Deferred revenue: Is it a liability & how to account for it?
While you have the money in hand, you still need to provide the services. This requires special bookkeeping measures to make sure you don’t forget about your customer and to keep the tax authorities happy. Be careful with your unearned revenue, though, as tax authorities across the globe have specific requirements for recognizing unearned revenue, […]
Capital Stock: Definition, Key Insights & FAQs
The service provides tax help, including filing your taxes with a professional or on your own with help from a live expert. You can also opt for one of its bookkeeping services, which range from a step-by-step guide to doing your own bookkeeping to working with your own dedicated accountant. Opening an LLC may be […]
How to Become a Consultant: 11 Steps to Doing it Right
An ongoing survey by Indeed shows that the average salary for accounting consultants in the United States is $78,960 per year (as of April 2020). Discover how to grow your accounting practice and become a next generation firm through high value advisory services with Practice Forward. No matter the timing of your transition to accounting consulting, you […]
FOB Shipping Point vs FOB Destination: Whats the Difference?
FOB, or “free on board,” is a widely recognized shipping rule created by the International Chamber of Commerce (ICC). It defines the point when a buyer or seller becomes liable for goods transported by sea. Sure, you want to keep costs low by making your own shipping arrangements, but can you afford the liability if something goes […]