Bookkeeping

The chief executive officer of financial advisory firm, Blue Ocean Global Wealth, Rita helps people meet their life goals through the proper management of financial resources. She is passionate about helping them navigate some of life’s most difficult issues—divorce, death, career changes, caring for aging relatives—so they can feel confident and in control of their […]

Account reconciliation is like double-checking the financial books of a business. It involves comparing the company’s official records, like the balance sheet, with supporting documents such as bank statements and transaction details. If the numbers at the end don’t match, accountants dig into the reasons for the differences. They then fix any mistakes or missing

From keeping track of the changing tax regulations and connecting with clients to assembling the necessary forms and heaves of paperwork, accountants are constantly on their toes. On average, prepared tax returns with review notes are returned within 12—36 hours of submission. And it’s not necessary to change existing processes — Xpitax will follow your firm’s existing processes and uses the same tax

Problems stem from the complexity of making simple fixes, such as miscategorizations or duplicate entries. Support is limited, so users are left reading help articles rather than getting a live person to help. If you’d like additional help, there are tutorials available on a wide range of accounting terms, skills and how-tos in our QuickBooks Tutorials section.

Since breakdowns can’t be prevented, you should have a response plan at the ready. However, during recent years, when everything seemed upside down and right-side up, circumstances might’ve changed more often than usual – just look at our Shell example as proof of that notion. That’s why it’s so important to stay aware of the

If you’re undercharging for your goods or services, setting appropriate, competitive prices can positively affect your cash flow. On that note, one other way to boost NWC is by selling long-term assets for cash. Of course, depending on long-term business goals, this may not be advisable. For example, payment from a large customer may be

Outsourced tax services are expanding beyond mere number-crunching to year-long financial strategizing. Outsourcing these tedious complianceactivities enables enterprise tax teams to focus on higher-value responsibilities, like complex U.S. corporate https://www.business-accounting.net/what-are-trade-receivables-trade-receivables/ taxes, tax planning, and risk management. Understanding and adapting to each country’s unique tax requirements can be fraught with challenges – and even small missteps can

Both Xero and QuickBooks Online are optimized for small to mid-sized businesses, so large enterprises with more complex requirements may struggle to tick all of their boxes. A cloud accounting tool is one of the most powerful contributors to the day-to-day running of a company. With a system like Xero or QuickBooks Online, you can

You’ll be able to identify discrepancies, such as bookkeeping errors or omissions. When you reconcile, you compare two related accounts make sure everything is accurate and matches. Just like balancing your checkbook, you need to do this review in QuickBooks. You should reconcile your bank and credit card accounts in QuickBooks frequently to make sure they

The best accounting software integrates with other key business systems, like payroll software and HR software, thereby eliminating the need to enter the same data manually in multiple systems. Xero is an affordable cloud-based accounting software system that is highly rated among small businesses. Its simple solution for tracking income and expenses makes it easy