Bookkeeping

Hotel Accounting Solutions for Hospitality Industry

It also involves managing relationships with distribution channels, such as online travel agencies and direct booking platforms to broaden your reach among potential customers. Oracle NetSuite is a general-purpose ERP solution that offers a suite of features useful to hotels. While it’s not specifically designed for the hospitality sector, its ability to streamline financial management […]

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Restaurant Bookkeeping and Accounting Explained

Whether you’re using software or keeping manual records, you need to make sure that you’re recording all of your restaurant’s transactions. You can upload your invoices to these services and they will code them by item to your various COGS and expense accounts. Additionally, they allow you to approve bookkeeping for restaurant invoices that you

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Gross Profit vs Net Profit Definition, Formula, & Key Differences

Gross profit is used to calculate another metric, the gross profit margin. Simply comparing gross profits from year to year or quarter to quarter can be misleading since gross profits can rise while gross margins fall. Net income, on the other hand, represents the income or profit remaining after all expenses have been subtracted from

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Which Financial Statement Is Prepared First? 4 Statements

The statement of cash flows shows the cash inflows and outflows for a company over a period of time. Financial statements are written records that convey the business activities and the financial performance of a company. Financial statements are often audited by government agencies, accountants, firms, etc. to ensure accuracy and for tax, what is a

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Accrued Expense: What It Is, With Examples and Pros and Cons

The most common tax-deductible expenses include depreciation and amortization, rent, salaries, benefits, and wages, marketing, advertising, and promotion. Because the company actually incurred 12 months’ worth of salary expenses, an adjusting journal entry is recorded at the end of the accounting period for the last month’s expense. The adjusting entry will be dated Dec. 31

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10 3 Calculate the Cost of Goods Sold and Ending Inventory Using the Perpetual Method Principles of Accounting, Volume 1: Financial Accounting

As purchase prices change, particular inventory methods will assign different cost of goods sold and resulting ending inventory to the financial statements. Specific identification achieves the exact matching of revenues and costs while weighted average accomplishes an averaging of price changes, or smoothing. The use of FIFO results in the current cost of inventory appearing

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