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Category: Accounts

Straight Line Depreciation and Reducing Balance Depreciation

Straight Line Depreciation This refers to the approach of charging the cost of an asset evenly over the period that such an asset will be useful and it is the best approach to use when; There is no actual estimate of the pattern of economic benefits that the asset is anticipated to deliver over its useful life. Economic benefits of an asset are expected to be realized evenly over its…

Three Reasons Why ERP Is Essential

Why ERP is Essential Businesses had before operated as an organizational structure where every department operated in isolation. Modern technology has rendered that practice ineffective and have designed a more sophisticated way of bringing together the previously separated departments to reinstate the harmony which is lost in the work place. Due to the increasing effect of globalization, organizations in especially the processing industries requires greater synchronization. In order to see…

Cash Accounting

Cash Accounting Any business needs a clear record of all monetary transactions coming in and leaving the establishment, because this is what indicates whether it is financially stable of not. Cash accounting also known as cash-basis accounting is one of the financial recording approaches mostly used by small business establishments. Under this particular approach any financial transaction is recorded when it is actually incurred and not before. This includes all…

Accounting Software

Accounting Software The fast moving world and tremendous competition in every field means that now every business needs to keep up and match the pace of the rest of the world. Software are taking over from the manual methods in every fields. There are many reasons behind this major change. Using software instead of doing things manually has many advantages including improved accuracy, less errors and better speed. Accounting is…