Category: Bookkeeping

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…

Likewise, expenses for goods and services are recorded before any cash is paid out for them. In general, every taxable person should prepare financial statements using an accrual basis of accounting. However, an option to use cash basis is available if total receipts during the tax period does not exceed Dh3 million. The cash basis of…

For pricing, we looked at the starting price for the software and whether the company was transparent with its pricing. Those offering transparent pricing fared better than those forcing you to provide data to get a custom quote. We also looked at the range of costs between the various what is a provision for income…

In its simplest form, a contribution margin is the price of a specific product minus the variable costs of producing the item. What’s left is the contribution margin, which gives a sense of how much is left over to cover fixed expenses and make a profit. A contribution margin income statement is a document that…

For business owners, maintaining immaculate financial records and relying on your dedicated Bookkeeper360 team is a fundamental practice. However, the real value comes from understanding the data from platforms like QuickBooks Online or Xero. Bookkeeper360 is a well-reviewed fintech bookkeeping software and management company with numerous awards. Our reviewers evaluate products and services based on…