Category: Bookkeeping

That income would be reported here, since it’s only tangentially related to your business. The IRS needs to confirm that you were the person actually earning the income, because if you weren’t, there are additional rules for claiming business losses. The other accounting methods won’t be applicable to most of you, but if you’re like…

If so, use this for the interest payments that are reported on Form 1098 by your bank at the end of the year. Anyone who has W-2 employees and offers them benefits like health or disability insurance, childcare, or group-term life insurance can report those costs here. This field is for payments made to workers…

AR Automation software enables finance teams to streamline the otherwise manual business process of managing the accounts receivable ledger, delivering invoices and collecting payments. With so many different AR solutions out there, figuring out which one is right for you is tough. In this post I’ll help make your choice easy, sharing my personal experiences…

This minimizes chances of errors and human involvement and makes the overall process more efficient. If you’re just looking to solve some of the bookkeeping business names common issues organizations have with accounts payable—the ones we listed in the first section—we urge you to look at AP Automation. If you truly just don’t want the…

Once you complete the project, you can then issue a final invoice for the entire value of the retainage. As we mentioned earlier, contract retainage can account for 5 to 10 percent of your contract value. Note down all the information from your receipts and invoices in case you ever need it. Apart from giving…

This helps ensure that nothing slips through the cracks in the construction process. For contractors, cost of goods sold (COGS) provides a vital glimpse into the profitability of a project over a specific period of time. Often referred to as “job costs”, COGS is best tracked through construction management software like Knowify. A construction accounting…

Certified Public Accountants (CPAs) do a lot more than just bookkeeping and taxes. See how a CPA can help your business, whether you need help with payroll or accounts receivable. When Dave started his radio show, people began asking him to recommend trusted professionals they could go to for financial help. That’s why he created…

Learn more about the benefits of small business membership in the U.S. Let us help your business find the best tools and solutions to thrive and grow. We may monetize some of our links through affiliate advertising. Understand Startup Taxes and Compliance Zoho accounting software is part of the suite of products for businesses offered…