How To Calculate Straight-line Depreciation

Depreciation is an accounting principle defined as the reduction of recorded cost of any tangible or fixed asset over a period in a systematic manner until the value of the asset decreases to zero or becomes negligible. A tangible asset can be anything that a business might utilize for their daily operations. Some of the common tangible or fixed assets include land, buildings, furniture, office equipment, machinery, etc. There are three methods of calculating depreciation over a period that all public accounting firms in Edmonton use - straight-line method, unit of production method and double-declining balance method. In this article, we will put light on the first method.

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How to Create A Small Business Accounting and Bookkeeping Checklist

Accounting your business is required to keep a careful track of your accounts and to allow an easy understanding of the money flows of the business. Keeping up with your small business' accounting can be a complicated task, particularly if you don't have help from small business bookkeeping specialists or a tax accountant. To make things a little easier for you, here is a checklist for you to take after to stay up-to-date with your bookkeeping. Hire a skilled tax accountant to handle the small business accounting for your business and file your tax return carefully.