Category: Bookkeeping

It can tell you what the real costs are versus the actual costs, the percentage of each job completed, cash flow and profitability. Sage Intacct Construction and Sage Intacct Real Estate is designed for contractors and owners to be able to manage properties and projects effectively. When it comes to real estate management, the platform takes static information, such as lease contracts, and transforms them into dynamic information resources. This improves communication, opens up lease opportunities and can accommodate most…

Sometimes your current bank account balance is not a true representation of cash available to you, especially if you have transactions that have not settled yet. If you’re not careful, your business checking account could be subject to overdraft fees. With bank statement in-hand, you can systematically check off matching transactions one-by-one by clicking their boxes. The bottom of the screen contains a running total of items you have checked off, and thus have been reconciled. This is useful for…

You should completely evaluate your client’s circumstances to see if an OIC is a good option. Your client must file all required returns to get into an IRS agreement. If your client does have a tax lien, once he or she pays off the balance, you can use lien-withdrawal procedures to help remove the tax lien from your client’s credit and public record. In the past year, the IRS has made improvements to its online payment arrangement tool on irs.gov.…

Rates may be calculated based on the face value of the eight steps of the accounting cycle the invoice or the amount of the cash advance. Briefly, factoring with recourse means if your customer fails to pay to the factoring company, you’re obligated to pay the invoice back. Since you’re guaranteeing recovery for the invoice, a recourse liability is determined and recorded. When accounts receivable are non-recourse factoring, the factoring company accepts any loss resulting from non-payment. After your customer’s…

In addition to rental income, a property might also generate revenue from amenities such as parking structures, vending machines, and laundry facilities. Operating expenses include the costs of running and maintaining the building, including insurance premiums, legal fees, utilities, property taxes, repair costs, and janitorial fees. Capital expenditures, such as costs for a new air-conditioning system for the entire building, are not included in the calculation. Operating income helps you understand how well the company is running its core operations,…

Or, if you own a pie shop, your business’s operating revenue comes from selling the pies. When you make a sale or earn money from another activity, you need to record it. That way, you can keep your accounting books updated, organized, and legal. The proposed regulations affect manufacturers, producers, and importers of designated drugs that sell such drugs during certain statutory periods. For example, you invested money into a business and earn interest on it. This depreciation is saved…

Shareholder equity is money attributed to the business owners or shareholders. It is also known as the net assets since it is equal to the total assets minus its liabilities or debt owed to its shareholders. Retained earnings are also noted on the balance sheet, and these are the net earnings that are reinvested into the company or distributed to shareholders as dividends. A balance sheet reports your assets, liabilities, and shareholder equity for a specific period. Even sole proprietors…

Kelly is an SMB Editor specializing in starting and marketing new ventures. Before joining the team, she was a Content Producer at Fit Small Business where she served as an editor and strategist covering small business marketing content. She is a former Google Tech Entrepreneur and she holds an MSc in International Marketing from Edinburgh Napier University. This content has been made available for informational purposes only. Learners are advised to conduct additional research to ensure that courses and other…

The method you choose will depend on your existing accounting systems, the number of staff you employ (and therefore how big a task payroll is) and your budget. Historically, smaller businesses shunned payroll tools, preferring to run a manual payroll setup. However, even the smallest of businesses will be better off using a payroll system. Designed to combine payroll and pensions, with the flexibility to work with multiple pension providers. By addressing these key areas, you can increase the chances…

This is an informational form that must be submitted to the IRS in order to report non-salary income. You should contact your client again if they fail to provide you a Form 1099-MISC. One of the schedules on your Form 1040, Individual Income Tax Return, will be a Schedule SE. You should figure up your total self-employment income and loss using the Schedule C portion of Form 1040’s line 31 before completing your SE. Recording Income and Expenses On average,…