Hotel & Hospitality Accounting Services

Through automated reporting and user-friendly dashboards, HIA provides real-time data that enables managers to make informed decisions. This helps hotel management identify the profitability of each department and make informed decisions. The COA can also vary significantly between hotels depending on how your hotel is set up. For example, a small, independent hotel might have […]

Allowance for doubtful accounts & bad debts simplified

Whenever the balance of an account needs to be reduced in a company’s ledger, it is not always applicable to credit the account if it is an asset or debit the account if it is a liability. Hence, the term valuation account represents all types of balance sheet accounts related to their corresponding balance sheet […]

Top 5 best restaurant accounting software in 2024

Caterers will find Food Service Ace a perfect software for them since it includes catering proposals, planning, execution, and final billing. At the very least, it could’ve enumerated the features in its custom pricing model to provide users with a general impression about its custom plan. We gave Restaurant365 a perfect score for restaurant features […]

Understanding Your Bottom Line: Gross Profit vs Net Income

Making informed decisions and conducting thorough performance assessments requires a thorough understanding of the complexities and effects of these indicators. Investigating the relevance of each statistic will offer important insights into accurate profitability measurement. FIFO will report higher gross profit and net income when the assumption is made that the products that make up COGS […]

What Are the Four Major Financial Statements?

After you generate your income statement and statement of retained earnings, it’s time to create your business balance sheet. Your total assets must equal your total liabilities and equity on your balance sheet. The audit process involves reviewing a company’s financial statements, accounting records, and internal controls to verify their accuracy, reliability, and compliance with […]

How To Undo Reconciliation In QuickBooks Online

If only there was a way to start fresh months after a problem entry, with accurate data from bank statements. This way, the reconciled transactions will be removed from the completed reconciliation. It appears that you are experiencing some trouble when it comes to removing a previous check from your bank reconciliation page. Let’s work […]

What Are Business Expenses? Definition with Examples

General and administrative expenses include expenses incurred while running the core line of the business and include executive salaries, R&D, travel and training, and IT expenses. A summary of all expenses is included in the income statement as deductions from the total revenue. Revenue minus expenses equals the total net profit of a company for […]

Inventory cost flow assumption definition

Don’t forget to conduct a physical count of inventory to verify the accuracy of your accounting records. The last-in, first-out method (LIFO) of cost allocation assumes that the last units purchased are the first units sold. Once those units were sold, there remained 30 more units of beginning inventory. It’s often used in businesses with […]