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Keeping Track of Revenue

As an accounting major in college, I quickly learned all of the complicated parts of the accounting cycle. I discovered how to input the details of business transactions into a computerized accounting system. At the end of an accounting cycle, such as a month, I became experienced with calculating the revenue for the period. If you’re starting a new business, determining an accurate amount of revenue for each accounting cycle is crucial. You must know how much profit you’re making each accounting period in order to be successful in the long-term. On this blog, you will discover how an experienced accountant can help you keep track of your revenue.

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Keeping Track of Revenue

    Key Calculations When Setting Up A Business Budget

    When you're setting up your small business budget, it's important to make sure that you have all of the relevant information that you will need to complete an accurate budget. Here are some of the pieces of data that you need to include in your budget. All Income Sources The first piece of information should be easy to get if you already have an accurate profit and loss statement set up.

    Three Daily Accounting Tasks Every Small Business Owner Needs To Do

    As a small business owner, it is easy to overlook certain components of running a company, such as accounting for your company's financial transactions. However, by skimping on your accounting chores, it is difficult to see how your business is doing. For example, you need to see if your company is turning a profit, which expenses are too high, or what customers or products are not profitable enough. To make keeping your company's books a more manageable chore, try to complete these three accounting tasks on a daily basis.

    Why You Should Hire A Certifed Public Accountant For Your Business

    Are you a new small business owner who has poor financial organizational skills? There are many things that are involved with keeping business finances in order. Neglecting to keep proper records can land you in serious trouble with the government or even in a lawsuit. It is wise for you to hire a certified public accountant to assist with keeping your business finances in order. This article will give you more insight about what an accountant can do for your business.

    Own An In-Home Daycare? You May Qualify For At-Home Office Deduction

    If you own a licensed daycare that you run out of your home, there is a possibility that you qualify for a home office deduction. The rules for a home office deduction, when you own and run a daycare out of your home, are very specific. Here are a few things that you need to know about claiming an at-home office deduction when you run an in-home licensed daycare. Your Taxable Income Will Be Reduced By The Deduction

    Mistakes Businesses Make With Petty Cash

    Creating a strong system for managing petty cash is important because it helps you maintain tight control over your business' financial health. Here are some mistakes that business owners make when working with petty cash, along with tips on how to avoid them.  Not Creating a System If you only do seldom transactions with petty cash, you might not want to spend the time creating a company policy and system for dealing with these small transactions.

    What Kind Of Information Can I Glean From My Payroll?

    Analyzing payroll information can be one of the best ways to measure employee performance. Here are some key analytics that you can use in your payroll.  Looking at Utilization One thing that you can take away from payroll data is how much time employees spend on matters that are directly related to billable services. You can quickly see who is underperforming and overperforming in this area. Some departmental trends may also emerge that can affect where you devote your resources.

    Three Ways An Accounting Firm Can Help You When Starting a New Business

    If you have always wanted to start your own business, you need to consider hiring an accounting firm to help you make your dream a reality. Many first time business owners do not realize all of the intricate financial details they need to take into account when they are starting their business. The following guide walks you through a few ways the accounting firm can help you get off on the right financial foot when you first start your new business.

    Understanding The Tax Implications That Come Along With Forgiven Debts

    It's estimated that at least 35% of the population has at least one debt in collections. Debts that reach this stage have gone unpaid for quite some time. In an effort to collect some payment towards the debt, creditors may offer a settlement. With a settlement offer, you agree to pay a portion of the debt and the creditor agrees to forgive the leftover balance, but this doesn't mean the balance is wiped away.