You must consider a variety of factors before purchasing essay writing online. These include originality, privacy trust, reliability, and originality. The work must be solid and of the highest quality. A reputable company will guarantee confidentiality. Furthermore, they guarantee that they will provide 100% original content, ensuring that you do not have to be concerned about plagiarism. A reputable service can also provide you with the report of plagiarism for free.


When searching for an online writing service There are a variety of factors to consider. One of the first things to consider is whether the service will guarantee high academic standards. You can be confident that the service will not scam you. The company also guarantees that all papers written by its authors are authentic. EssayShark is a prime example of an example of such a service. It has received high reviews for its quality, affordable prices, and customer satisfaction.

The company was established in the U.S.A and employs fluent English-speaking writers. Essay On Time can complete orders with a smaller team of writers and proofreaders than other similar services. This guarantees that the content is of the highest quality. There are also some great social proofing features that students can benefit from. When looking at a service for essay writing it is essential to look at past clients’ reviews and feedback.

Another crucial aspect is the price. While the majority of people are concerned about the cost of the work but the quality of the work is not directly connected to it. Some services will charge less if the writer does not speak English well. There are also cheaper essay writing services if you’re willing pay more per page. Your budget is the most important thing. Fortunately, essay writing services are priced at a level that students can to afford them. You will also find special discounts and features with an excellent service.

Some websites let you order your essay in just 3 hours. Others however require you to wait for at least 24 hours. While you’ll pay more for a quicker turnaround, you could get a better essay at the end. In addition to quick turnaround times, the majority of essay writing services provide the support of a dedicated team of customers. Some sites allow you to talk directly with the essay writer.


Before deciding to purchase an essay, think about the reliability of the writing service you select. The most reliable essay writing services will have clear guidelines. If the terms are unclear or difficult to understand You should consider another service. You should also look at reviews from previous customers. You can be sure the writing service is trustworthy by reading testimonials from previous customers. Similarly, you can also examine the quality of the essay by ensuring that it is plagiarism-free and free of errors.

While many students believe they can afford to purchase essays from writing services, this is not always the case. If you choose to use an essay writing service that doesn’t have an official license, you run the risk of getting poor scores or even being expelled. However, there are rare situations where the school may penalize you if you purchase an essay online. Students who are caught will be given low marks, but will then be able to recover.

When you are choosing an essay writing service, pay attention to the writer’s expertise and experience. The majority of credible writing services hire writers who are academically qualified and highly skilled. Additionally they also offer a money-back guarantee to give you peace of peace of. Additionally, they keep your data in a safe manner. Additionally, you can make contact with a writing service you are not sure about and tell your writer whether the essay you wrote was good or not.

If you adhere to these guidelines, purchasing an essay online is safe. A reliable essay writing service has a refund policy and offers a variety of additional services. These include free plagiarism reports, different styles and formats as well as 24/7 customer service and much more. The most reliable essay writing service providers also have user-friendly websites. To ensure they are trustworthy, take the time to read reviews.


Privacy is a significant concern when you purchase essay writing online. Your identity is easily tracked by the essay writing firms because of their digital footprint that is subject to government scrutiny. One way to ensure your online activities remain private is to use VPN. However, there are risks. To ensure that your information is kept private it is essential to review the privacy policies of essay writing websites. Here are some important points to keep in mind when you purchase essay writing online.

The first step is to determine if the service is asking for personal data from you. Some companies may request your credit card information, while others might require your email address. Make sure you select an established writing company with excellent reviews. To avoid being swindled You can check out reviews from other clients on the websites of writing services to determine which one is right for you. Most writing services have confidentiality guarantees.

It’s safe to buy an essay written by a professional. However, if the paper you’re buying was written from scratch by an essay writing service there is a chance of being accused of using the service. This is because essays written by pre-written writers are copied from other papers. This means you have to be careful about your choices. If you’re not sure, look through the reviews of the essay writing service to confirm that it’s reliable.

Before purchasing essay writing online, ensure that the service is reputable for privacy. Examine the reputation of the business’s website to verify its credibility. Read their privacy policies and read reviews from their customers. This way, you’ll be able to determine which writing service can provide quality work for a reasonable price. Also, ensure that you are able to communicate with the writer. This will ensure that the writer can understand your instructions and has all the knowledge required to complete the task.


When you purchase essay writing services online, it’s important to be aware of their reputation. The most reliable companies guarantee authenticity and confidentiality. If a service claims be 100 100% authentic, they should provide you with a money-back guarantee. Also, make sure to verify the safety statements and policies on cookies. These documents should explain how the company protects personal information. Avoid writing services that you don’t trust.

First, you shouldn’t expect a writer will follow your exact instructions. You should only purchase an essay online if familiar with the specifications. The writing service should be knowledgeable of academic writing standards, so you are sure the quality is going to be good. The content must pass the plagiarism screening. If not, ask for a certified plagiarism report to ensure that the content is 100 100% original.

A good service should also allow you to contact your writer directly. This guarantees the quality of the essay. It is important to define your needs clearly and have enough time to research the topic. Also, look for customer service that is available round-the-clock. If you have questions or concerns about the plagiarism of an essay, the customer service representatives should be able answer all your questions. The more interaction you can have with a writer , the more effective.

You can’t be sure of the authenticity or quality of any paper purchased online. The issue is so widespread that it’s difficult to keep up with the demands of the academic world. It’s understandable that you want to catch up on your work but you can’t be sure of its quality. It’s not unusual to purchase an essay online. You can always get help in completing the required information when you’re in a hurry.


You may be curious about the cost of buying essay papers online. Although essay writing services come with a range of prices however, the average cost is moderate. A single page essay on a specific topic costs $9. This price is usually reflected in the quality and price of the work. A majority of these services provide top-quality papers and excellent customer support, and they cost a reasonable $10 per page for completed orders within 14 days or less.

There are many reasons to buy an essay paper. For instance, many students are unable to complete their assignments in time, and therefore turn to these services to do the task for them. The problem with this approach is that there is no way for the student to know whether the essay writer has a good reputation or not. Purchasing an essay from an online company will help students improve their marks, but it’s important to keep in mind that you aren’t purchasing an expert.

If you’re looking for fast turnaround times then you’ll be paying top dollar for a writing business online. A reputable company will provide the possibility of a refund if you aren’t satisfied with the work. Some of these companies also offer free revisions. They must also provide a plagiarism report for all essays. A reputable essay writing service should also provide 24 hours of customer support.

A reputable essay writing service will not only offer quality work, but also hire writers with Ph.D. and Master’s degrees. You can also choose the writer that is most suitable for your needs if you are looking for a more affordable alternative. The cost ranges from $11 to $19 per webpage depending on your needs. Prices for college and university documents can be more or less. Avoid offers that are too low or too high.

You have probably heard of several essay assistance services who promise to assist you with your papers. What is the most effective method to determine the credibility of the services? In this article, we will examine the reliability of the GradeMiners service, ExtraEssay in addition to Rush Essay. This will allow you to determine if they are true to their promises and how much it costs. The test is an excellent way to confirm the reliability of the company. You can place a test purchase for anything as straightforward as an essay you wrote in high school, or for something as complex as a lab report.

ExtraEssay Review

If you’re in search of a reliable essay helper online, ExtraEssay is worth trying. ExtraEssay has an average of five years experience rather than the usual 10 years, which is great information for students looking for an honest service. The company also provides discounts and various additional features for example, like titles and bibliography pages. These usually come with the standard purchase. Nevertheless, some features are more expensive than others as well, so it is important to determine the exact features you require before you make an order.

When using Extraessay, you’ll need to fill out a form with your details and the specifics of the assignment. There is a choice of a deadline of between 3 hours and 14 days. Also, you are able to select the number of pages that you need. Ten percent off your initial order with the ExtraEssay coupon code. You can also receive additional discounts based on the amount of times you order.

The other thing you must keep in mind when choosing an Extraessay essay helper is its money-back guarantee policy. The policy allows you to receive an unrefunded portion or full one because they’ve got an extremely strict policy against cheating and plagiarism. You can request a full or partial refund if you do not like the paper that you have received. It’s not something that most companies provide.

If you’re looking for an essay aid expert at cheap prices, you’ll need to visit ExtraEssay. Prices for their services are reasonable and allow you to pick the level of academic help that you require. ExtraEssay’s high school essays will cost around $9 per page and its PhD papers will cost around $40. Furthermore, you can reduce your costs by applying discount coupon codes to Extra Essay can provide.

Prices are affordable and turnaround times are swift. To ensure you get your paper on time, Extra Essay writers meet deadlines that are tight. You can also choose one based on the subject you need help in. Choose from a range of writers you can submit an request. This service is available round all hours and provides all-hours of customer support. ExtraEssay is the best option if you require urgent help with your essay within around eight hours. It is not going to disappoint you with the quality of their papers.

Rush Essay Review

In this article, we’ll review some negative feedback about Rush Essay. Most of them have critiqued the lack of responsive customer support and posted unflattering comments on social media. One client shared her poor encounter with at most five of her friends. This indicates that Rush Essay is not happy with the customer support. This isn’t the only review of Rush Essay to have negative reviewer content. Keep reading to discover why Rush Essay Customer service isn’t so good.

In spite of the high cost, RushEssay offers discounts to customers who are loyal. The discounts vary from 5% up to 17% and increase as customers place orders. In addition, RushEssay offers a loyalty program known as RushUp and allows you to accumulate rewards each time you place orders. RushUp members can accrue RushUp points for placing an order using RushEssay and enjoy a long-term discount. There is a way to save dollars by benefiting from regular discounts.

The essay’s quality is among the most important features that make up an essay review. Rush Essay Review. Many customers complained that Rush Essay writers didn’t respond or wrote poor quality papers. Other customers complained about missed deadlines, and the use of plagiarism in their writing. Their customer support service is certainly helpful, but the performance of the company is questionable. If you are having trouble working on your project on time Then Rush Essay isn’t the ideal site. A reliable paper help service is crucial when you need top quality work that meet deadlines.

Though Rush Essay doesn’t provide high-quality material, they do have an easy-to-navigate website. The prices may not be the cheapest in the marketplace, but they don’t necessarily mean Rush My Essay’s costs aren’t worth it. Rush Essay offers special discounts for its clients. In addition, you’ll be able to take advantage of a 15% first-time discount when you apply the coupon code is available on the home page of their official website. Discounts offered are a clear indication of the quality of content offered by the company.

Rush Essay was once a reliable service. However, the quality is declining for their essays. Rush Essay reviews stated that the papers they produced are original, but the papers have decreased in quality over the years. While Rush Essay may occasionally write a decent essay however, their writers’ choices isn’t great. RushMyEssay is an essay writing service which is inexpensive and trustworthy, might be worth your consideration. Customer support at RushMyEssay is efficient as well as helpful and ready to address your questions. You are able to even cancel the service or request an amendment.

Another issue is the credibility of your site. The website must be easy to use as well as quick. Beware of sites with a number of errors with respect to quality. Check whether their editing team are able to prevent grammatical mistakes. If the customer service team fails to reply promptly, a company’s reputation could be damaged. Price is another issue. Rush Essays costs are affordable, but high-quality documents do not come cheap.

Review of GradeMiners

It may appear being a scam to employ the help of an essay writer There are some advantages that come with using one. One, there is no necessity to worry regarding plagiarism. This company is able to examine the originality of any piece of writing for free. In addition, you may find a blog that has articles about education. The writers share their secrets for writing papers. It is possible to contact authors via online chats.

The essay writing service provides excellent quality work at affordable prices. Students are able to choose from an array of topics and obtain assistance for any academic assignment, from essays to report on books. There is also editing services, too. So, you can be sure that you’ll receive a piece composed by authors from a variety of disciplines. Additionally, the writers at this company can be assured to adhere to deadlines and never cheat.

It is easy to order as well as the helpful support GradeMiners provides is another benefit. Accepted credit cards are American Express, Visa and MasterCard. Moreover, they offer several discounts for their customers. A new customer may get 15% off his paper through referring family or friends. In addition, they provide an unpaid plagiarism checker in addition to their blog, which has interesting content about various topics. While GradeMiners is a fantastic service, there’s a couple of disadvantages of using it.

GradeMiners usually provides original content for an affordable price. The author you choose can be in accordance with your degree of expertise, which ranges from ESL writers to college-level professional writers. GradeMiners can handle every academic assignment. The GradeMiners essay assistance program costs around $11 to $45 so you’ll receive a top-quality paper within 3 hours. This is a great opportunity to explore a few features of GradeMiners.

GradeMiners is an excellent firm that has a solid group composed of authors and managers. Although some students may be hesitant to pay for the service, they offer top-notch products and services. It is reliable and has been operating in the market for more than a decade, which is an additional advantage. Prices are not high to justify their reputation as an essay paper helper. There are many other disadvantages with GradeMiners, too.

The bonus system is a wonderful feature in Grade Miners. You can earn money through inviting friends to Grade Miners. If you know a person known as Mark who you would like to invite, provide your website link to Mark. If they purchase the first purchase through the link you provided, you can get 15% off your first order. You will also receive a bonus of 50$. Also, you can refer Grade Miners to a person you know to receive $50 off your initial purchase.

When you’ve written the part of your essay, it’s time to write the introduction. The format should support your essay thesis, as well as provide an overview of the topic your essay will be about. You can also use an informative or supportive quote from an authoritative source to provide an engaging start. Henry Ford, for example has stated that historical facts were bunk, although it gave his credibility as an expert on the subject of cars. Your introduction shouldn’t exceed 50-100 phrases.


There are a variety of ways to structure an essay. The essay can begin by introducing the problem or topic before discussing ways of solving it, and finally state your preferred solution. This type of structure can be beneficial for informative and convincing writing. It helps you organize your ideas in a clear order and respond to any counterarguments. These examples can help you comprehend the structure more clearly. The essay should include a thesis, central idea and support statements within each section.

An essay’s structure is different based upon the task to be written. Many essays are written using a general outline. It includes an introduction that describes the main ideas and the conclusion. It is much simpler to prepare the introduction if have a good grasp of the essential factors. The complexity and word count of your essay will determine the amount of paragraphs will be required. Academic paragraphs typically are a little longer than the average. Each paragraph should be focused on only one subject. The entire essay should be concluded with the conclusion.

The lengthiest part of an essay’s body can be its largest section. A longer essay may have at least three paragraphs. Each paragraph is meant to make one main point, or elucidate a central claim. Once you’ve identified your thesis statement and chosen the subject that you’re writing about, your next stage is to develop the structure of your essay. It is important to follow this format to help you craft your essay in a well-organized and strong way.

A thesis statement is the primary idea in an essay. The thesis statement is the central argument of the essay. It presents the author’s view, supports it by instances and links the arguments together. It is essential to include an introduction in the essay that summarizes essential aspects. A well-written essay should offer clear advice on whether Bitcoin can be considered a viable currency you could utilize everyday. It should be limited to topics related only to your thesis.

5 levels of resolution

To write essays that will be successful, you must have five different levels of resolve. Five levels of resolution have deep roots in biological and cultural aspects. Here are some guidelines for writing a great essay. An essay that is well-written should contain an underlying theme, clear purpose, and a distinct voice. The format should reflect these rules. This can only be achieved if you are enthusiastic about the subject and have the ability to convey it clearly.

The next level of resolution is about the organization of ideas within each paragraph. If a paragraph is more than 300 words long, it is essential to segregate concepts. The next step is to put every paragraph into a logical order. This is the fourth stage of resolution. One of the most important aspects for essay writing is the proper sequence of paragraphs. Once the structure has been created, the essay will be accessible. When you’ve chosen the essay topic arrange your thoughts into paragraphs.


When you write an essay it is essential to consider the reader. Who are the readers for the essay? The essay can be classified into two categories. There is a possibility of being classified into one of two categories. The first one is your audience. It is also the one that determines who your essay is considered by. To make sure your content is appealing to your intended audience, it’s essential acquainted with the people who will read it. In order to do that, think about your audience’s history and preferences and formulate your thesis accordingly.

Before writing your first draft, it is important to determine the audience you want to write for. Your audience might be your instructor, classmate, parent or even a stranger. The importance of the audience is that every group of people will view and interpret your words in a different manner. This is why you should imagine your audience as composed of a single person as well as your audience as a whole. It will prove difficult to write for the right target audience when your readership is small.

The target audience for an essay writing assignment usually consists of a large segment of the population. They are usually educated. In order to attract attention to your audience, you will require background details and examples. Keep in mind that your readers will have very different requirements than you do, and that’s the reason why you must determine who your target audience is before you start writing. To write engaging, well-structured writing pieces that are both entertaining and informative, you will need to find out who your audience is.

Even though your reader may have different expectations than yours, it is important to think about their preferences when writing. Someone you know will not feel offended when your grammar is wrong. If, however, you’re creating a piece to influence an audience, you must explain why it should care. It is important to consider the audience’s preferences for humor, as well as the type of humor they’re most likely to be reacting to.

Interpretation context

Contextualization is a vital part of the essay writing process. It can help you reach out to your readers. Your readers need to know the meaning of your narrative. It’s crucial that they comprehend your message, therefore ensure you give them an understanding of the background. This will enhance the reader’s understanding of the story’s perspective, and help you become more imaginative. Here are a few examples to get you started. Let’s say you’re writing about a famous novel. How do you place the story in context?

The very first stage of writing an interpretation essay is to create your thesis statement. It is the premise of your essay, and will determine the way you compose your essay. It is important to avoid giving the impression that you’re simply spouting off assertions. The thesis statement should focus on this question through a religious parable and explain what it means. It is also important to make a title and an introduction for your article.

Once you’ve settled on the topic of your essay’s focus, it’s time to get started writing. Pick something you like. The setting could be chosen as a character or even a person. The key is to choose an item that’s caught your interest and then write about that concept. When you are ready to write, just adhere to these guidelines:


There are numerous strategies that you can employ to make hooks for essay writing. A hook that is effective will be amusing readers. Try to incorporate a hint of fascinating trivia, strong declarations or exaggeration within your introduction to draw your reader into your article. Hooks are used to create the impression of a scene that will grab the attention of readers and establish the tone for the essay. Before you can create an effective hook that captivates the reader, it’s essential to decide on the subject of your essay.

A hook can be one sentence, a paragraph, or a line of prose. It may be a personal tale, a quotation an amount, or a statistic. Your hook should blend to the rest of the essay. The genre you choose to write the essay you write, it might prefer to have more than one hook in your essay. Some hooks may be too small or too weak.

Finding a hook that works requires extensive investigation. Your message must be engaging enough to keep the readers intrigued. You should use reliable sources like newspaper articles, academic journals, as well as interviews. The newspaper may have one of the quotes which states “X percent” of Americans consider this to be of the time.

Hooks to write can be found in rhetorical questions. It should not be evident, however it should be intriguing. The reader should be given a way to choose. The hook isn’t required to offer a clear choice. However, it needs to mention both the advantages and disadvantages of each side. Furthermore, the subject is not biased. So, readers can decide regarding whether they want to keep reading.

Perhaps you are wondering how I can compose my essay in an hour. This depends on how well prepared you are. Before you begin writing, it is necessary to go through several stages. These include Outlining, Research and Proofreading. Finalizing your essay is the most important step. Your essay will be more concise If you’re well-prepared. These guidelines will assist you make the best use of your time before beginning your essay. These guidelines will guarantee that you’ll get the most perfect quality possible.


If you’ve got a half minute to write your essay, drawing it out will help you write it significantly faster. Then you can proofread and edit the essay. It is also recommended to include an index. Writing your essay can take quite a bit of time however, it can make writing your essay much easier. Use these steps and you will be able to finish your article in only an hour. Learn how to write essays in under an hour.

First step for writing an essay is outlining it. Write down everything you want to write about in your essay. Include your thesis statement, the hook, three body paragraphs, and a conclusion. Keep notes on every paragraph, so that you won’t miss out on something important. It’s time to start writing. It’s better to plan ahead than running around.

Find out more about the subject.

Research is the most important aspect of writing research essays. In order to be considered an exceptional writer, you must show that you’ve studied your topic in depth and sifted through the relevant sources and written an enlightening essay. Your essay is sure to stand out among all the others when you have done the research in depth. To achieve this goal You must take certain steps. These are a few:

The first step is to brainstorm concepts. Be careful not to evaluate on the validity of the concepts that pop into your mind. Make sure to focus on those that you think are the most fascinating. Then, ensure that you’ve got plenty of suggestions for your intro. This need to be supported with convincing evidence. The final thing to do is make sure the introduction contains interesting concepts. Next, you can move onto the body. It is important to complete enough background research on each idea.


If you’ve spent a lot of time researching the topic at home or in libraries, it could be difficult to get your paper back with numerous corrections. One way to get your paper back on track is to hire a proofreader. The proofreader has been trained to spot mistakes and correct them. Here are some suggestions to help you proofread an essay within one hour.

To receive a fair price, you can send the essay you want to be written along with your instructions. 1-Hour’s proofreading staff works on your paper as per your instructions. In order to make the procedure as easy as it can be You can submit your documents to their website. They can also request a quote on the website. You can also leave detailed instructions in the comments section.


The option of a service that provides custom written essay is a viable choice if you’re a rush and don’t know what format to use for the essay. A lot of these companies can provide fast turnaround time – as little as an hour or, sometimes, even less. You can reduce time and effort by allowing you to create an outline of your essay. In addition, you’ll know who is writing your essay and their expertise. If you know exactly what you should anticipate from a company You can feel assured in the caliber of writing you receive.

The quality of your essay will be depending on the amount of research you do. Even though you don’t have to go through the internet for hours for information that is relevant, greater research is recommended. Do not feel pressured to create your perfect introduction in an hour. You can cut down several hundred words by beginning your essay at lunch. Instead, focus on introducing your argument and defending your argument. You can add quotes later.


What ever your level of educational ability, these strategies can help you write amazing essays in less than one hour. The structure of your essay must be examined. Check each paragraph for linkages and sense. Check for spelling errors, too. Your grade can be at or above 20% if you have inadequate spelling or writing. The essay proofreader will be competent to boost the quality of your essay by correcting grammar and spelling mistakes. Many companies can assist with this essential assignment.

Too much caffeine?

There are numerous ways to ensure that you don’t get distracted when working. Explore a different setting for staying focused. If you normally work from the comfort of your home, think about working from the local library or coffee shop. You might want to consider wearing headphones that reduce the sound or playing music if you are easily distracted by loud noises. It will help keep your thoughts clear of the distracting thoughts that can keep you from completing your essay. It can be helpful to shift your surroundings for a few minutes to help you get more tired.

Each half hour, take a break. Even 20 minutes can help you refocus. You should avoid watching television, video gaming, and other forms of entertainment that consume your energy. They do not only drain your energy but also make you feel less productive for the longer term. You should instead engage in beneficial studies like studying with books. It can improve your focus as well as reduce your chances of falling asleep.

Make use of Writers Per Hour

Writing service providers can help you write your essay within the timeframe of an hour. No matter if it’s a lengthy paper or a short essay Professional writers can be proficient in completing the task in a matter of hours. Their extensive experience and superior writing skills allow the writers to write outstanding pieces regardless of time being the essence. This way, you can get your essay done without stressing about deadlines.

It is important to verify the credentials of the writer you choose to make sure your paper is done by a professional. The writer should be innovative as well as highly skilled. An experienced support staff should be available for assistance throughout the entire writing process. This support staff must be accessible 24/7. Be sure to search for products that have low costs without hidden charges.

Find help through a service like WriteMyEssay .com

It’s a smart idea to seek help from WriteMyEssay .com to write a short essay. Only highly skilled writers are hired by them to complete your essay. The team comprises skilled writers that are proficient and skilled. They conduct an extensive amount of research. They will not deliver a work which is copied from another source. In addition, they charge only an average of $16 per page. That is very reasonable considering the high quality of their works. WriteMyEssay writers follow your specifications to ensure that you receive an excellent grade.

Another benefit of getting help by a writing company is the fact that they’re honest and reliable. They hold official registrations and have been licensed to offer support with writing. Trustworthy services are staffed by experienced and honest writers. The clients of their service also sign agreements and pay taxes. Furthermore, when you purchase their document, all rights to the document pass to you. Nobody else that can claim ownership of your paper.

cogs acronym

However, we are missing a huge piece of the puzzle — those waterbottles cost money to produce. In their first year of operation, both businesses sell 5000 bottles at $20 per bottle — giving them each a total revenue of $100,000 each. Revenue is the lifeblood of any business — if there is no revenue, there is no business. And while it is important, it only tells part of the picture, and can often be misleading. When evaluating the performance of your business there are a number of different figures that you need to look at.

EBITDA stands for Earnings Before Interest, Taxes, Depreciation and Amortization. EBITDA is a measure that looks at earnings before the non operational and non cash expenses are subtracted. So, it is a quick way to measure how a company is managing all of the components of its business. It is similar to COGS, in that it is all the costs directly involved in producing the product retained earnings balance sheet or delivering a service, but when the term COS is used, it usually means it is a service company. So, COS typically includes the wages of the people providing the service. Cost of goods sold is also used to calculate inventory turnover, a ratio that shows how many times a business sells and replaces its inventory. It’s a reflection of production level and sell-through.

The basic purpose of finding COGS is to calculate the “true cost” of merchandise sold in the period. It doesn’t reflect the cost of goods that are purchased in the period and not being sold or just kept in inventory. It helps management and investors monitor the performance of the business. Ask questions and participate in discussions as our trainers teach you how to read and understand your financial statements and financial position. If you’re a service provider , COS is relevant for you. Cost of Service includes every expense that directly relates to the service you provide.

  • As such, Shopify gives you an idea of your profit, but not very accurately.
  • This page is all about the acronym of COGS and its meanings as Cost Of Goods Sold.
  • Learn finance in a fun and clear way that’s easy and painless.
  • Cost of goods is the cost of any items bought or made over the course of the year.
  • One of the most common problems with profit and loss statements is that different companies use different categories and terminology to refer to different types of expenses.

Calculating COGS is an important step in determining a business’s profitability. It is a central number on a P&L statement of inventory-based companies; without it, the gross profit margin cannot be determined.

Botkeeper provides you with high-quality bookkeeping using human-assisted AI, plus, powerful software to watch your financials. It’s everything a business owner needs to do the bookkeeping—without actually having to DO the bookkeeping. Expenses are recorded in a journal entry as a debit to the expense account and a credit to either an asset or liability account. To find cost of goods sold, a company must find the value of its inventory at the beginning of the year, which is really the value of inventory at the end of the previous year. Cost of goods made or bought is adjusted according to change in inventory. For example, if 500 units are made or bought but inventory rises by 50 units, then the cost of 450 units is cost of goods sold.

By default, WooCommerce only allows you to enter the selling price of your product/service/subscription. This means that when you look at your WooCommerce/Metorik reports, you will only ever be able to determine your revenue. They may also include fixed costs, such as factory overhead, storage costs, and depending on the relevant accounting policies, sometimes depreciation expense. Financial Intelligence takes you through all the financial statements and financial jargon giving you the confidence to understand what it all means and why it matters. Cost of goods sold is actually a tax reporting requirement. Companies that make and sell products or buy and resell its purchases need to calculate COGS in order to write off the expense, according to the IRS.

Ideally, your quick ratio should be at 1.00 or higher. If it is lower than 1.00, you may have trouble meeting your current obligations. Note that if you don’t carry inventory, your current ratio and quick ratio will be the same. Research produced by LNS often includes acronyms used by the industries we serve. Some refer to highly technical concepts specific to manufacturing and industrial companies, while others are broadly used business terms used across most industries.

Open your image file to the full size using image processing software. Owl staff understands not only the financial side of business but is able to coach us on other aspects of business decisions and to help us define alternatives. So we can see that at least at a gross level, Business X has been more successful. So let’s dig deeper, it costs Business X $5 to produce a bottle as they manufacture overseas, and it costs business Y $10 as they manufacture domestically. On first thought, you might think that both companies have performed exactly the same for the period.

The below section deals with calculating cost of goods sold. We share free resources and stories from our clients, Coaches and team members about how to build a business that serves your life. Our posts will give you updates on our business insights and free educational content. You don’t have to be a finance expert; you just have to understand enough to make the decisions that matter. If you are visiting our English version, and want to see definitions of Cost Of Goods Sold in other languages, please click the language menu on the right bottom. You will see meanings of Cost Of Goods Sold in many other languages such as Arabic, Danish, Dutch, Hindi, Japan, Korean, Greek, Italian, Vietnamese, etc.

Dictionary Entries Near Cog

It is another category of expenses that include the costs to run the business. It includes the sales expenses, marketing, administrative costs (HR, IT, accounting, etc.), rent, utilities, and so on. C.O.G.S. is likely a pseudo acronym chosen to fit the machine’s gear-like appearance. However, it may also be a pun on the financial accounting acronym “COGS,” meaning “Cost Of Goods Sold,” which refers to the costs for a company from selling goods. This would fit the Haltmann Works Company’s theme of economically-named characters. In the income statement presentation, the cost of goods sold is subtracted from net sales to arrive at the gross margin of a business. In a periodic inventory system, the cost of goods sold is calculated as beginning inventory + purchases – ending inventory.

There are two way to calculate COGS, according to Accounting Coach. Cost of goods sold is usually the largest expense on the income statement of a company selling products or goods. Cost of Goods Sold is a general ledger account under the perpetual inventory system. Like the current ratio, the quick ratio measures short-term debt-paying ability.

cogs acronym

The beams fired are also able to bounce off of each other, allowing them to be refracted in different directions. When C.O.G.S. is fully destroyed, the blue cog in the middle will explode, opening a hole that allows passage through to the rest of the level. GoGraph allows you to download affordable illustrations and EPS vector clip art. GoGraph has the graphic or image that you need for as little as 5 dollars. For many businesses, SG&A expenses are exactly the same as Operating Expenses.

Concept Image Of Business Acronym Cogs Cost Of Goods Sold Written Over Road Marking Yellow Paint Line

This decreases the total amount of taxes they need to pay. Comment below, and we’ll add suggestions appropriate for the LNS reader community. This website saves cookies to your browser in order to improve your online experience and show you personalized content. Read our Privacy Policy and Cookie Policy to get more information and learn how to set up your preferences. The cogs are able to alternately retract in and out, allowing them to use different attacks.

This includes the prices of raw materials, maintenance costs, transportation costs and the regularity of sales or business operations. This is often done if profit and loss statements need to be reported externally and business owners don’t want to report the exact details of employee compensation or other sensitive expenses.

cogs acronym

Go over each line item and compare it with the previous month’s P&L. If you don’t understand what a line item represents, find out. The numbers should make sense to you, not just to your accountant. And if you haven’t already, organize the line items so that similar items are closer together. The default setting in most financial software usually lists the expenses alphabetically. One of the most common problems with profit and loss statements is that different companies use different categories and terminology to refer to different types of expenses.

Still, some businesses separate Sales, General, and Administrative Expenses, often as a line item under Operating Expenses. SG&A is a blanket label that can be used to lump salaries, marketing costs, insurance, and other items together. Depending on the COGS classification used, ending inventory costs will obviously differ. Cost of Goods Sold measures the “direct cost” incurred in the production of any goods or services. It includes material cost, direct labor cost, and direct factory overheads, and is directly proportional to revenue. If using the accrual method, a business needs to simultaneously record the cost of goods and the sale of said goods. Then the expense is said to be “matched,” according to Accounting Coach.

Definition Of Cog

In addition to COGS, Cost Of Goods Sold may be short for other acronyms. People can also be cogs — they are the workers who, day in and day out, perform their duties seemingly with no end in sight. Feeling disheartened, they might say, “I’m just a cog in the system.” If you hear this, remind them of the true definition of the term cog — an instrumental part of the whole. For widget sellers, Cost of Goods Sold includes all expenses associated with the production of your widget.

cogs acronym

This page is all about the acronym of COGS and its meanings as Cost Of Goods Sold. Please note that Cost Of Goods Sold is not the only meaning of COGS. There may be more than one definition of COGS, so check it out on our dictionary for all meanings of COGS one by one. Keep in mind that the abbreviation of COGS is widely used in industries like banking, computing, educational, finance, governmental, and health.

What Does Cogs Stand For In Education?

And while this is a good option, it has its shortcomings. For example, you can’t set any other costs except for your product costs — for example shipping or transactional costs.

Expenses: Sg&a Vs Cogs

Ending inventory is the value of inventory at the end of the year. Share the link with your friends or email us at to help us further improve the best resource for acronyms and abbreviations. Use the citation options below to add these abbreviations to your bibliography.

That typically includes compensation for the people who provide the service, along with any non-renewable supplies that are used in the process of providing the service. Be sure to read our Complete Guide to SG&A to learn more about selling, general, and administrative expenses. We think it’s valuable normal balance to scrutinize your profit and loss statements to make sure everyone’s on the same page and nothing is able to hide. As a business executive, you’re no doubt familiar with profit and loss. After all, that’s probably what keeps you up at night. It’s what the board and your investors keep asking about.

Kids Definition Of Cog

COGS count as a business expense and affect how much profit a company makes on its products, according to The assets = liabilities + equity Balance. As mentioned above, COGS is used as an acronym in text messages to represent Cost Of Goods Sold.

Digital Art Forest Knight

This can lead to confusion and misunderstandings over what’s actually driving costs in your business. Cost of goods sold consists of all the costs associated with producing the goods or providing the services offered by the company. For goods, these costs may include the variable costs involved in manufacturing products, such as raw materials and labor. cogs acronym This account balance or this calculated amount will be matched with the sales amount on the income statement. Our online training provides access to the premier financial statements training taught by Joe Knight. Learn finance in a fun and clear way that’s easy and painless. Just like in any industry, finance and accounting use lots of acronyms.

If inventory decreases by 50 units, the cost of 550 units is cost of goods sold. The beginning inventory is the value of inventory at the beginning of the year, which is actually the end of the previous year. Cost of goods is the cost of any items bought or made over the course of the year.

For example, the cost of goods for retail businesses is the cost of inventory the business sells. It is typically accounted for on a sale-by-sale basis and uses what’s known as a perpetual inventory system in the point of sale software. For manufacturing firms, COGS includes all direct costs that go into a product’s production. In addition to labor and materials, some manufacturers include certain overhead costs when determining COGS, though this is not typically recommended. It is one of the categories of expenses found on the income statement. COGS includes all the costs directly involved in producing the product or providing the service a company is going to sell.

bank errors

For retail purchases, your financial institution has up to 20 business days to investigate after receiving notice of the error. When you look at your books, you want to know they reflect reality. If your bank account, credit card statements, and your bookkeeping don’t match up, you could end up spending money you don’t really have—or holding on to the money you could be investing in your business. This can also help you catch any bank service fees or interest income making sure your company’s cash balance is accurate. ABC & Co.’s bank statement for the month of December 2010 shows that bank charges of $500 have been incorrectly been recorded twice by the bank. Errors or omissions by the bank can lead to a difference between the balance as per bank statement and the balance as per cash book. For instance, bank may incorrectly record the deposits or withdrawals of another account into the company’s bank account.

Go to the line right below it in the journal, indent the entry slightly, then write the account name affected by the error and credit the amount of money involved. For example, if the error were to the interest earned by your company, you would use the account name “Interest earned” on the second line of the journal. If you discover your bank statement disagrees with your accounting records, you need to adjust your ledgers accordingly. This can happen because of your errors, bank errors, bank fees, checks you deposited that had insufficient funds, and interest on your accounts.

Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements. Despite an ATM withdrawal of $40, no cash actually was provided. Larry Simmons is a freelance writer and expert in the fusion of computer technology and business. In communications technology, as well as significant work towards an M.B.A. in finance.

Step 2: Add A Bank Error

You must reopen a reconciled statement to manage What is bookkeeping within it. If your firm has reconciled the statement containing the bank error, you must first re-open it. The Bank Error feature is meant to record genuine bank errors. During the reconciliation process and in the left summary panel, the Bank Error field list pending errors from the previous statement and those added for the current statement. If you incurred a loss from the fraudulent endorsement of a check, state laws typically allow you one year from the statement date to notify the bank.

bank errors

To opt-in, you must tell your credit card issuer that you want it to allow transactions that will take you over your credit limit. If you do not opt-in, your credit card company may refuse to process any transaction that puts you over your credit limit. The credit card company may take action on your account based on the overall credit history on which the credit score is based. This may include lowering your credit limit, closing your account or suspending your charging privileges based on your credit score even if you have paid your account with them as agreed. If you have questions regarding what is happening with your account, contact your financial institution. To reconcile a bank statement, the account balance as reported by the bank is compared to the general ledger of a business. Examples are given below of errors and omissions that result in less bank balance in the cash book.

Financial Accounting Topics

If you realize that an unauthorized user has made purchases with your card, notify the card issuer right away – in person, by telephone, in writing, or through a mobile ledger account app if available. If the lender confirms there is a billing error on your account, it must send you a written explanation of the corrections made to your account.

  • Improper use of the Bank Error feature to force a reconciliation statement to balance can result in serious ethics and compliance issues.
  • When you do a bank reconciliation, you first find the bank transactions that are responsible for your books and your bank account being out of sync.
  • Have the customer correct their payment information and attempt the transaction again – if the decline persists, they will need to contact their bank.
  • Whether you are an HOA or a property owner, RowCal can help you with your property management responsibilities.

On the other hand, a small online store—one that has days when there are no new transactions at all—could reconcile on a weekly or monthly basis. We’ll go over each step of the bank reconciliation process in more detail, but first—are your books up to date? They need to be in order for the bank reconciliation to work. If you’ve fallen behind on your bookkeeping, use our catch ledger account up bookkeeping guide to get back on track . If, on the other hand, you use cash basis accounting, then you record every transaction at the same time the bank does; there should be no discrepancy between your balance sheet and your bank statement. Your bank has 10 business days to investigate your issue—or 20 business days if your account has been active for less than a month.

Treatment Of Errors And Omissions Resulting In More Bank Balance In Cash Book When Preparing The Bank Reconciliation Statement

We utilize a cloud-based online software program that allows our accountants to collaborate with your HOA treasurer to keep accurate records of your bank transactions. We can help ensure that you always know exactly how much you have in your bank account at all times. One reason for this is that your bank may have service charges or bank fees for things like too many withdrawals or overdrafts. Or there may be a delay when transferring money from one account to another.

bank errors

For example, you sent one of your customers an invoice two months ago and entered the amount in accounts receivable. Looking at your bank statement, you see it hasn’t been paid yet, so you reach out to confirm the money’s coming. The small-business bookkeeping experts at Bench recommend making adjustments based on your bank statement so that you have an accurate picture of your finances and your cash on hand. Reconciliation is also important because it can detect fraud. For example, if you pay a vendor $350 and the check is altered to a larger amount, you see the change on the statement. “Manage your balance yourself in addition to what your bank is doing,” Johnson said.

Reach out to your customer to obtain updated card information. The customer’s bank suspects fraud – they will need to contact What is bookkeeping their bank for more information. Each card brand has a limited list of decline reasons that a bank can use to decline a card.

Industry insiders insist that while mistakes do happen, they are very few compared to the billions of successful transactions carried out every day. Mike Lieberman had the same thought after the sale of his Brooklyn apartment in 2014. After he signed over his proceeds to a visibly tired teller, he noticed the deposit slip showed a mistake in his favor — to the QuickBooks tune of $700,000. DisclaimerAll content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional.

Comparing Credit Cards

And once it has determined there was an error, it has one business day to correct the error and three business days to notify you of its actions. Your issuer cannot permit you to go over your credit limit and then charge you a penalty fee for having done so unless you explicitly agree to it (or “opt-in”).

Compare The Deposits

The bank should be contacted concerning any bank errors which should also be resolved within 90 days. Under the Advanced Settings section, check the box to Allow bank error tracking during reconciliation. You can record bank errors during the reconciliation process to avoid having to allocate the errors to a client or firm ledger. You should read your deposit account agreement for the notification timeframes specific to your bank and account type. You should notify the bank of the error as soon as possible. It’s your responsibility to review your periodic statement and promptly advise the bank of any error.

In huge companies with full-time accountants, there’s always someone checking to make sure every number checks out, and that the books match reality. In a small business, that responsibility usually falls to the owner (or a bookkeeper, if you hire one. If you don’t have a bookkeeper, check out Bench). The transaction was for $900 and it is marked as services.


This will bring down the balance at the level of the bank statement while preparing the bank reconciliation statement. Meanwhile, the time period for you to notify your bank of an error — often overlooked in deposit agreements — has been slashed. The latest deposit agreements give you only 60 days to notify your bank of an account error, Norton says. Fail to meet this deadline, and even though an error is your bank’s fault, the price tag for the mistake, including accompanying fees, could be yours. Any differences identified between the accounting records and the bank statements should be adjusted by a person other than the one doing the reconciliations.

Use Account Inquiry to view the cash account for non-bank journals. You need to search for a mis-matched entry in cash accounts for non-bank journals. You can only manage income summary within an open reconciliation statement. To resolve firm-related data entry issues, edit the original transaction. Improper use of the Bank Error feature to force a reconciliation statement to balance can result in serious ethics and compliance issues.

If a bank hasn’t followed the law, we’ll go after them and make them pay. Follow the steps mentioned below to verify that you connect to your bank and access your account using the link used in the QuickBooks Online. If the error happens once more then implement the next step. Often, as illustrated by Sam’s case, a variety of circumstances preclude this opportunity for detection. Confusing storage of blood frequently arises in the operating suite, where blood for different patients undergoing surgery that day is stored in the same refrigerator. Units of different blood types look similar and the only difference is the label.

People did various things with the money, from moving it to other accounts to gain interest, investing it, buying cars, helping relatives with bills, or giving to charity. Criminal charges varied by state, but basically amounted to theft of property lost by mistake and receiving stolen property, even in cases where the money went for good or noble causes. In some cases charges were dropped with orders to repay and in others the courts had no mercy, sentencing the offenders to probation and/or prison time. But it all depended upon the judge, the attorneys and the circumstances. The more frequently you reconcile your bank statements, the easier it is each time. The method you choose is up to personal preference and need. (Also called deposits in transit.) This is money that has been received by your company and recorded on the books, but which has not been processed by the bank.

You’d notice this as soon as you reconcile your bank statement. The teller who took the deposit mistakenly put it into the account of an 18-year-old by the name of Steven Fields. By the time the real Steven Fields alerted the bank to the error, the teen had already withdrawn $20,000 from his account and spent another $5,000 using his debit card. The bank asked him nicely to return the money before pressing charges, but it’s not clear whether he’s actually coughed up any of the cash. Match the deposits in the business records with those in the bank statement. If the bank has wrongly debited the account in the bank statement, then the cash book will show more bank balance compared to that shown by the bank statement. We’re an online bookkeeping service powered by real humans.

Blood bank errors also can occur at the point of releasing a unit of blood for transfusion. A common error is when blood removed from the refrigerator is tie-tagged with patient identifying information that is not correct for the specific unit of blood. Another possibility is that the blood given to the courier who comes to pick up blood for a particular patient is not the correct unit for that patient.

The bank transactions are imported automatically allowing you to match and categorize a large number of transactions at the click of a button. This makes the bank reconciliation process efficient and controllable. An NSF check is a check that has not been honored by the bank due to insufficient funds in the entity’s bank accounts. This means that the check amount has not been deposited in your bank account and hence needs to be deducted from your cash account records. If the bank has wrongly credited the bank account in the bank statement, then the cash book will show less bank balance and the bank statement will show more bank balance. If the debit side of the cash book is undercast, or if the credit side is overcast, the cash book will show less bank balance compared to the bank statement.

accounts payable means

Many companies are involved in work to streamline or automate the business process of their accounts payable departments. This process is straightforward but can become very cumbersome, especially if the company has a very large number of invoices. This problem is compounded when invoices that require processing are on paper. This can lead to lost invoices, human error during data entry, and invoice duplicates. The goal of automating the accounts payable department is to streamline this invoicing process, eliminate potential human error, and lower the cost per invoice. The accounts payable department is responsible for processing and managing outgoing payments, as well as engaging with suppliers.

You must also review and verify loans, principal balance, and interest rate. This is because few of the accounts payable can also include loans and interest payments.

Trade Accounts Payablemeans accounts payable of each Company Seller with respect to the Business for services rendered or for the procurement of supplies and inventory. Accounts Payablemeans all trade and other accounts payable, including accrued expenses, owed by the Company. ParticularsDebitCreditAccounts Payable Account Dr.$9,800To Sales Cr.$9,800Say Robert Johnson Pvt Ltd pays cash within 10 days to take advantage of a 2% discount.

Negotiate favorable payment terms – Don’t forget about optimizing accounts payable. One of the best ways to do this is to negotiate longer payment terms for your bur business, which helps to free up cash and boost working capital. Let’s say that at the beginning of 2018 , XYZ Inc. had total accounts payable of $3,200. Let’s also say that at the end of its total accounts payable was $2,600. Keeping track of your debts and making sure you’re paying them back on time isn’t just important for maintaining good relationships with your suppliers. Accounts payable are usually due within 30 days, and are recorded as a short-term liability on your company’s balance sheet. The balance sheet is one of the three fundamental financial statements.

Are We Missing A Good Definition For Accounts Payable? Don’t Keep It To Yourself

If you extend credit to customers, you will have accounts receivables. When you sell a good or service but do not collect immediate payment, you still need to record the transaction. Since you expect to receive payment in the immediate future, accounts receivable are current assets. When you pay off the invoice, the amount of money you owe decreases . Since liabilities are decreased by debits, you will debit the accounts payable.

Account payable and account receivable is the balance sheet item and both of these items are present only on the balance sheet at the end of the reporting period. They are not present in the income statement or statement of change in equity.

In addition, accounts payable will be responsible for reimbursing employees for expenses such as travel expenses and petty cash. Accounts payable represents the amount that a company owes to its creditors and suppliers . Accounts payable is recorded on the balance sheet recording transactions under current liabilities. The sum of all outstanding amounts owed to vendors is shown as the accounts payable balance on the company’s balance sheet. In journal entry form, an accounts receivable transaction debits Accounts Receivable and credits a revenue account.

Other types of payables that are not considered accounts payable are wages payable and notes payable. Lastly, if the receivables are paid back after the discount period, we record it as a regular collection of receivables. Although this example focused mainly on accounts payable, you can also do this with accounts receivables as well and we can demonstrate that with this next example. On the other hand, there are times when a company will sell goods or services “on account.” Again, it means that there is a transaction occurring where cash is not involved.

  • If you are a credible customer for your supplier, you can receive early payment discounts on your accounts payable.
  • Accounts payable are types of current liabilities which normally paid within one year from the purchasing date.
  • When a company purchases goods and services from a supplier or creditor on credit that needs to be paid back in a short period of time, the accounting entry is known as Accounts Payable .
  • The AP department also handles end-of-month aging analysis reports that lets management how much the business currently owes.
  • Accounts payable include all of the company’s short-term debts or obligations.

Here’s an example accounts payable aging schedule for the fictional company XYZ Inc. Let’s say you’re considering doing business with a fictional company called XYZ Inc. You just had a bad experience with another vendor who paid you very late, so you’re super careful about bringing on new vendors now.

Understanding Accounts Payable

This proprietary information can be regulated by the customer in order to control how much transactional information the vendor is allowed to see. Auditors typically prepare an aging structure of accounts payable for a better understanding of outstanding debts over certain periods (30, 60, 90 days, etc.).

accounts payable means

If a company pays the payable amount within the mutually decided period (i.e., 15 days, 30 days, or 45 days), then the vendors look at them as esteemed customers. Otherwise, the vendor may change the terms and conditions of the contracts. DateAccountNotesDebitCreditX/XX/XXXXInventoryMoney owed to ABC Company for supplies1,500Accounts Payable1,500Now, here is how your accounts payable entry would look when you pay off the debt. Here’s how your small business ledger would look when you purchase inventory. A more general accounts payable definition refers to the short-term debts of a company as well as to the department that manages those debts. Trade Accounts Payablemeans accounts payable and accrued expenses to the extent owed to suppliers and other business partners of the Spinco Business. Your business must focus on optimizing its accounts payable and thus free up working capital to enhance business growth.

These are amounts owed to you by your customers or clients for products/services they buy on credit. For example, if you bought $100 of office supplies on credit from Vendor ABC, you would enter a $100 transaction for that Vendor ABC into your A/P subledger. This transaction would debit your office supplies expense account and credit accounts payable. Accounts receivable usualy comes in the form of perating lines of credit.

Reconciliation is an accounting process that compares two sets of records to check that figures are correct, and can be used for personal or business reconciliations. Financial Metrics Pro Financial Metrics ProKnow for certain you are using the right metrics in the right way. Find preferred ways for presenting NPV, ROI, IRR, Working Capital, Gross Margin, EPS, and 150+ more cash flow metrics and ratios. Metrics that measure leverage under financial structure result in higher leverage ratings when Accounts payable is larger. Financial structure compares the relative magnitudes of various Balance sheet liabilities and equities.

Extract key-values (e.g. bank account, ordered item)from the hard copy or image invoice. If the extraction process does not achieve the required confidence-level in the results, it is sent to employees for a manual check.

Analysis Of Accounts Payable Turnover Ratio Formula

Furthermore, it is recorded as current liabilities on your company’s balance sheet. An accounts payable is recorded in the Account Payable sub-ledger at the time an invoice is vouched for payment. AP is a form of credit that suppliers offer to their customers by allowing them to pay for a product or income summary service after it has already been received. For example, 2%, Net 30 terms mean that the payer will deduct 2% from the invoice if payment is made within 30 days. Accounts payable is an accounting term used to describe the money owed to vendors or suppliers for goods or services purchased on credit.

In other words, the accounts payable turnover ratio signifies the efficiency of your firm in meeting its short-term obligations and making payments to suppliers. An ideal accounts payable process begins with a proper chart of accounts. A chart of accounts is a statement or report that captures all your accounting transactions including accounts payable.

When you sell an item to a customer without receiving money, the amount owed to you increases. And, you will need to credit another account, like inventory, to show you have a decrease in goods. Accounts Payable shall not include any Cure Amounts or any Excluded Liabilities. When confirming accounts payable, your company’s auditors must take a sample of accounts payable. These majorly represent your business’s purchasing or borrowing activities.

She is an expert in personal finance and taxes, and earned her Master of Science in Accounting at University of Central Florida. Project Progress Pro Project Progress ProFinish time-critical projects on time with the power of statistical process control tracking. The Excel-based system makes project control charting easy to use—even for those without a statistical background. Financial Modeling Pro Financial Modeling ProThe financial model shows everyone exactly where your cost and benefit figures come from, answers “What If?” questions, and sets up professional risk analysis. Modeling Pro is an Excel-based app with a complete model-building tutorial and live templates for your own models. A highly leveraged business benefits from its debt when sales are strong, and the economy is healthy.

accounts payable means

Vouchered, or vouched, means that an invoice is approved for payment and has been recorded in the General Ledger or AP subledger as an outstanding, or open, contra asset account liability because it has not been paid. Common examples of Expense Payables are advertising, travel, entertainment, office supplies and utilities.

The Accounts Payable Process

Accounts payable is money owed by a business to its suppliers shown as a liability on a company’s balance sheet. It is distinct from notes payable liabilities, which are what are retained earnings debts created by formal legal instrument documents. An accounts payable is recorded in the Account Payable sub-ledger at the time an invoice is vouchered for payment.

Accounting Topics

The detail of accounts payable is normally in the note as well as its accounting policies. For the render of services or purchase of goods that immediately pay off, recording of account payable is not necessary. Unless it is required by the control in the accounting system accounts payable means that entity is being used. Mr. B mentioned that if Mr. A paid the invoice within 30 days of the transaction, he will be entitled to get another 2% discount on the total purchase. Second, depending on the payment schedule, vendors decide the merit of the company.

Accounts receivable is a current asset account in which a company records the amounts it has a right to collect from customers who received goods or services on credit. For example, if a restaurant owes money to a food or beverage company, those items are part of the inventory, and thus part of its trade payables. Meanwhile, obligations to other companies, such as the company that cleans the restaurant’s staff uniforms, falls into the accounts payable category. Both of these categories fall under the broader accounts payable CARES Act category, and many companies combine both under the term accounts payable. Accounts payable is an account within the general ledger that represents a company’s obligation to pay off a short-term debt to its creditors or suppliers. Another common usage of “AP” refers to the business department or division that is responsible for making payments owed by the company to suppliers and other creditors. The sum of all outstanding amounts owed to vendors is shown as the accounts payable balance on the company’s balance sheet.

Accounts Payable Definition

Accounts receivable are recorded as assets in a company’s balance sheet. On the other hand, accounts payable are recorded as liabilities on a company’s balance ledger account sheet. While accounts receivable keeps track of the money that the company has to get, the accounts payable keeps a track of the debts the company has to pay.

How To Handle Accounts Payable And Receivable

42% of those companies are spending up to four hours a week chasing late payments. That’s a significant amount, especially considering that this money could be used to fund new products, invest in growth, or boost shareholder payouts. For many small businesses across the world, late payments are a significant issue. Because late payments can cause severe cash flow problems, leading to working capital getting tied up on your balance sheet.

When your customer pays their invoice, credit accounts receivable and debit cash (to recognize that you’ve received payment). When you make a sale on credit, you create a transaction in the A/R subledger. You also generate an invoice and send it to the client or customer, who must then pay it within the payment terms. Typical payment terms include 30 days — making accounts receivable a current asset.

post closing trial balance example

There are many reasons your debit and credit columns in your post-closing trial balance don’t match, but the most common reason is basic human error. You may have placed a debit in a credit column or vice versa, or you didn’t include one or more transactions in the report. If your debits and credits don’t match, perform your due diligence to find out why. The totals for debits and credits should always be equal to each other. A post-closing trial balance is a complete list of the balance sheet accounts that have a zero balance at the end of the reporting period you’re in. These accounts are temporary ones that the business has already closed; the balances of these accounts have already transitioned to the retained earnings account during the closing of the account. The post closing trial balance is a list of all accounts and their balances after theclosing entries have been journalized and posted to the ledger.

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The trial balance also helps your business’s management to undertake analysis while taking managerial decisions. That is, your company’s managers can compare the trial balances of various years and figure out changes in various balances. Some of the important accounts that your business management post closing trial balance example can track include purchases, debtors, sales, etc. It is important to note that the balancing of the trial balance columns does not ensure the accuracy of accounts. This is because there are some errors that do not have an impact on the equality of the debit and the credit columns.

Compensating Errors

The income statement accounts would not be listed because they are temporary accounts whose balances have been closed to the owner’s capital account. Permanent accounts are accounts that once opened will always be a part of a company’s chart of accounts. Revenue, expenses and dividends do not show up on the post-closing trial balance because they are considered temporary accounts. Temporary accounts are accounts whose balances are zeroed out at the end of each accounting period.

Adjusted Trial BalanceAdjusted Trial Balance is a statement which incorporates all the relevant adjustments. Although it is not a part of financial statements, the adjusted balances are carried forward in the different reports that form part of financial statements. Debit BalancesIn a General Ledger, when the total credit entries are less than the total number of debit entries, it refers to a debit balance. A debit balance is a net amount often calculated as debit minus credit in the General Ledger after recording every transaction. And finally, in the fourth entry the drawing account is closed to the capital account. At this point, the balance of the capital account would be 7,260 .

  • Your car, electronics, and furniture did not suddenly lose all their value, and unfortunately, you still have outstanding debt.
  • You might be asking yourself, “is the Income Summary account even necessary?
  • Are accounts that transfer balances to the next period and include balance sheet accounts, such as assets, liabilities, and stockholders’ equity.
  • The following post-closing trial balance was prepared after posting the closing entries of Bold City Consulting to its general ledger and calculating new account balances.
  • That is, your company’s managers can compare the trial balances of various years and figure out changes in various balances.
  • The second entry closes expense accounts to the Income Summary account.

Further, determine the errors in case the debit or the credit balances do not tally. You must note that all assets, expenses, and receivables accounts have debit balances. Whereas, all the liabilities, revenues, and payables accounts have credit balances. To know how much your revenue and expenses were for a specific period, you need to start the period with a zero balance in your revenue and expense accounts. The post-closing trial balance helps you verify that these accounts have zero balances.

Accounting Articles

Nominal accounts are those that are found in the income statement, and withdrawals. It’s important that your trial balance and all debit balances and all credit balances in your general ledger are the same. If they’re not, you’ll have to do some research to locate the errors. Kindly click on the image to have a larger view, so you can take note that not all general ledger accounts will be zeroed out of their balances via year-end closing entries. Only the accounts included in the Income Statement will be affected which is a process necessary to arrive at the Net Income for the year. Below are separate explanations about the steps involved in preparing year end worksheets that contain post adjusting entries and post closing entries to transform one type of trial balance into another.

Only income statement accounts help us summarize income, so only income statement accounts should go into income summary. Notice that the balances in the expense accounts are now zero and are ready to accumulate expenses in the next period. The Income Summary account has a new credit balance of $4,665, which is the difference between revenues and expenses (Figure 5.5). The balance in Income Summary is the same figure as what is reported on Printing Plus’s Income Statement. The eighth step in the accounting cycle is preparing closing entries, which includes journalizing and posting the entries to the ledger. Are accounts that transfer balances to the next period and include balance sheet accounts, such as assets, liabilities, and stockholders’ equity.

The post closing trial balance is part of the bookkeeping process involving financial transactions and is reviewed when manually preparing financial statements. In automated systems such as those using accounting software, post closing entries may not be reviewed by accountants. The original trial balance contains accounts recorded whenever related business transactions take place.

Common Errors

In order to have a full understanding of the closing entries, it is important that the reader knows which general ledger accounts will be closed or zeroed out in their respective general ledger pages. For this purpose, an understanding of the difference between real accounts and nominal accounts will help the reader determine which accounts will be closed. Step 14 Trial Balance and under this step we will be preparing trial balance and let’s start from the process how it is done. In order to prepare trial balance we need a list of all general ledger accounts which are used by the business for the accounting purposes. The next step is to calculate balances of all the accounts and this was done in previous videos when we were calculating balances of all accounts for the company Zeta. As stated earlier, there exist accounting errors if the debit column of your trial balance does not equate to its credit column.

Unadjusted trial balance is the sum of all transactions which happen in the accounting period. For balance sheet accounts, they will include the beginning balance as well. The unadjusted trial balance needs to reflect with some adjustments to become an adjusted trial balance.

Trial Balance is a statement that helps you to verify the accuracy of your ledger accounts. This is because it not only helps in determining the final position of various accounts. Record each ledger account in the debit or the credit column of your trial balance sheet. In such a case, you must record such an account as nil or zero in your trial balance sheet. Double-entry bookkeeping is an accounting system that records each of your business transactions into at least two different accounts. That is, each of your business transactions has an equal and opposite effect in a minimum of two different accounts. Thus, to check if the debit or credit amounts you record in the ledger are accurate, you need to prepare the trial balance.

post closing trial balance example

It presents a list of accounts and their balances after closing entries have been written and posted in the ledger. Closing temporary accounts is an important step in the accounting cycle, and running the post-closing trial balance helps to make sure that the process has been completed accurately. Preparing a post-closing trial balance is an important step in the accounting cycle. Completed after closing entries, the post-closing trial balance prepares your accounts for the next period. A preliminary trial balance is prepared using your general ledger account balances before you make adjusting entries.

Preparing Financial Statements

A net loss would decrease retained earnings so we would do the opposite in this journal entry by debiting Retained Earnings and crediting Income Summary. Closing the revenue accounts—transferring the credit balances in the revenue accounts to a clearing account called Income Summary. There has been an error in journalizing the closing entries in the preceding step of the accounting cycle. The balances of the nominal accounts have been absorbed by the capital account – Mr. Gray, Capital. Hence, you will not see any nominal account in the post-closing trial balance. As with allfinancial reports, trial balances are always prepared with a heading.

The amount of time is contingent on the complexity of the business and the experience of the preparer. As previously stated, only permanent accounts should be listed on this type of trial balance. If any income statement accounts still hold account totals or a balance, or if the income summary account is still listed with an amount, the closing process didn’t go as intended. It is important to review the accounts and troubleshoot any errors in the closing process once identified.

How To Close Accounting Books

As we can see from the above example, the debit and the credit columns balances are matching. This means that there is no error while posting the closing entries to their individual accounts and then listing those account balances on the post-closing trial balance. Preparing the post-closing trial balance will follow the same process that took to create the unadjusted or adjusted trial balance. Each individual account balance is transferred from their ledger accounts to the post-closing trial balance. All account with a debit balance will be listed on the debit side of the trial balance and all accounts with a credit balance will be listed on the credit side of the trial balance.

post closing trial balance example

We see from the adjusted trial balance that our revenue accounts have a credit balance. To make them zero we want to decrease the balance or do the opposite. We will debit the revenue accounts and credit the Income Summary account. The credit to income summary should equal the total revenue from the income statement. Accountants may perform the closing process monthly or annually.

Closing Entries And Post

Financial ReportsFinancial Reporting is the process of disclosing all the relevant financial information of a business for a particular accounting period. These reports are used by the stakeholders (investors, creditors/ bankers, public, regulatory agencies, and government) to make investing and other relevant decisions. Once your adjusted trial balance has been completed, you’re ready to record post-closing entries for the month.

It is generally a statement that represents the total of debits and credits of all your ledger accounts. You prepare such a statement to verify the arithmetical accuracy of posting various journal entries in your ledger accounts. The unadjusted trial balance is prepared before adjusting journal entries are completed. This trial balance reflects all the activity recorded from day-to-day transactions and is used to analyze accounts when preparing adjusting entries. For example, if you know that the remaining balance in prepaid insurance should be $600, you can look at the unadjusted trial balance to see how much is currently in the account.

The balance in the Income Summary account equals the net income or loss for the period. This balance is then transferred to the Retained Earnings account.

Adjusted trial balance – This is prepared after adjusting entries are made and posted. Its purpose is to test the equality between debits and credits after adjusting entries are prepared. Trial balance is the list of closing balances of ledger accounts. Often we make it before passing the adjustment entries at the end of year.

When creating a trial balance for 2 months, e.g Jan & Feb, will the closing balances of the accounts for Jan, carry over to Feb or is each trial balance specific to the transactions that occurred in a month. As you can see, the accountant or bookkeeper first need to analyst the business transactions and then make the journal entries. A trial balance helps in understanding and verifying arithmetical accuracy. As soon as the numbers of records are transferred across accounts, checking the figures becomes extremely important.

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What is post closing escrow?

In business mergers and/or acquisitions, it is common for the parties to negotiate at least one post-closing money escrow. … In general, an escrow is an agreement in which an agreed-upon neutral third party holds something of value for the parties to a deal until the agreed-upon conditions are met.

The closing entry will debit both interest revenue and service revenue, and credit Income Summary. The first entry closes revenue accounts to the Income Summary account. The second entry closes expense accounts to the Income Summary account. The third entry closes the Income Summary account to Retained Earnings. The fourth entry closes the Dividends account to Retained Earnings. The information needed to prepare closing entries comes from the adjusted trial balance. Another peculiar thing about Bob’s post-closing trial balance is that normally a retained earnings account will have a credit balance, but in Bob’s books it has a debit balance.

This trial balance has the final balances in all the accounts and is used to prepare the financial statements. In a double entry accounting system, accounts are entered in either a debit or credit column. Accounts are debited to show an increase in an asset, expenses and receivables. Accounts are credited to show an increase in revenue or liabilities. Your debit amounts always have to equal your credit amounts, which is one of the reasons to prepare a post-closing — or after-closing — trial balance. The main difference between post-closing trial balance and adjusted trial balance is that this statement contains the income statement accounts like revenues, expenses, and other gain or lost accounts.

Author: Ken Berry

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