Category: Bookkeeping

The Statement of Retained Earnings shows how much profit a company has made and how much of that profit has been reinvested back into the company. Both statements can be used to assess a company’s financial health and performance. The Trial Balance is used to prepare financial statements like the Balance Sheet, while the Income… Continue reading CFPB Finalizes Rule to Remove Medical Bills from Credit Reports

Without proper knowledge and understanding of these laws, businesses may face penalties or fines if they make mistakes in their financial statements or tax filings. Online bookkeeping services are available globally and offer a simple and intuitive interface. Dealing with clients or vendors located in different time zones can lead to delays in communication or… Continue reading 6 Best Construction Accounting Software Programs

However, QuickBooks Online lacks construction management features, like equipment management and construction billing. If you are currently using QuickBooks and need to add construction features, you may consider integrating it with a specialized tool, like our best construction software with QuickBooks integration. Most users report having an easy time navigating and using the Foundation software… Continue reading How to Do Accounting for Your Construction Business 8 Steps

It ensures that the contractor meets all requirements and that the customer is satisfied with the performance before delivering the full payment. Generally, contract retainage is specified in the contract and is a percentage, typically five to 10 percent, of the total contract amount. Invoices help ensure that both parties clearly understand what services the… Continue reading Construction accounting for busy contractors

For example, a software company that provides subscription-based services to a customer for one year could use the percentage of completion method to recognize revenue. 1/12 of the total revenue is recognized each month based on the percentage of the services topic no 458 educator expense deduction 2020 provided to the customer. The third criterion… Continue reading Realization Principle Definition, Example, How it Works?

For example, Billie’s Watercraft Warehouse (BWW) sells variouswatercraft vehicles. Analysts, therefore, prefer that the revenue recognition policies for one company are also standard for the entire industry. Having a standard revenue recognition guideline helps to ensure that an apples-to-apples irs says acas employer mandate is a forever liability comparison can be made between companies when… Continue reading Revenue Recognition Principle in Accounting: Criteria and Methods

This functionality is extremely useful for businesses wanting to streamline their accounting processes and ensure accuracy in recording financial transactions. To access and modify existing rules, users can navigate to the ‘Banking’ or ‘Transactions’ tab in QuickBooks Online and select ‘Banking Rules’. When creating a new rule in QuickBooks Online, users can define specific instructions… Continue reading Set up bank rules to categorize online banking transactions in QuickBooks Online

Wave Payroll’s simple, low-cost features may be basic but they’re well-suited for small businesses needing an affordable all-in-one accounting and payroll solution. You don’t have to wait for a new quarter or year to start using payroll software—you can start running payroll at any time! And if you’re switching providers, you can make the transition… Continue reading Wave Payroll Review: Cost, Features, Alternatives

Wave Payroll is cloud-based payroll software designed to help small business owners simplify and automate payroll processes while remaining compliant with taxes and deductions. This is an additional service that is only available in the U.S. and Canada. Compared to other payroll software, Wave Payroll offers a very limited feature set, which ultimately drove the… Continue reading Payroll Software for Small Businesses Wave Financial

For those looking for expert assistance, Meru Accounting offers specialized construction bookkeeping services to help manage your finances, ensuring that your business stays on the right track. Financial reports like job cost reports, revenue recognition methods, and various statements help contractors make informed decisions, optimize project performance, and maintain financial stability. Embracing construction accounting principles… Continue reading Construction Bookkeeping: Essential Tools & Tips