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Online vs Offline Accountancy

Online accountancy has become a popular choice for people who want to work from home. There are no boundaries on where you can work, and the only requirement is that you have an internet connection. Offline accountancy is still the most popular choice for people who want to work in an office with other people. […]

What is Financial Accounting?

Financial Accounting is the process of recording, summarizing, and reporting on the financial activities of an organization. Financial Accounting is a vital process within an organization. It provides information that allows companies to make strategic decisions about their future. It also allows an organization to understand how much money it needs to make and how […]

The Complete Guide to Online Accounting Services, How They Work, and Why You Need Them

There are many online accounting services that offer different features for different needs. Remote Books Online offers the best online accounting, bookkeeping, payroll, and tax services. What is Accounting? Accounting is the backbone of any business. It is the process of recording, categorizing, and summarizing financial transactions. This process helps to provide an accurate record […]

What is White Label Accounting?

White label accounting is a service where a third-party company provides online accounting software to their client and also performs the back-office tasks. In the past, accountants have been able to offer their clients a white label solution by outsourcing their back-office tasks to other companies. Now many different software companies have entered the market […]

Accounting and Bookkeeping Services

The accounting and bookkeeping processes are all about recording, classifying, and summarizing the financial records of a company. These systems are essential to running a successful business. There are two types of accounting: general and specialized. General accounting encompasses the processes of maintaining financial records and handling day-to-day transactions; specialized accounting focuses on one type […]

Tax Changes for 2021 Could Impact Your Business: 5 Ways to Prepare

This past year, living through COVID-19 has been challenging for everyone. However, being a small business owner, you faced even more challenges fighting to keep your business running with all that COVID-19 entailed. For quite a while, figuring out how to service customers during lockdowns and trying to do your best for your employees while […]

General Ledger Accounts

General ledger accounts are used to sort and store a business’s transactions into categories. The general ledger encompasses assets such as cash, accounts receivable, land, investments, and equipment. It includes liabilities such as loans payable, accounts payable, and bonds payable. It also encompasses stockholders’ equity such as common stock and retained earnings. It features operating revenues such as sales […]

Debits and Credits

As previously discussed, debits and credits make up double-entry accounting, the standard method for recording transactions. Debits make up the left side of an account and credits make up the right side of an account. For each transaction, the amounts of debits and credits must be equal. If debits are greater than credits, an account has a debit […]

Asset Accounts

Assets are simply economic resources, tangible or intangible, which can be traded. There are a variety of asset accounts which compile to form a balance sheet. Cash asset accounts include currencies, coins, checking account balances, petty cash funds, and checks not yet deposited. Many companies have separate general ledger accounts for each checking account. On the balance sheet, these […]

Liability Accounts

Liability accounts usually detail a business’s credit balances such as debts in a general ledger. Liability accounts are divided into two groups: current and noncurrent. Current liabilities concern debts due within a year and noncurrent liabilities concern debts due in more than a year. An accounts payable account details credit owed to suppliers for products or services […]

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