Category: Bookkeeping

This is important to note as independent contractors and freelancers are not your employees—they are self-employed people hired for a specific job, but are essential for you to include in your YTD. An employer and employees need to pay attention to the year to date (YTD). Payroll YTDs are required for record-keeping, calculations of tax…

As with most generally accepted accounting principles (GAAP), the definition of impairment lies in the eyes of the beholder. The regulations are complex, but the fundamentals are relatively easy to understand. Under the new rules, all goodwill is to be assigned to the company’s reporting units that are expected to benefit from that goodwill. Sometimes,…

Gross revenue is a financial metric that measures the total income generated by a business from its primary operations before taking into account any deductions or expenses. It includes all income sources, such as sales revenue, rental income, and other forms of revenue. Simply put, it is the total amount of money a business earns…

By maintaining a separate General Ledger, business owners can more easily see how their business is payroll doing financially. We can make our bookkeeping even more efficient by integrating different financial tools. This means linking our accounting software with our bank accounts, payroll systems, and even tax software. When everything works together, we spend less…

Using an expense tracker and saving your receipts can help you keep track of all of your expenses and project profits on each job. Revenue recognition is how a a business determines when they’ve officially earned revenue from a contract or project. Any bookkeeping solution you choose should have these core features at a minimum.…