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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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 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
- 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
- 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 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 13, 2021
- 3 min
Cash and Accrual Accounting: Which Is Best for Your Small Business?
As a small business owner, you may be passionate about all aspects of developing your business, but it may not include accounting. There are two primary methods to recognize expenses you need to know: cash and accrual accounting methods. Even if you don’t work as an accountant, it is essential to know how each one works so you can choose the best bookkeeping practice for your business. Let’s take a look at both methods in detail, and how each one would affect your business. W
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Kieu Nga
- Nov 17, 2021
- 2 min
Accounting for Law Firm: 5 Common Legal Accounting and Bookkeeping Mistakes
Lawyers are not accountants and they often make the same common mistakes when it comes to accounting for law firms.
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Tammy Hoang
- Nov 11, 2021
- 1 min
What Is An Overbilling In Construction?
Overbilling in construction occurs when a contractor bills for contracted labor and materials before that work is actually completed
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Kieu Nga
- Nov 2, 2021
- 2 min
2021 California Sales Tax Due Date
Sales tax is a tax paid to a governing body (state or local) on the sale of certain goods or services. The sales tax is generally administered at the state level. This paper has compiled a calendar of California Sales Tax Filing Due Date, and the sales tax rate that helps you determine the correct rate and the due date to follow. Most states charge a sales tax on select goods and services, but California has its own way. The California sales tax is a minimum of 7.25%, which i
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Miley Nguyen
- Oct 20, 2021
- 4 min
How To Increase Law Firm Revenue in 2021
Business success and sustainability are dependent on revenue. This metric is also critical to accounting and law firm bookkeeping, law firm owners who want to grow their firms and improve their profitability. An increase in revenue is obviously a good thing. Do you know how much revenue your law firm needs to scale and grow? Let's talk about the revenue of a law firm in this post. We'll go over the key factors that impact revenue in law firms as well as suggestions on how to
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Miley Nguyen
- Oct 19, 2021
- 2 min
Everything Attorney Need to Know About Trust Account
Separating client trust funds from law firm operating funds is a necessary practice. When it comes to running a small firm, this concept appears to be among the most feared by lawyers. As an attorney, you will probably hear horror stories about that one time an attorney made a mistake and lost their license. Trust accounting is simply the process of keeping records. Maintain an account for money that isn't your own so that you aren't tempted to spend it. Fees that are unearne
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Miley Nguyen
- Oct 14, 2021
- 5 min
How To Improve Your Construction Company’s Profitability
Construction companies do not only build structures, they head for building profits also, of course. Although most of them know how to control their constructive projects pretty well, not many can be that good when it comes to the aspects of structuring their profits. There are reasons for this, but the main factor would come from the operation way of the building industry. Specifically, to be competitive in the market, many business owners have a tendency to focus on bidding
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Zoe Lu
- Oct 5, 2021
- 4 min
5 Tips To Improve a Law Firm’s Finances
Managing a law firm is totally challenging for every single lawyer. When it comes to the financial aspects of a business, it doubles the burden since lawyers are not trained in finance in law schools. If you are looking for ways to make your law firm financing more profitable, these are some tips recommended to you to improve your firm’s finances. The major aspects we target in this article include Business Planning, Cash Flow, Billing Practice, Costs & Expenses, and Attorney
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Miley Nguyen
- Oct 1, 2021
- 1 min
Construction Project: 10 Sure-Fire Ways to Get Paid Faster in Construction
Construction Project: 10 Sure-Fire Ways to Get Paid Faster in Construction
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Thuy Pham
- Sep 28, 2021
- 6 min
Three Common Mistakes that Lawyer Make With IOLTA
A simple explanation about IOLTA, how it works, 3 most common mistakes and how to avoid them.
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Zoe Lu
- Sep 22, 2021
- 5 min
The Beginner’s Guide to Trust Accounting
Sometimes it is easy to understand the terms or technical words in the field you work in, sometimes it is not. Even when you understand what it is, trying to explain it in words that another person could understand could be a ‘mission impossible'. Attorney’s trust account and trust accounting are some of those subjects that could get people confused, unsure, or lost for words. In this article, we provide the most basics so you could get an essential understanding of these ter
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