Category: Bookkeeping

Content Virtual Assistant for Accountant: Managing Your Books and More Accounting virtual assistant Job description sample 1 Chief of Staff vs. Executive Assistant: Which Is Right for You? What Exactly is a Virtual Assistant? Your virtual bookkeeping assistant can help you understand the amount that needs to be spared for these payments. This platform has VAs of varying skills, from virtual assistants and writers to web designers, copywriters, accountants, and more. You can post a job for workers to apply to or search resumes to find the exact skills you…

Content Best for Sole Proprietors and Very Small Businesses Weekly bookkeeping tasks key tax deductions for your small business Small business bookkeeping for beginners Is it worth paying a bookkeeper? These reports will help you gain greater insights into the financial health of your small business. The right software helps business owners quickly categorize transactions and generate financial statements. These include cash flow reports, balance sheets, profit and loss statements, and expense breakdowns. This is the financial statement which presents a summary of your financial activity over a certain period…

Content QuickBooks Payroll Review ( Intuit QuickBooks Online Payroll’s features Gusto Payroll Intuit QuickBooks Desktop Enhanced Payroll * QuickBooks Payroll Review and Pricing QuickBooks Payroll is relatively easy to use, especially if you have previous experience running payroll or using any QuickBooks programs. Though the software is user-friendly, we appreciate that the company provides online guides for getting started and can assist with setup, depending on your plan. QuickBooks Payroll also requires a higher subscription tier for payroll setup services, unlike some other options. Its Elite plan will assign an…

Content Your max refund Fix The QuickBooks Self Employed Login Error QuickBooks Self-Employed-The Pros, Cons and a Review You can also attach receipts to transactions you already entered in QuickBooks. LiveFlow’s Google Sheets Add-On is an easy-to-use tool to help you bring your financial data into your Google Sheet in a matter of seconds. If you’re currently using QuickBooks commerce, there’s no need to worry about the platform shutting down anytime soon. However, it’s always a good idea to have a backup plan in case something unexpected happens. Enter your…

Content Illustration of Prepaid Rent Question: What is the 12-month rule for prepaid expenses? Not tracking the expiration date of prepaid expenses Expense Method Our Services Need help with accounting? Easy peasy. Finally, In the 12th month, the final $15,000 will be fully expensed and the prepaid account will be zero. “Deferred” means “postponed into the future.” In this case you have purchased something in “bulk” that will last you longer than one month, such as supplies, insurance, rent, or equipment. Rather than recording the item as an expense when…

Perform pre-consolidation, group-level analysis in real-time with efficient, end-to-end transparency and traceability. Reduce risk and save time by automating workflows to provide more timely insights. Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. These expenses are initially documented as an asset on the firm’s balance sheet, and as its benefits are eventually realised over time, they would then be classified as an expense. – Once the expense has been incurred and the asset is realised, an entry can then…

Content Before You Use One of the Best Construction Accounting Software Programs The Best Construction Accounting Software of 2023 Sales and Use Tax for Construction Contractors Local and District Taxes Specialized Construction Billing The cost price will be that at which you have sold similar fixtures to other contractors. For the purposes of construction contracting, California’s Sales and Use Tax Law considers materials to be property that, when combined with other property, loses its individual identity to become an inseparable part of real property. Use tax is a companion to…

Content What Is the Impact of Depreciation Expense on Profitability? Step 1. Revenue and Capex Projection Step 4. Fixed Asset Roll-Forward Schedule (PP&E) Depreciation Expense Units-of-production depreciation method Depreciation Noncash expenses are those expenses that are recorded in the income statement but do not involve an actual cash transaction. Many tax systems prescribe longer depreciable lives for buildings and land improvements. Many such systems, including the United States, permit depreciation for real property using only the straight-line method, or a small fixed percentage of the cost. The adjusting entry for…

Content Operating expenses Operating income Whether Your Business Operations Are Profitable Business Financial Resources Ways Founders Can Improve Their Personal Finances Section 1: Revenue These statements are generated on a weekly, monthly, quarterly or annual basis, depending on the standard operating procedure of a business. It adds up your total revenue, then subtracts your total expenses, and gives you your net income. A multi-step P&L, on the other hand, requires you to perform multiple calculations in order to arrive at your final net income. The format you choose depends on…

Content How Can They Pay You professional looking freelance invoice templates What to Include in a Consultant Invoice Download your consulting invoice template. Download the free IT consulting invoice template to start charging clients for your hard work. Establishing clear terms on your consulting invoice will manage expectations, communicate professionalism, and serve as a safety net for all things related to payments and cash flow. Verbally communicate these terms with your clients prior to setting up a contract and if that’s not possible, make sure that it’s written in the…