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Category: Bookkeeping

Accrued Liabilities: Overview, Types, and Examples

Current liabilities are typically more immediate concerns for a company, as they are short-term financial obligations that require quick action. Long-term liabilities, on the other hand, can be seen as future expenses and are often addressed through structured repayment plans or long-term financing strategies. Like businesses, an individual’s or household’s net worth is taken by …

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8 Best Practices for Nonprofit Bookkeeping in Boston & New England

Hiring a professional bookkeeper to focus on achieving their objectives without worrying about financial matters is highly recommended for non-profits. Nonprofits have daily operating costs similar to other organizations, like salaries, supplies, utilities, etc. However, the distinguishing factor is that expense records in nonprofits must indicate which mission or project the expense supported. Significance of …

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