Category: Bookkeeping

Difference Between Explicit and Implicit Cost This becomes crucial when you are scaling up, venturing into a new market, or figuring out how much money you will need. It helps to understand what the difference between implicit and explicit costs explicit costs are if one considers how they appear in real and actual business scenarios.…

Our team takes the time to deeply understand your business, answer your questions, help you link your accounts, and show you how Bench works. Not sure where to start or which accounting service fits your needs? Our team is ready to learn about your business and guide you to the right solution. We have the…

Understanding Minority Interest in Financial Reporting It’s best to use the market value when adding the Noncontrolling Interests, but if you cannot find it, the book value is fine – especially if the NCIs are small. Since Enterprise Value-based metrics like Revenue, EBIT, and EBITDA all include 100% of Sub Co.’s numbers, Enterprise Value must…

Individuals who obtain this elite status must adhere to ethical standards and complete 72 hours of continuing education courses every three years. In order to work as an enrolled agent, candidates must receive the proper certification from the Internal Revenue Service. Generally speaking, interested candidates should have a background in public accounting. Enrolled agents have…

How To Account For Outstanding Checks In A Journal Entry? Again, no journal entry is required since the payments are already recorded in your books. Once identified, outstanding checks require specific handling within the bank reconciliation to determine the accurate cash balance. The total amount of outstanding checks is subtracted from the bank statement’s ending…

Looking ahead, the landscape of tech accounting is poised for further accounting for tech companies evolution. Emerging trends like artificial intelligence, machine learning, and blockchain technology are set to revolutionize financial operations. These innovations promise enhanced accuracy, security, and efficiency, providing tech companies with valuable insights and competitive advantages. Staying current with these trends and…