Category Archives: Bookkeeping

How to Read A Pay Stub Information, Earnings & Deductions How to Read Your Pay Stub IRIS FMP

It itemizes the wages earned for the pay period and year-to-date payroll information. The check stub also shows taxes and other deductions taken out of an employee’s earnings. And, the pay stub shows the amount the employee actually receives (i.e., net pay). Did you know that pay stubs, paycheck stubs, and pay slips are all […]

Accounting Outsourcing: Pros and Cons

In today’s uncertain market, your organization might be drowning in a mess of financial transactions, overworked team members and a lack of time management driven by inefficient processes. And if you’re a CFO, Controller or accounting executive, know that in order to run a thriving business, you need to have an efficient finance and accounting […]

Manufacturing vs non-manufacturing costs definitions, meanings, differences

The shortage of skilled workers is particularly acute in specific industries that require specialized skills like manufacturing and engineering. Manufacturing companies often have difficulty finding workers with the right technical skills to fill open positions at all levels of their organizations. Second, those who work in manufacturing tend to be unionized and therefore have higher […]

Understanding Matching Principle in Accounting With Example

This principle has its basis in the cause and effect relationship that exists between revenue and expenses. It needs a business to record all its business expenses in the same period as the revenues related to it. $4,000 of the estimated current tax charge relates to prepaid income which shall be recognized in the subsequent […]

Inventory Accounting: Definition, How It Works, Advantages

Below, we will use the weighted average cost method and identify the difference in the allocation of inventory costs under a periodic and perpetual inventory system. Using the weighted average cost method yields different allocation of inventory costs under a periodic and perpetual inventory system. She will need to use the weighted average costing method […]

Bookkeeping vs Accounting: What’s the Difference?

Our experts review your financial reports and deliver a complete reporting package to you monthly. Single-entry bookkeeping is a straightforward method where one entry is made for each transaction in your books. These transactions are usually maintained in a cash book to track incoming revenue and outgoing expenses. You do not need formal accounting training for the single-entry system. The […]