The Kreative Group

June 8, 2023

During April, the production department of a processmanufacturing system completed a number of units of ..

Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs. Write a one-page action plan, in memorandum format, discussing how you would obtain an understanding of key business processes of a company that hires you to […]

May 30, 2023

What Does a Bookkeeper Do For a Nonprofit Organization?

It belongs to people who believed in your cause enough to trust you with their hard-earned cash. As your nonprofit grows, you must protect yourself and the organization from fraud. This is especially true as you find board members and hire more staff. Fortunately, nonprofit professionals don’t have to worry about your financial information if […]

Xero or QuickBooks Online: Which Should You Choose?

That said, the fact that you can only get lower pricing without a trial really frustrated us. The essential guide to set up a company in Ireland, including how to register, choose a legal business structure, costs and much more. All three plans have optional add-ons for an extra cost, such as Payroll from an […]

May 25, 2023

Marketing for Accountants: Effective Marketing Strategy for Accounting Firms

Our diverse team has a wide array of industry expertise from renewable energy, real estate, technology, healthcare, non-profits, and others. From the simple to the complex, we can help you improve efficiency and lighten the load. We integrate seamlessly with BerryDunn’s tax group and other business advisor services as needed. Solutions They combine advanced technologies […]

May 17, 2023

Float management definition

It was, in essence, a floating scheme, executed on a grandiose scale for years. Credit card float can be risky for businesses because it encourages a false sense of financial security. Relying on credit card float creates a gap between expenses and payment, which, if not managed carefully, can lead to cash flow mismanagement. This […]

May 5, 2023

Simple Ways to Close Revenue Accounts: 11 Steps with Pictures

At the end of the accounting period, the balance is transferred to the retained earnings account, and the account is closed with a zero balance. For each temporary account there will be a closing journal entry. This is no different from what will happen to a company at the end of an accounting period. A […]

April 18, 2023

Intermediate-Return inwards journal

A Return Inwards or Sales Return is an agreement between a buyer and seller in which the buyer returns goods to the seller for a monetary refund, replacements, exchanges, or credit. These are issued by retailers where they give discounts on certain items due to returned items. Exporting businesses requires a lot of online transactions, […]

March 10, 2023

Shopify Bookkeeping 5 Steps to Complete Your Shopify Books

Even if you have experience with bookkeeping, there are some important nuances to ecommerce accounting you’ll want to follow. Here, you’ll learn about how to keep books for an ecommerce business, tools to help you, and common mistakes to avoid. Use bookkeeping services or software to track trends you’re seeing from month to month, and […]

February 22, 2023

12 Important Bookkeeping Skills You Need for a Successful Career

So, bookkeepers who can add “CPB” or “CB” after their names may be more competitive than other candidates. A bookkeeper needs to plan well to make sure that they update all the records in a timely fashion. Otherwise, you, as the business owner, won’t be able to get an accurate picture of your business’s financial […]

February 1, 2023

Revenue Recognition Principle in Accounting: Criteria and Methods

Content How does revenue recognition help my business? Installment method to recognize revenue Example of the revenue recognition principle Link your accounts Accounting Standards Codification (ASC) 606 These criteria ensure that revenue is recognized when it’s earned, and the company has completed its obligations to the customer. By following these criteria, a company can provide […]