Category Archives: Bookkeeping

When you add high turnover and a relatively long “time to productivity” to the mix, accounts payable invoice processes can really suffer. When a company receives an invoice, that’s part of the accounts payable process (AP) — the vendor or supplier invoice represents a bill that the company needs to pay. After coding the invoice, […]

Assign unique codes to each item; these codes can include the Global Product Barcode (GTIN) code if using the GS1 standard or the RFID code if using the EGS standard. Do not forget that these codes must be unique to each item and help identify the product accurately. Also, with the use of these standards, […]

You can enter expenses using the mobile app, capture paper receipts, label your expenses, and control company and user permissions to dictate who can view, submit, and approve expense claims. The search for the right business accounting software can be extensive—deciding what features you need, what your budget looks like, and of course, comparing the […]

Fixed asset accounting is part of all Xero’s plans, whereas it’s offered only in the most expensive plan of QuickBooks Online, Advanced. We went to user review websites to read first-hand reviews from actual software users. This user review score helps us give more credit to software products that deliver a consistent service to their […]

For example, a customer may take goods/services from a company on Sept. 28, which will lead to the revenue accounted for in September. The customer may be given a 30-day payment window due to his excellent credit and reputation, allowing until Oct. 28 to make the payment, which is when the receipts are accounted for. […]

The Internal Revenue Service (IRS) permits businesses to deduct operating expenses if the business operates to gain profits. It segregates total revenue and expenses into operating and non-operating heads. Operating revenue is realized through a business’ primary activity, such as selling its products. Non-operating revenue comes from ancillary sources such as interest income from capital […]

You certainly need interconnected estimating and quoting tools, invoicing features and time tracking software. Do you also need a solution for improving and organizing your vendor payments and inventory management? The best accounting software for contractors includes project management and inventory tools to gauge the profitability of a job. Change orders are common in construction […]

Client communication features, allowing builders to share financial details, estimates, and invoices with clients in real time. Foundation Software is ideal for contractors looking for a platform that offers both construction-specific features and strong payroll capabilities. Subcontractor management, including scheduling and invoicing, to keep track of contracts and payments. Comprehensive job costing tools for tracking […]

One crucial aspect that quietly influences its financial health is accounts payable. Accounts receivable turnover ratio is another accounting measure used to assess financial health. Accounts receivable (AR) turnover ratio simply measures the effectiveness in collecting money from customers. The total purchases number is usually not readily available on any general purpose financial statement. Instead, total […]

However, due to potential risks or limitations in its interpretation, it should be used in conjunction with other top financial KPIs to drive business success. Generally speaking, a good accounts payable turnover ratio indicates that the payment of accounts payable obligations is done more quickly. Leveraging early payment discounts can help you save a lot […]