Analytics is the backbone behind every business, allowing you to know what’s working and what’s not, and serve as a guideline for future modifications to the business model needed to keep things on the rise. When it comes to accounting reports, the survival of the business highly depends on this data, so it’s crucial to stay on top of these, making sure they’re as accurate as possible and always on time. Accounting is a deep and complex area of a business, but on the surface of it are a few of the most important and basic aspects that will be the foundation for the rest, and therefore they should never be neglected by the business. These come in the form of reports, namely the income statement, balance sheet, and cash flow statement, and it’s a good idea to run all of them on a monthly basis. Read More…
Online Accounting Software Articles
Asking Customers for Deposits on Work The Right Way
Have you ever found yourself in the situation where you perform a job for a client, only to realize shortly after that your work would go uncompensated? This happens more than it should, especially in the world of freelancers, so consider yourself lucky if you haven’t experienced it yet. It’s happening increasingly often due to the more international, remote nature of the workforce today. So it’s necessary to have methods and solutions in place to prevent this unpleasant scenario and requiring clients to pay you an upfront deposit is one possible fix. The deposit could be a portion upfront or multiple ones paid in milestone-style installments throughout the job – it depends on your situation and the type of job. Asking for an upfront deposit shouldn’t be a problem for any reasonable client – they’ve probably dealt with this before, if not asked for upfront deposits themselves, and the reasoning behind it is completely logical. Read More…
Choosing the Right Time Tracker for Pairing With Accounting Software
Any freelancer or company that invoices clients based on time spent on their projects knows that things can easily get out of control and nearly impossible to track. When this happens, it’s time to enlist the help of a professional tool to keep things organized and accurate. These tools are helpful for the worker in terms of allowing all their time spent on a project to be accounted for, and the customer, who gains full certitude in where their money is going. Every project, company, and professional agreement has different terms and needs from a time tracking tool. Here are a few of the most standard ones that should be sought out in this type of software. Read More…
Common Accounting Mistakes and How to Avoid Them
Mistakes happen, especially when human error is involved, but when these mistakes are related to accounting, the results can range from a headache to being costly, to actually detrimental. Many of these errors occur when whoever’s taking care of the company’s accounting doesn’t quite know what they’re doing – a situation that can be avoided by either hiring an experienced professional or utilizing tools that will automate processes and reports and eliminate the margin for human error. Another way to avoid them is by simply being aware of the most common ones and paying close attention to the measures you can take to prevent them. Read More…
Chargebacks: How to Make Sure Business Transactions Aren’t Disputed
For many business owners, not being paid by their customers is the worst thing that could happen. However, there is one phenomenon that should be feared just as much if not even more: chargeback. Not only can disputing chargebacks steal precious time that could be spent on running the business, but they can also leave a nasty black mark on the company’s reputation. For this reason, business owners have to be prepared for this situation by taking the necessary preventive measures that can also come help out should the chargeback process end up becoming unavoidable. Read More…
The Art of Customizing Your Invoices
Building trust between a company and its clients is one of the most challenging things that business owners have to face. Not only do they need to find a niche in the market or offer a product that’s better than that of the competitors, but they also have to build up a brand from scratch. In fact, a good brand is half the battle: if people have something to be attached to on an emotional level, then they are more likely to become recurring customers and may even recommend your services to others. Read More…
How to Track Business Mileage With Online Accounting Software
Properly logging expenses in the books is a must for businesses for two important reasons. Firstly, including incomes and expenses in business reports is the only way to confirm that a company is operating lawfully. And secondly, many of the expenses are deductible from the amount to be paid to the IRS during tax season. Thankfully, online accounting software makes recording and categorizing business-related expenses so easy that it can be done by anyone within the company. This is more or less true for tracking business mileages, too, although in this case you may need to apply some tricks to record everything properly in the accounting software and simultaneously earn the biggest deductions possible. Read More…
The Best Courses to Learn Accounting in the U.S.
There is no denying that online accounting solutions are an inevitability for businesses since they partially automate the boring process that is bookkeeping. However, regardless of how advanced the technology is, the verification of transactions is something that will always require some sort of human input. Simply put, the world will always need professional accountants that are able to keep the books accurate and remain familiar with a wide variety of accounting solutions. The road to becoming a successful accountant isn’t easy, but by picking the right accounting course and then continuing the learning process after that the step in the right direction is made all the easier. Read More…
QuickBooks Online With TurboTax: Creating an Unbeatable Duo
When it comes to online accounting solutions it’s virtually impossible to list every feature that makes the collective lives of businesses as convenient as possible, but if there is one area that needs emphasizing it’s the automation of data entry. Whether this occurs within the software by copying data from one place to another or via the integration of a third-party solution, automation can streamline the business workflow. That’s why it’s such a shame that the vast majority of accounting programs and tax preparation software cannot be used in tandem. Thankfully, however, there is one exception to this rule: Intuit, the company behind QuickBooks Online and TurboTax. Read More…
The Essential Tax Preparation Guide for Small Businesses
When the right equipment and people are by your side, running a business can be enjoyable. However, there is one day of the year dreaded by all American citizens earning any sort of income: tax filing day. For many people preparing taxes is already a challenge, but for businesses it can be a nightmare. Not only do businesses need to file different forms, but they also have to take into consideration a number of various aspects to create accurate tax returns.
However, with a bit of organization and the help of our business tax prep guide, getting ready for tax season can be made easy, just as simple as managing books with an online accounting solution. Read More…
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