Category Archives: Bookkeeping

Payments are a pay-per-use feature; no monthly fees here! Your deposit times may vary based on your financial institution. All payments are subject to a risk review and periodic credit risk assessments are done on business owners because we need to cover our butts (and yours). In some cases, we may hold funds and request […]

This feature makes international transactions easy by allowing businesses to send invoices, quotes, and purchase orders in over 160 currencies. Xero might not meet the needs of larger enterprises or industries with highly specialized accounting requirements, like manufacturing or nonprofit sectors, which often require more tailored functionality. Businesses that prefer direct, immediate phone support may […]

Typically, bookkeepers aren’t required to have any formal credentials or licenses. To be successful in their work, bookkeepers need to be sticklers for accuracy, and knowledgeable about key financial a beginner’s guide to imputed income topics. Usually, the bookkeeper’s work is overseen by either an accountant or the small business owner whose books they are […]

Small-business bookkeeping is the process of https://www.bookstime.com/ accurately recording your business’s financial activity. When bookkeeping tasks become too time-consuming to handle on your own, hiring an online bookkeeping service can be a worthwhile investment. These services are typically staffed by people who have access to your accounting software and help make sure none of your […]

A transactions listing is a compiled list of all debits and credits in your general ledger (GL) for a specific period. Therefore, your AP transactions listing lists only debits and credits that hit your accounts payable account. This report can be helpful if you need to see individual journal entries in your GL accounts. Debits […]

A lower BEP is ideal for businesses with high fixed costs, as it means you can cover your expenses with fewer sales. For example, a SaaS company with high upfront development costs but low variable costs per customer may aim for a lower break-even point by focusing on customer acquisition strategies. For instance, by reducing […]

You only need to know how much your principal balance is, the interest rate, the number of times your interest will be compounded over each time period, and the total number of time periods. Compound interest is often calculated on investments such as retirement and education savings, along with money owed, like credit card debt. […]

Profit margin measures how much a company earns from each sale they make. To calculate net profit margin, subtract total expenses from revenue, and divide that value by revenue. It is important to note that there is no single profit margin number that separates a good profit margin from a bad profit margin. Businesses must […]

Whitesides staff come from a variety of backgrounds, with ex “big 4”, mid-tier and industry experience they have the specialist knowledge to support our clients. A year, or $150,000, we have a record of uncovering massive tax reduction strategies for every size and type of contracting business. Document management to organize contracts, change orders, and […]

With the aid of modern accounting software, agencies can easily generate financial reports that meet regulatory standards, making the reporting process streamlined and efficient. Accurate bookkeeping also enables agencies to prepare for tax season with confidence, reducing the stress and uncertainty that often accompany financial reporting. All of the practices highlighted in this article and […]