Category: Bookkeeping

Construction accounting software is any kind of online accounting solution that works for businesses in the construction industry. Exact features and specifics can vary, but it normally offers reporting, tax preparation, invoicing, and payroll tools. Success in the construction industry depends on a lot of things—accurate projections, quality work, timely delivery, and a strong professional…

For example, IRR could be used to compare the anticipated profitability of a three-year project with that of a 10-year project. However, what if an investor could choose to receive $100 today or $105 in one year? The 5% rate of return might be worthwhile if comparable investments of equal risk offered less over the same period.…

Numerous data visualization formats, including cards, tables, maps, and charts, are available in Power BI. Axes, colors, and labels are just a few of the variables you can change to personalize the images. This performance dashboard allows financial professionals to analyze commercial loan portfolios and gain insights into improving Return on Equity and Return on…

By maintaining the right balance between inventory levels and customer demand, you can allocate working capital more efficiently and reduce the risk of excess inventory or stockouts. Maximum inventory levels (max) represent the highest quantity of a product a business is willing to keep in stock. Inventory management software can ensure the inventory how to write…

Consider factors such as time spent on certain tasks, the level of expertise required, and the costs of performing these tasks in-house. This arrangement allows businesses to leverage the expertise of professional accountants and financial specialists without maintaining an in-house accounting department. Outsourced accounting is when an organization delegates its accounting and financial functions to…

You can claim depreciation to reduce your total taxable income, saving you money on your taxes. New assets are typically more valuable than older ones for a number of reasons. Depreciation measures the value an asset loses over time—directly from ongoing use (through wear and tear) subject to the and indirectly from the introduction of…

You can make changes to past reconciliations, but be careful. Changes can unbalance your accounts and other reconciliations. We’re here to help simplify things for you with this guide on how to create an accounting system for a small business. As an accountant or a business owner, it’s your job to be proactive in order to…

If you don’t read them regularly (or you don’t know how to read them at all), you’re missing out on some big-time opportunities to generate revenue and avoid financial disaster. This seemingly simple step is crucial for gaining valuable financial insights from your data. By accurately categorizing each transaction, you can track your spending habits,…

Outsourcing bookkeeping costs can vary depending on several factors, including the size and complexity of your business, the specific services required, and the geographic location of the outsourcing provider. For smaller businesses, the costs of purchasing a license for advanced accounting or bookkeeping software, with powerful analytics tools, can be too expensive. The above reasons…

Deferred revenue is an essential accounting concept that businesses must understand to accurately record and report their financial transactions. It refers to advance payments a company receives for products or services that are to be delivered or performed in the future. Deferred revenue represents advance payments received by a company for products or services that…