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Healthcare and Hospital Accounting

In the healthcare industry, there are two methods of reporting on the Profit and Loss Statement (PnL Statement) and the balance sheet: the accrual method and the cash method. The … See more

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URL: https://www.financepal.com/blog/healthcare-and-hospital-accounting/

Balance Sheet vs. Income Statement

WEBThe second key difference between the balance sheet and the income statement is timing. The balance sheet is more of a snapshot; it shows what a company …

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What is an Accounting Period

WEBThe accounting period is the time it takes to complete the accounting cycle. When the accounting period opens, accountants begin the cycle with reversing entries …

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47 Accounting Terms, Words, & Vocabulary

WEBA type of accounting system that records the financial transactions of a business. The system uses one entry per transaction to record cash, taxable income, …

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What is a Line-Item Budget

WEBA line-item budget is a format for clearly presenting budgetary information for a specific period. On a line-item budget, proposed expenses are grouped into cost …

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Accounting Cycle: What are the Accounting Cycle Steps

WEBAs previously mentioned, the accounting cycle consists of eight steps, the first of which occurs at the moment a transaction occurs while the eighth and final step …

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Insurance Accounting: Statutory Accounting Principles FinancePal

WEBStatutory accounting principles apply to the insurance industry. Insurance category impacts accounting practices. How liabilities, revenues, expenses, etc. are …

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How to Value a Small Business: The 5 Main Methods

WEBHere is a brief overview of the five most popular small business valuation methods: 1. The Adjusted Net Asset Method. A strong balance sheet can facilitate Asset …

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Freelance Tax: How To File Taxes For Freelance Work

WEBOnce you cross that income threshold through freelance work, self-employment taxes are instated. Note that this is only 15.3%; you still will not be required …

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How to Set up a Payroll for Your Company

WEBUse these links to quickly jump through the article or read our guide start-to-finish for a comprehensive overview of how to set up payroll. Step 1: Obtain an …

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Accounting for Startups: 7 Bookkeeping Tips for Your Startup

WEBIdentify financial risks or weaknesses early on. Better outlook for financial stability. Have detailed records of financial history on hand. Keep track of debts. …

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Cash vs. Accrual Basis Accounting for Small Businesses

WEBRequirements for Accrual vs. Cash Basis Accounting. It’s important to know that if, or when, your business reaches $5 million in annual revenue, you will be required …

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Construction Accounting for Contractors

WEBOverhead: Construction companies have a more difficult time classifying costs as overhead vs. cost of goods sold. This is because expenses that are connected …

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Small Business Cash Flow

WEBThis includes payments received from your customers for goods or services, financing including loans or credit, or payoffs from investments. Cash outflow, or …

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How to Prepare a Profit & Loss Statement for Small Business

WEBWritten by: Jacob Dayan There are five types of financial statements that are integral to the smooth operation of a business of any size. These are: (1) the profit and …

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7 eCommerce Accounting Tips & Procedures FinancePal

WEBAssets: The value of everything your company owns. Liabilities: The amount of money your company owes in debt. Subtract liabilities from assets and you’re left with …

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Catch Up & Clean Up Bookkeeping FinancePal

WEBCatch up bookkeeping is a service that is focused on: Making sure all past transactions have been recorded. Reconciling all of your accounts. Preparing accurate financial …

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Hotel and Hospitality Accounting Services

WEBFor medium and large-sized hospitality businesses (sales of over $5 million per year), all accounting must follow the Generally Accepted Accounting Principles (GAAP) guidelines …

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Accounting for Storage Businesses

WEBFor medium and large-sized storage businesses (sales of over $5 million per year), all accounting must follow the Generally Accepted Accounting Principles (GAAP) …

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