What is the Difference Between Bookkeeping and Accounting?
Additionally, bookkeepers prepare basic financial reports like balance sheets and income statements, which are essential for monitoring the company’s financial health. This post was reviewed by our team of accounting and financial experts. TGG’s mission is to make business owners’ lives better through excellent financial management. Cultivating a Data-Driven Culture For instance, a cash flow statement […]
Service Fees vs Tips: What to Know as a Restaurant Operator
They go by a number of different names depending on the industry, including booking fees (hotels), security fees (travel), maintenance fees (banking), and customer service fees. Customers can dispute a service charge if they believe it was not properly disclosed or if they did not receive adequate service. However, discretionary service charges cannot be disputed […]
Cash basis: How to record income and expenses
Before you make any changes, measure out the pros and cons for each method with your particular business in mind. Remember that online accounting software can be helpful in setting up the accounting method of your choice. However, because cash basis accounting doesn’t show incoming payments or commitments coming due, it can provide an incomplete […]
What Is an Electronic Funds Transfer?
Payment rails are the underlying systems and networks that facilitate the movement of funds between parties in financial transactions. A Standard Entry Class or SEC code is a three letter code that describes how a payment was authorized by the consumer or business receiving an ACH transaction. A return is a credit or debit entry […]