Our team loves to help businesses, accountants and bookkeepers automate, collaborate and grow. Seeing your company on the NZX Main Board and then in the nightly news was crazy, but it is a double edged sword and we have to deliver to our shareholders. They have been joined by many more and today, we have […]

Successful completion of designated Xero certification courses is a pivotal requirement for individuals aspiring to attain Xero certification, providing comprehensive training and preparation for the subsequent certification exam. Engaging in practice exams tailored for Xero certification facilitates the exploration of diverse certification opportunities and enhances preparedness for the actual assessment process. Xero certification serves as […]

Inventory management is the process of tracking and managing inventory levels. This is important for a franchise business, as excess inventory can tie up cash flow, while insufficient inventory can lead to lost sales. Revenue recognition is the process of recording revenue when it is earned, regardless of when payment is received. In a franchise […]

A business typically generates positive or negative earnings (profits or losses). If a company has generated more profits, it will pay out dividends to its shareholders for investing their money in the company. Any residual profits (retained earnings) are reinvested into the company to foster growth or used to pay off any outstanding debt the […]

Easily create, customize, and send professional invoices while on-the-go. Once you’re approved, you can turn payments on or off for any invoice, or pick default settings for all invoices. Set up recurring invoices for your finance clients and safely store credit card info so you have one less thing to keep track of. See sent, […]

In the realm of financial management, it is crucial to have a comprehensive understanding of various accounting concepts and terminology. One such concept is “footing,” which holds significant importance in the field of accounting. It is important to note that footing should not be confused with casting, which involves totaling the rows of a financial […]

The greater the contribution margin (CM) of each product, the more profitable the company is going to be, with more cash available to meet other expenses — all else being equal. The best contribution margin is 100%, so the closer the contribution margin is to 100%, the better. The higher the number, the better a […]

Let’s say you have a cash account balance of $30,000 at the end of 2021. Because it’s a permanent account, you must carry over your cash account balance of $30,000 to 2022. Read on to learn the difference between temporary vs. permanent accounts, examples of each, and how they impact your small business. We will […]

Direct Material Price Variance is the difference between the actual cost of direct material and the standard cost of quantity purchased or consumed. Direct materials price variance account is a contra account that is debited to record the difference between the standard price and actual price of purchase. Sometimes companies have trouble figuring out the […]

The first entry requires revenue accounts close to the IncomeSummary account. This means thatit is not an asset, liability, stockholders’ equity, revenue, orexpense account. Permanent accounts, such as asset, liability, and equity accounts, remain unaffected by closing entries. Closing entries are a fundamental part of accounting, essential for resetting temporary accounts and ensuring accurate financial […]