BPO Accounting: Benefits, Functions, Types, and Challenges
With rising hiring costs, more businesses have started outsourcing their key operations. This is a smart move, as it can save money, give you access to expert services, and add flexibility to your workflow. Plus, you can focus more on growing your business by offloading specific time-consuming tasks. In fact, the business process outsourcing […]
Accounting 101 Cheat Sheet: Terms, Formulas, Software & More
Accounting might seem complicated and unattainable, but it’s just understanding and recording what comes in, what goes out, and where it all goes. Knowing these basic accounting concepts can help you stay financially organized and make informed decisions. This blog is your accounting 101 cheat sheet, where we’ll break down key accounting concepts, essential formulas, […]
Bookkeeping for LLC Essentials to Keep Your Finances in Check
What’s the bookkeeping for LLC setups? Is it different from solopreneur accounting? What best practices should members implement? In this post, we’ll go over these considerations and offer some tips for managing records, choosing software, and preparing taxes. TL;DR – How to Do Bookkeeping for LLC Here’s how you can do proper bookkeeping for your […]
Bookkeeping Engagement Letter: Components, Templates & Tips
A good bookkeeping engagement letter will help you clarify the tasks you’re hiring for. This way, you will not easily get into any confusion with your bookkeeper. We’ll go over what should be in the letter and how to write one. While a good bookkeeping engagement letter eliminates confusion and sets clear expectations, you’ll […]
Accounting for SaaS: Tools, Standards, Challenges, and Tips
There isn’t a specific set of SaaS accounting standards to follow. SaaS businesses use the same generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS), depending on their location. However, we find some specific considerations when applying these standards to the SaaS business model. In this post, we’ll go over these along with […]
S Corp Bookkeeping Explained: Key Tasks, Tips, and Challenges
S Corp bookkeeping can differ from the usual record-keeping for your average business. Corporations have different structures and follow different rules. In this post, we’ll talk about the books you need for proper S Corp financial management and taxation. We’ll also go over some tips to stay ahead and out of trouble. What Sets […]
Ultimate Accounting Cheat Sheet for Small Business Owners
This accounting cheat sheet will give you foundational knowledge of some of the key terms, elements, and ideas of financial management. Basic Accounting Terms Every Small Business Owner Should Know Assets, Liabilities, and Equity Assets – anything a business owns that has value now or in the future Liabilities – anything that your business […]
How to Calculate Gross Profit: A Simple Guide for Business Owners
Wondering how to calculate gross profit and what factors affect this number? We will be giving you the rundown of gross profit, how to improve it, mistakes to avoid, and more. What is Gross Profit? Gross profit or gross income refers to your total or gross revenue from sales minus the cost of […]
Retained Earnings vs Net Income: What’s the Difference?
Understanding retained earnings vs net income is important for a business to get an accurate picture of its finances. In this post, we’ll go over some commonly confused accounts and calculations. We’ll also talk about how they work together for financial decision-making and business growth. What is Retained Earnings? Retained earnings are the cumulative […]
Which Account Does Not Appear on the Balance Sheet?
Do you wonder which account does not appear on the balance sheet? In this post, we’ll go over what accounts make up a balance sheet and what the off-balance sheet items are. We’ll also talk about what that means for your accounting and financial analysis. Understanding the Structure of the Balance Sheet Assets, […]
