3 Types of Accounting: A Guide to Financial, Managerial, and Cost Accounting
Accounting is divided into several sections, but for small business owners, there are three types that are necessary to generate financial i
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Miley Nguyen
- Mar 29, 2022
- 4 min
What are Underbillings? 5 Easy Ways to Stop Cash Flow Drain
Underbilling is the opposite of overbilling and occurs when a contractor does not invoice their customer for completed work. Not complete pr
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Hannah Nguyen
- Mar 28, 2022
- 5 min
Law Firm Billing: Ultimate Guide and Best Practice
Administrative tasks like billing and invoicing can be tedious and time-consuming and you may be stuck if you don’t implement the proper law firm billing process at the outset. That is why it’s crucial to have a streamlined process in place, ultimately saving lots of time and resulting in faster client payments. Reduce the repetitive and tedious tasks associated with tracking and entering billable time Simplify and standardize the invoice to create process Make it easier to s
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Hannah Nguyen
- Mar 23, 2022
- 4 min
8 Most Common Construction Accounting Mistakes That Cause Catastrophic
Incorrect overhead rates create problems because they do not accurately describe the current overhead of a business
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Hannah Nguyen
- Mar 22, 2022
- 2 min
Overhead Cost - How to Calculate
Along with direct materials and direct labor, overheads are also a very important cost element to determine directly to your business’s profitability. In this guide, we’ve covered: Overhead definition Examples of overhead Types of overhead Overhead calculation What is overhead? Overhead, also known as an overhead cost, refers to an ongoing expense of operating a business. Overhead costs are not directly attributed to creating a product or service to lead to the generation of
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Hannah Nguyen
- Mar 18, 2022
- 8 min
Construction Billing Methods: Never Waiting on Unpaid Billing
When a small construction company does not get its payables, it is more vulnerable to damage than a large company with large cash reserves.
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Hannah Nguyen
- Mar 2, 2022
- 3 min
Calculating Cost of Goods Sold for Contractors - Expert Guide
As a contractor, you are working on many projects, whether it is a small task or a big project, it requires months, years, or even decades to complete. Thus, meticulously tracking the cost of goods sold and keeping them separate from regular business expenses is key when it comes to measuring job profitability. What is the Cost of Goods Sold in Construction? Cost of Goods Sold (COGs) refers to the direct costs incurred in the production of any products and services by a compa
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Hannah Nguyen
- Feb 18, 2022
- 3 min
What Is a Purchase Order? Difference Purchase Order vs Invoice?
A purchase order is very crucial for a well-managed purchasing process that makes it easier to track your inventory and order supplies and sellable goods. However, many small business owners have not fully understood the importance and process which is certainly essential for the success of your company. In this guide, we’ll cover: Purchase Order Definition Purchase Order Process The Purpose of Purchase Order Key Differences Between Purchase order vs Invoice What is a Purchas
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Hannah Nguyen
- Feb 16, 2022
- 4 min
Everything Contractors Need to Know About Retainage
Construction is one of the hardest industries to manage cash flow in. For many projects, general contractors and subcontractors often face large up-front costs and frequent, long delays between expenses and payment. As a business owner, you may know that you aren’t getting paid in full until the work is completed and accepted. The construction retainage practice throws another wrinkle into the process. The retainage allows a project owner to hold off on paying the full price
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Hannah Nguyen
- Feb 11, 2022
- 6 min
Best Accounting Software for Small Business of 2022
Are you finding the best accounting software that fits your business needs? We’ve rounded up the best accounting software that makes it simple and easy to manage financial records for all costs and profits. This accounting software will reduce the amount of time you spend on back-office and administrative tasks, including accounts payable, payroll, billing, general ledger, etc. Additionally, the accounting software we’ll mention below is integrated with many applications that
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Hannah Nguyen
- Feb 9, 2022
- 4 min
What is Progress Billing? How to Implement and Why You Should Use It
Many businesses undertake long-lasting projects with substantial budgets but struggle to find an effective way to invoice customers. Many clients hesitate to make significant payments before the work is completed, so how can your business handle the expenses for labor and raw materials before getting paid? The answer should be progress billing. Let’s discover the progress billing definition and how it benefits customers and your business for large-scale and lengthy projects i
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Hannah Nguyen
- Jan 21, 2022
- 4 min
Outsourced Bookkeeping Services for Small Business
As a small business owner, you have everything on your plate, from taking care of customer relationships, marketing and sales, finance, and more. You are most likely overburdened with work. While you pile bookkeeping on top of it, two things can happen: your books and your financial aspects get ignored, which might hurt your bottom line. The best advice is to outsource bookkeeping solutions for small businesses with all support from bookkeeping specialists. An outsourced book
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Hannah Nguyen
- Jan 12, 2022
- 4 min
Bookkeeping Vs Accounting: 5 Key Differences
Under an untrained eye, bookkeeping and accounting may appear to be the same profession. It’s a common misconception regarding the two since both bookkeeping and accounting deal with financial data, and work with numbers. Though they seem similar, there is a distinction between each process and the roles of a bookkeeper and accountant. Simply put, bookkeeping focuses on recording transactions and organizing financial data while accounting gives you an insight into your busine
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Hannah Nguyen
- Jan 5, 2022
- 2 min
2022 Gift Tax Rate: What It Is, How It Works and Who Has to Pay It
During our lifetime, you always want to give the best things to your beloved ones. And while sending valuable gifts to your spouse, family, and friends, you may face some unexpected financial consequences in the process like taxes on gifts. The federal government imposes a gift tax of up to 40% on transfers of property from one person to another. And if your gift exceeds a certain value, you may have to file a gift tax return and pay the gift tax. What is the gift tax? Gift t
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Hannah Nguyen
- Jan 5, 2022
- 4 min
IRS Home Office Tax Deduction for Small Business Owners - Help you Reduce Tax Bill
Has the coronavirus led you to start a business or become your own boss this year? If you are a small-business owner and use part of your home for business, you could save big money on taxes by taking the home office tax deduction, as long as they meet the IRS’s requirements. Simply put, the home office deduction allows you to deduct a portion of the cost of running your home as a business expense, proportional to the amount of your home you use for business. You can also tak
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Hannah Nguyen
- Dec 19, 2021
- 5 min
What are Accounts Payable? How to Record Accounts Payable Properly
When your company purchases goods on credit that need to be paid back in a short time, it is known as accounts payable. As a business owner, you have to pay a handful of bills each month, and thus accounts payable become an evil. It’s a source of money going out - instead of coming in, so it’s unpleasant to think about it. In this article, we’ll take you through everything about accounts payable to provide better insight into what they are, how they affect your business, and
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Hannah Nguyen
- Dec 15, 2021
- 2 min
5 Successful Construction Bookkeeping Tips That Save You Countless Hours
Bookkeeping can be one of the most daunting processes when you’re running your own business. Maintaining accurate records of financial transactions ensures an overview picture of your company’s financial health. The process seems to be overwhelming at the first glance. However, we’ve compiled 10 tips to make construction bookkeeping as simple as possible, successful bookkeeping methods would ensure your business function effectively and transparently. Use different checking a
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Hannah Nguyen
- Dec 2, 2021
- 6 min
Law Firm Bookkeeping and Accounting: A Completed Guide 2022
The Completed Guide To Better Law Firm Bookkeeping and Accounting Practices!
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Hannah Nguyen
- Nov 26, 2021
- 3 min
5 Considerations for Law Firm Accounting
While you’ve spent years honing your skills to become a great lawyer, you didn’t understand deeply about law firm bookkeeping or accounting, especially when it comes to legal accounting. Even though you hire a seasoned accountant, who may be great at handling small business accounting, you need to be sure your accountant understands what is involved in accounting for law firms. For some law firm accounting guide, it’s important to highlight that law firm accounting and other
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Hannah Nguyen
- Nov 25, 2021
- 4 min
What are IOLTA accounts? Common Mistakes To Avoid
Attorneys routinely receive and handle money that belongs to clients for future use such as security settlement payments, fees advanced for services not yet distributed. Sometimes, the amount of an individual client is large and holds for a long time, so an attorney can deposit the funds into an individual bank account, known as a Client Trust Account with the interest earned belonging to the client. However, most of the time lawyers usually handle client funds that are too s
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