While it’s true that landlords can use generic accounting software like QuickBooks or Xero for rental property bookkeeping, there are some definite drawbacks to using general-purpose software. Having a good tracking system is the key to success when it comes to handling your property expenses. Some great options include using hand ledgers, spreadsheets, bookkeeping software, …
In fact, while many U.S. small businesses prefer cash accounting for its simplicity and flexibility, only some contractors qualify. Revenue recognition or income recognition is how a contractor determines when they’ve officially made money https://azbigmedia.com/real-estate/commercial-real-estate/construction/how-to-leverage-construction-bookkeeping-to-streamline-financial-control/ on a project. Proper revenue recognition timing is crucial for accurate financial reporting. In this blog, we’ll dive into what makes construction accounting …
Request a demo to see how Bloomberg Tax Provision untangles ASC 740’s complexity. Using the valuation method, the accounts receivable of Company ABC must be brought down to its carrying value and a journal entry to record the Allowance for Doubtful Accounts of $5,000 must be entered. The carrying amount of these assets and liabilities …
Understanding Valuation Basics: The Three Valuation Approach Read More »
If a comparable company with similar growth prospects was recently acquired for a certain price-to-revenue multiple, you could apply the same multiple to the revenue of the startup you’re valuing to estimate its worth. Such clarity in financial reporting is essential for making informed business decisions and for complying with accounting standards and regulations. When …
This means that revenue should only be recognized once the seller has provided the goods or services to the buyer, and the buyer has accepted those goods or services. This principle is important because it ensures that revenue is only recognized when it is actually earned, and not before. The realization concept is an accounting …
Revenue Recognition: What It Means in Accounting and the 5 Steps Read More »
There’s no denying that the ASC 606 and IFRS 15 framework, in concert with GAAP, has made revenue recognition a key compliance consideration for many companies. However, when done manually, it’s still a tremendously tiresome and monotonous ordeal filled with many complexities and nuances. It’s important to note that revenue recognition can vary between industries …
Realization Principle of Accounting Closer Look With Examples Read More »
Here’s a more detailed overview of the 2 main ways outsourced bookkeeping works. Here are some of the most common reasons business owners outsource their bookkeeping. These figures should serve as a rough guideline to estimate the range of your budget for outsourced finance services. Therefore, outsourcing cuts much of the cost that comes with …
What is Outsourced Accounting and How Could It Help You? Bench Accounting Read More »
Looking for a scalable outsourced bookkeeping service with flexible payment options? Every inDinero plan includes a dedicated account manager, direct employee reimbursements, some inventory management, and payroll assistance. It also syncs with either QuickBooks Online or Netsuite (as opposed to syncing just with QuickBooks, like most virtual bookkeepers). Whether you have a small, growing, or …
The complete guide to finance and accounting outsourcing services Read More »
If they disagree, they’ll send back “redlines” so that the contractor can revise and resubmit the AIA billing application. One common construction billing format is known as AIA progress billing, named after the American Institute of Architects, which produces its official forms. As a type of progress billing, AIA billing invoices the customer based on …
The Ultimate Guide to Construction Accounting for Contractors Read More »
Job costing also helps you determine which types of projects are profitable and which ones to avoid. The most important thing for contractors, whether experienced in the industry or just starting out, is to have help. A construction payroll service that can handle multiple states, unions, and certified payrolls can save a tremendous amount of …
Construction Accounting 101: A Complete Guide Blog Read More »