that have a history of success and favorable reviews from their clients. Ensure they have experience in your specific industry and are familiar with relevant regulations.

2. Technology and Security

Ensure the service provider uses the latest accounting software and technologies. Data security is paramount, so choose a provider that implements robust security measures to protect your financial information from unauthorized access and cyber threats.

3. Transparent Pricing

Opt for a service provider with a transparent pricing model. Avoid firms with hidden fees and unclear contracts. A clear understanding of the costs involved will help you make an informed decision and avoid any unexpected expenses.

4. Communication and Support

Effective communication is essential when outsourcing bookkeeping services. Choose a provider that offers reliable customer support and maintains clear and consistent communication channels. This guarantees that any problems or questions will be handled quickly and efficiently.

Conclusion

Outsourcing bookkeeping services to India is a strategic decision that can offer numerous benefits, including cost savings, access to expertise, and improved focus on core business activities. By carefully selecting the right service provider, businesses can enjoy high-quality, scalable, and secure bookkeeping services. Embrace this opportunity to enhance your business efficiency and drive growth.

In summary, outsourcing bookkeeping services to India is not just a cost-saving measure; it is a smart business strategy that can lead to improved operational efficiency and long-term success.

[gwgaccountant]

I've been meaning to write some posts explaining basic accounting principles for curious laypeople. I've finally started!

The Fundamental Law of Debit and Credit

Equity

The fundamental laws of any field of study often seem unrelated to the final result. To discover why mixing baking soda and vinegar makes bubbles, you must learn atomic theory. To understand why a map never needs five colors, you must study triangles. To read a 10-K, you must know what the word "equity" means.

If you've heard the word "equity" (in a context where it doesn't mean "being equal"), you have probably heard of home equity loan—a way of obtaining cash based on the value of your house, assuming you could somehow afford one.

Home equity is quite simple; it's the difference between the current value of your house and the amount you owe to the bank. In a sense, it's the amount of house you own.

Assets, Liabilities, and Equity

Imagine that you are not only rich enough to own a house, but rich enough to own two houses. You took out a separate bank loan for the new house, but that's fine—you're ready to become a landlord, and rent payments are going to exceed loan payments.

This second house is essentially a small business. The house is a resource for which you expect to receive a future benefit, or in business terms, an asset. The loan is an obligation to fork over assets (specifically cash) in the future, or a liability. And the difference between them, as with your actual home, is your equity.

Houses don't literally just sit there and print money. You might take out a smaller loan to add a swimming pool to the lot, for instance. Or you might build a tree house, or realize you forgot to pay your handyman's fees. This complicates the situation slightly, but not by that much.

Total Equity = Total Assets - Total Liabilities

A real estate corporation managing hundreds of houses and loans, plus a bank account and salaries it hasn't paid yet and so on, its ownership split among dozens of shareholders, follows this same equation. But stating it like this isn't helpful for most accounting purposes; more commonly, you'll see it stated like this:

Total Assets = Total Liabilities + Total Equity

This highlights another perspective on what liabilities and equity represent. Liabilities are, in a sense, the portion of the company owned by (or at least owed to) its creditors, while equity is the portion of the company owned by its owners.

If you only own one or two houses, the exact numbers don't matter much. As long as you make enough money to pay all the bills, you're doing fine. But a big company has obligations to dozens of people—its owners, its creditors, possibly the SEC and similar agencies. A company needs to keep careful track of its assets and liabilities.

Double-Entry Bookkeeping

The origin of the most fundamental accounting technique has been lost to the sands of time. Some say it was invented in Israel under the early Roman Empire, or in Korea during the 11th century, or in Italy during the 13th century, or in India during a century not listed on Wikipedia.

It wouldn't surprise me if it was invented more than once, because the basic concept is dead simple. Your page has two columns. Write assets on the left, write liabilities on the right. Equity goes on the right, too, or something equivalent.

Modern accounting has a lot more rules. But they're all about what you write in each column; this structure has remained constant for almost as long as we have detailed accounting records that haven't crumbled to dust.

The Balance of Debit and Credit

Debits and credits are just the name we give to entries in those books. Increases to assets are called "debits"; increases to liabilities and equity are called "credits". But decreases to assets are credits, and decreases to liabilities or equity are debits.

Speaking very loosely: Debits are things the company wants, while credits are what it pays to get those things.

Remember that equation I showed you earlier? Assets equal liabilities plus equity? If an asset increases, one of three other things happened: Another asset shrank, or a liability or equity grew. If you acquire a new liability, you got rid of another, lost equity, or gained an asset. And so on.

This is the immutable axiom of accounting. 1 × a = a, ΔU = Q - W, debit equals credit. Or to put it another way:

Every transaction must have an equal balance of debit and credit.

What's up with the cards?

Might as well explain this real quick.

From a bank's perspective, your savings account is literally a liability. When you deposit your paycheck, the bank recognizes both cash and an obligation to return that cash. When you withdraw money, the bank reduces its cash, and also your account. Reducing your bank account is a debit, and that's true whether you're withdrawing physical cash or using a plastic card to pay for groceries electronically. It's a card that debits your account.

As for credit cards...well, that's just a case of one word having multiple meanings. "Credit" has its accounting definition, and also the definition of "letting someone borrow money". They're not unrelated—a business borrowing money credits some liability to represent that debt—but credit cards aren't related to accounting credits.

[accomparison]

QuickBooks vs Sage: A Comprehensive Comparison for Small Businesses

Introduction

As a small business owner, choosing the right accounting software can be a daunting task. With so many options out there, it's hard to know which one is the best fit for your needs. Two of the most popular options on the market are QuickBooks and Sage. But how do they compare?

In this QuickBooks vs Sage comprehensive comparison, we'll take a look at both QuickBooks and Sage's features, pricing, pros and cons to help you make an informed decision about which software is right for your small business. So let's dive in!

QuickBooks Overview

QuickBooks is one of the most popular accounting software solutions for small businesses. It was developed and marketed by Intuit, a company that specializes in financial and tax preparation software. QuickBooks is known for its user-friendly interface and extensive features that cater to various business needs.

One of the key benefits of using QuickBooks is its ease of use. The software can be easily installed on your computer or accessed through the cloud-based version, making it accessible anytime, anywhere. Additionally, QuickBooks has a simple dashboard that allows users to track their expenses, income, and profits with just a few clicks.

Another great feature of QuickBooks is its ability to integrate with other applications such as PayPal and Square. This integration makes it easier for businesses to manage their finances without having to switch between multiple platforms.

Moreover, QuickBooks offers several versions tailored to suit different types of businesses including self-employed individuals, small business owners and accountants who work with multiple clients at once. These versions come with varying features such as invoicing capabilities, inventory management tools among others.

If you are looking for an accounting solution that offers easy accessibility combined with extensive functionality then QuickBooks could be the perfect fit for you.

Sage Overview

Sage is another popular accounting software that caters to small and medium-sized businesses. It offers a variety of features that help in managing finances, invoicing customers, and tracking expenses.

One of the key advantages of Sage is its flexibility. It provides users with various customization options to tailor the software's interface according to their needs and preferences. Additionally, it has an intuitive dashboard that displays all important financial information at a glance.

Apart from standard accounting functionalities like bookkeeping and bank reconciliation, Sage also offers advanced inventory management features such as order fulfillment tracking and automated reordering.

Another notable aspect of Sage is its integration capability with other business tools like Microsoft Office 365, Salesforce CRM, and Shopify eCommerce platform. This allows for seamless data exchange between different software applications used by businesses.

Sage is a robust accounting solution suitable for businesses looking for advanced features beyond basic bookkeeping. Its customizable interface and integration capabilities make it stand out among competitors in the market.

QuickBooks vs Sage Feature Comparison

When it comes to comparing QuickBooks vs Sage, one of the most important things to look at is their features. Both software solutions offer a range of tools and functions that can help small businesses manage their finances effectively.

QuickBooks has always been known for its strong focus on accounting features. It offers a comprehensive suite of tools designed to handle everything from invoicing and billing to expense tracking and payroll management. In addition, QuickBooks also provides robust reporting capabilities that enable business owners to get insight into the financial health of their company in real-time.

On the other hand, Sage boasts an impressive array of specialized features that cater specifically to certain industries such as construction, manufacturing, or distribution. These industry-specific functionalities allow businesses operating in these sectors to streamline operations by automating tasks like inventory tracking or job costing.

While both platforms have plenty of useful features for small businesses, it's important to consider which ones are more relevant based on your specific needs. Take some time to evaluate your business requirements before making a decision between QuickBooks vs Sage.

QuickBooks vs Sage Pricing Comparison

When it comes to pricing, both QuickBooks and Sage offer a range of plans that cater to different business needs and budgets. However, there are some notable differences between the two.

QuickBooks offers four main pricing plans: Simple Start, Essentials, Plus, and Advanced. Prices start at $25 per month for Simple Start and go up to $180 per month for Advanced. Each plan includes features like invoicing, expense tracking, and basic reporting tools.

On the other hand, Sage has three main pricing tiers: Accounting Start ($10/month), Accounting ($25/month), and Accounting Premium ($71.67/month). While these prices may seem lower than QuickBooks' offerings on the surface level, it's important to note that each tier is limited in terms of features compared to what QuickBooks offers.

Additionally, both QuickBooks and Sage offer add-ons such as payroll processing or inventory management for an additional cost. It's important for businesses to carefully consider their needs when deciding which plan is right for them.

Ultimately, while there are differences in price between the two platforms depending on your business size and needs; finding out which one works best will depend entirely upon your specific budgeting goals as well as overall objectives

Pros and Cons

When comparing QuickBooks and Sage, it's important to consider the pros and cons of each software. First, let's take a look at some of the advantages of using QuickBooks.

One of the major benefits of QuickBooks is its user-friendly interface. Even if you are not an accounting expert, you can easily navigate through this software. It has a simple dashboard that provides a clear overview of your financial records. Also, it offers robust features such as invoicing, expense tracking and payroll management.

On the other hand, Sage also has its own set of pros. One advantage is its customization capability which allows users to tailor-fit their accounting processes based on their business needs. Additionally, Sage enables multi-user access which supports collaboration among team members in real-time.

However, there are also some cons to consider for both software options. For example, QuickBooks may be too basic for larger businesses with more complex accounting requirements while Sage may have a steeper learning curve compared to other accounting platforms.

Ultimately, deciding between QuickBooks or Sage will depend on your business size and specific needs when it comes to bookkeeping and accounting processes.

Conclusion

After weighing the advantages and disadvantages of QuickBooks vs Sage, it is evident that both software programs have their unique features and benefits. Ultimately, the choice between them depends on a business's specific needs.

QuickBooks is an excellent choice for small businesses looking for easy-to-use bookkeeping software with robust accounting features, mobile accessibility, and affordable pricing options. On the other hand, Sage offers more extensive customization options and advanced reporting capabilities.

Before making any decision about which bookkeeping software to use in your business, you should conduct thorough research into each program's features. However, regardless of which option you choose; investing in either QuickBooks or Sage will give your small business a competitive edge when it comes to managing finances effectively.

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What Should Small Businesses Know About 1099s?

In Sonnenburg Consulting's latest blog, "What Should Small Businesses Know About 1099s?" discover essential insights and expert advice on handling 1099 forms. From understanding the intricacies of contractor classification to ensuring compliance with tax regulations, this comprehensive guide empowers small businesses to navigate the complexities of 1099 reporting with confidence. For more information contact us at 801-984-3805.

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Bookkeeping vs. Accounting: What is the Difference?

Bookkeeping and accounting are two essential functions that come into play when it comes to the management of financial records and the guaranteeing of a business's ability to operate without hiccups. There are substantial distinctions between the two, despite the fact that they are frequently used interchangeably with one another. In this blog post, we will discuss the fundamental distinctions between bookkeeping and accounting, as well as the contributions that each makes to the overall success of organisations operating in a variety of fields. VNC Global, a prominent bookkeeping services provider in Australia with more than a decade of expertise, is familiar with the complexities of these functions and is here to throw light on the distinctions.

The Essence of Bookkeeping:

The practice of maintaining accurate books and records is essential to any viable accounting system. It entails recording and organising in a methodical manner all of the financial transactions that have taken place. Bookkeepers are accountable for keeping records of a company's income and spending, accounts payable and receivable, along with other types of financial transactions, in a manner that is accurate and up to date. Their primary concern is making certain that all of the financial information is correctly recorded, categorised, and archived so that it can be accessed and analysed at a later time.

Key responsibilities of bookkeepers include:

Recording daily financial transactions

Maintaining general ledgers

Handling payroll processing

Managing bank reconciliations

Issuing and recording invoices

Monitoring accounts payable and receivable

Generating financial reports for management review

The Scope of Accounting:

On the other hand, accounting comprises a wider variety of operations related to financial management. It entails analysing, interpreting, and summarising the financial data that bookkeepers have recorded in the books. Accountants make use of this information in order to offer business owners and those in charge of decision-making important insights and strategic recommendations. Their knowledge is vital for ensuring that one may make well-informed judgements regarding one's finances and remain in accordance with applicable tax legislation.

Key responsibilities of accountants include:

Preparing financial statements like income statements, cash flow statements, balance sheets, etc.

Identify patterns and trends by analyzing the financial data

Providing financial advice and strategic planning

Conducting financial audits and ensuring compliance

Assisting in budgeting and forecasting

Tax planning and preparation

Skills and Qualifications:

Bookkeeping and accounting are two separate but related disciplines that demand distinct skill sets and qualifications. Bookkeepers often have extensive knowledge and experience in the areas of data input, and record keeping, and are conversant with accounting software. Although bookkeepers are not often required to have a formal degree, many do have certifications in their field, such as Xero or QuickBooks, to demonstrate their level of expertise.

On the other hand, it is common for employers to need accountants to have a higher degree of education in addition to certain professional certifications. The majority of accountants have degrees in accounting, finance, or other subjects linked to accounting, in addition to certificates like CPA (Certified Public Accountant) or CMA (Certified Management Accountant). Because of their in-depth understanding of fundamental financial concepts and their extensive experience in this area, they are able to deliver useful financial insights and make strategic recommendations for the company.

Timeframe and Frequency:

In most cases, the responsibilities associated with bookkeeping are completed once per day or once per week. It is essential to keep financial records up to date in order to maintain accuracy and ensure that accounting processes proceed without a hitch. In contrast, accounting duties are more periodic in nature and are typically carried out on a monthly, quarterly, or annual basis, depending on the demands of the company and the regulations imposed by the regulatory authorities.

Focus on Compliance and Strategy:

The primary goals of bookkeeping are to keep accurate records and to adhere to the rules and regulations that govern the industry. It lays the framework for proper financial reporting by ensuring that the financial transactions of the company are correctly recorded and organised. On the other side, accounting places a strong emphasis on decision-making, in addition to strategic planning and financial analysis. Bookkeepers generate financial data, which accountants then analyse in order to assist firms in understanding their current financial health, locating areas in which they may improve, and making long-term growth plans.

Final Thoughts:

Even though bookkeeping and accounting are very closely tied to one another, they are used for very different things when it comes to the management of a company's finances. VNC Global, which is regarded among the best bookkeepers services provider in Australia, is aware of the significance of both roles in ensuring the continued prosperity and financial well-being of a wide range of business sectors. Bookkeepers play a crucial role in the recording and organisation of financial data, while accountants offer useful insights and strategic counsel based on the information provided by bookkeepers. Bookkeepers play a fundamental role in documenting and organising financial data.

It is essential for companies that want to optimise their financial operations and make educated decisions to have a solid understanding of the differences between bookkeeping and accounting. VNC Global is your reliable partner, providing outsourced bookkeeping services in Australia. Whether you require accurate record-keeping or extensive financial analysis, VNC Global can provide both. Get in touch with us as soon as possible to take the financial management of your company to new heights.

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Outsourcing Accounting Services is Best for Your Business

If you’re a business owner living in Dubai, there are various choices to handle your accounting and financial requirements. Outsourcing Accounting Services are among the most well-known. Each strategy comes with distinct advantages and disadvantages. Therefore, it is essential to evaluate your options before settling on one.

Introduction

A solid accounting and finance base is crucial to running an effective business. Accounting is essential to running a business successfully in Dubai, including accounting and bookkeeping, as well as tax compliance and planning. Two main methods to tackle these issues are outsourcing and internal auditing. In this article, we’ll discuss the differences between these two methods so that it is easier for you to choose the best option for your business.

Outsourcing Accounting Services in UAE

The option of hiring a person or company from a different company to complete your financial tasks is referred to as Outsourcing Accounting Services. As more businesses realize the benefits of hiring experienced accountants, this option is increasing in popularity in Dubai. Here are a few of the significant advantages of outsourcing accounting services

Savings: Recruiting external help can be less costly than acquiring internal employees, particularly for smaller businesses that have more money to pay a full-time accountant.

Access to knowledge: Outsourcing gives you access to a team of expert experts with years of experience who can handle any financial obligations.

Scalability Since outsourcing can be adaptable, you can alter the amount of assistance you receive as your business grows and evolves.

Flexibility: By outsourcing, you can focus on the main areas of your business while a different person handles the financial complexities.

Outsourcing However, it could have certain disadvantages to take into account, including:

Control loss If you contract out accounting services, you grant an individual control over your financial information. People who like to keep track of their financial information may be able to see an issue to be concerned about.

Communication issues: Working with a provider in an area with a different time zone may help communicate during outsourcing accounting services.

Localized Accounting Services in UAE

Hiring a part-time or full-time employee to handle your financial needs is known as accounting in-house. It has been used for some time & is highly sought-after by businesses regardless of size. There are a few advantages of accounting in-house:

Control The control over the financial data you store in the internal accounting department. That is a great thing for business owners worried about privacy and security.

It’s easier to communicate and collaborate with your accountant when he is in an office in the same building. That will help in ensuring the accuracy and up-to-dateness of your financial records.

Personalization When you’ve specific financial requirements, the in-house accountant could be tailored to your needs. That can be the most significant benefit.

Stability over the long term: Working with a permanent employee who understands the financial requirements and processes could help you get an accountant on staff to ensure stability for your business.

However, there could be some disadvantages to internal accounting, for instance:

Cost: Employing a full-time accountant within the company can be costly, especially for small companies that require financial resources to pay for it.

Unskilled: A company’s in-house accountant may have unrelated expertise to a reputable outsourcing firm, which could lead to mistakes or omissions in financial management.

Time and resources: Accounting in-house requires an extensive time and resources commitment, such as the hiring of new staff, the training process, and the onboarding of new employees.

Limited scaling: As your company grows, changing the level of assistance you receive could be easier if you use internal accounting. When your business grows and expands, it can lead to issues with efficiency or the need for more resources.

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Outsource Office Administration Services

Managing finances is a crucial part of running a business, but let’s be honest—it can be overwhelming. Between bookkeeping, payroll, tax compliance, and financial reporting, it’s easy to feel buried in numbers. That’s where outsourced accounting services come in. By leveraging professional expertise, I can streamline operations, reduce costs, and focus on what truly matters: growing my business.

In this guide, I’ll break down everything I need to know about accounting and outsourcing, from the benefits to choosing the right provider.

Why Should I Consider Outsourcing My Accounting?

The traditional approach to accounting—hiring in-house staff—can be costly and time-consuming. By choosing the best outsourced accounting service, I gain access to expert financial management without the hassle of recruitment, training, or high overhead costs.

Benefits of Finance and Accounting Outsourcing

Cost Savings – Hiring full-time accountants can be expensive. By opting to outsource bookkeeping, I only pay for the services I need, reducing overhead costs.

Expertise and Accuracy – With professional outsourced bookkeeping services, I ensure my financial records are accurate and compliant with industry regulations.

Time Efficiency – Outsourcing allows me to focus on core business activities while experts handle my financial operations.

Scalability – Whether my business is expanding or facing seasonal fluctuations, I can scale my financial services accordingly.

Access to Advanced Technology – Many outsourced accounting services use the latest financial software, providing me with real-time insights and automation.

Key Services in Accounting Outsourcing

When I work with a top-notch provider like Xcellency Accounting outsourcing company, I get access to a range of services tailored to my business needs. Here are some key areas they cover:

1. Bookkeeping Services

Keeping track of financial transactions is essential for any business. With outsourced bookkeeping services, I ensure that all records are up-to-date and error-free.

2. Payroll Processing

Managing payroll can be complex, especially with tax regulations constantly changing. Outsourcing ensures employees get paid on time while staying compliant.

3. Tax Preparation and Compliance

Filing taxes incorrectly can lead to hefty penalties. By outsourcing, I gain expert guidance to navigate tax laws and maximize deductions.

4. Financial Reporting and Analysis

Accurate financial reports help me make informed decisions. Outsourcing gives me access to detailed reports, ensuring I stay on top of my business finances.

5. Accounts Payable and Receivable Management

By outsourcing, I can streamline invoice processing and ensure timely payments, improving cash flow and business efficiency.

How to Choose the Right Accounting Outsourcing Partner

Not all outsourcing providers are the same. To get the most out of outsourced accounting services, I need to choose the right partner. Here’s what I look for:

Experience and Expertise – A reputable firm like Xcellency Accounting outsourcing company has a team of professionals with industry-specific knowledge.

Security and Compliance – Protecting financial data is crucial. I ensure my provider follows the latest security protocols.

Customizable Solutions – My business needs are unique, so I look for a partner that offers flexible services tailored to my requirements.

Technology and Integration – The best providers use modern accounting software that seamlessly integrates with my existing systems.

Transparent Pricing – Hidden fees can be a deal-breaker. I opt for a service with clear, upfront pricing structures.

Final Thoughts

Outsourcing my accounting isn’t just about cutting costs—it’s about gaining financial clarity and efficiency. Whether I need outsourced bookkeeping services or full-scale outsourced accounting services, choosing the right provider makes all the difference.

With expert support from a trusted partner like Xcellency Accounting outsourcing company, I can focus on what I do best while ensuring my finances are in safe hands. If I’m ready to take my business to the next level, it’s time to consider accounting and outsourcing solutions that truly work for me.

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Common Mistakes eCommerce Business Owners Make With Accounting

Running an eCommerce business involves managing a variety of tasks, and one of the most important but often overlooked is accounting. Incorrect accounting practices can lead to financial difficulties, penalties, and missed opportunities for growth. Here are some common mistakes that eCommerce business owners make when it comes to accounting:

1. Failing to Track All Income and Expenses

One of the most basic yet frequent mistakes eCommerce owners make is not tracking all sources of income and expenses. Many entrepreneurs focus only on sales revenue, ignoring other financial factors like shipping costs, software subscriptions, and transaction fees. Without tracking every dollar, it becomes difficult to accurately calculate profits or spot potential issues like overspending.

Solution: Implement an accounting system or software that automatically tracks income and expenses across all platforms. This ensures comprehensive financial records for better decision-making.

2. Not Separating Personal and Business Finances

Blurring the line between personal and business finances is a huge mistake for eCommerce entrepreneurs. Mixing accounts can complicate tax filings and obscure a true picture of the business’s financial health. Additionally, it can lead to trouble if you’re audited.

Solution: Open a separate business bank account and credit card for all business transactions. This makes it easier to monitor cash flow and ensures you can differentiate between personal and business-related expenses.

3. Underestimating Sales Tax Obligations

Sales tax can be especially tricky for eCommerce businesses, particularly those selling across different states or countries. Many business owners neglect to properly account for sales tax rates, thresholds, and remittance rules, potentially facing penalties for non-compliance.

Solution: Familiarize yourself with the sales tax regulations in the regions you sell to. Use accounting software or hire a tax professional to ensure you collect and remit the correct amount of tax.

4. Not Reconciling Bank Statements Regularly

Bank reconciliations are a critical aspect of maintaining accurate financial records. Failing to reconcile bank statements regularly can lead to discrepancies between your books and your actual bank balance. This mistake can cause problems with cash flow management and delay spotting fraud or errors.

Solution: Set a schedule to reconcile your bank accounts and financial statements at least once a month. Many accounting platforms can automate this process to save time and reduce errors.

5. Neglecting Inventory Management

Inventory management is crucial for eCommerce businesses, and inaccurate records can lead to overordering or stockouts. Inaccurate inventory can also impact the cost of goods sold (COGS), which directly affects profitability.

Solution: Use inventory management software that integrates with your accounting system to track stock levels, sales, and restocking needs. Ensure that all inventory movements are properly recorded in your accounting books.

6. Not Hiring Professional Help

Many eCommerce business owners try to handle their accounting independently, believing they can save money. However, this often results in missed deductions, incorrect filings, and poor financial planning.

Solution: If your business is growing, consider working with an accountant or a specialized eCommerce bookkeeper. A professional can ensure your finances are handled correctly and provide valuable insights for business growth.

7. Ignoring Cash Flow Management

Even a profitable eCommerce accounting business can run into trouble if cash flow isn’t carefully managed. Not having enough cash to cover operational expenses, especially during slow sales periods, is a common problem.

Solution: Regularly monitor your cash flow, forecast future expenses, and maintain a buffer fund for lean periods. This can help you navigate financial fluctuations without stress.

Conclusion

Mistakes in accounting can have serious consequences for eCommerce businesses, from tax penalties to poor financial decisions. By avoiding these common pitfalls and implementing effective accounting practices, you can keep your finances in order and focus on growing your business.