Bookkeeping

Use a journal, spreadsheets, or construction accounting software to record day-to-day transactions like accounts payable, accounts receivable, labor costs, and material costs incurred. You’ll want to include a description of each transaction, the date of the transaction, and the revenue received. Construction companies have specific tax obligations that they need to comply with. Therefore, it …

Construction Bookkeeping: A Comprehensive Guide for Contractors Read More »

This approach protects clients but can negatively affect cash flow for contractors. Properly accounting for retainage is essential for accurate financial reporting and effective cash flow management. Construction bookkeeping is critical to the financial health of contractors and their businesses. By tracking expenses, managing cash flow, and leveraging technology, you can navigate the unique challenges …

Construction Bookkeeping: A Comprehensive Guide for Contractors Read More »

For example, some products, such as electronic equipment come with warranties or service contracts for 1 year. Since the business has not yet earned the amount they have charged for the warranty/service contract, it cannot recognize the amount received for the contract as an income until the time has passed. These concepts include, but are …

The difference between accruals and deferrals Read More »

Nursing costs are identified through the nursing cost bucket, which encompasses nurses’ wages and salaries 45. We offer dynamic checkboxes on our pricing page to help you estimate costs based on the services you require. This ensures transparency and allows you to choose the best options for your budget. A CFO, or Chief Financial Officer, …

4 Healthy Accounting Tips for Your Medical Practice Read More »

The money you just collected is certainly real and must be accounted for. The general rule is to write off a bad debt when you’re unable to connect with your client. You should also write it off if they haven’t shown any willingness to set up a payment plan, or the debt has been unpaid …

How to Calculate Bad Debt Expense Read More »

It involves targeting specific grant opportunities that align with your business’s needs and planning your submissions well in advance. This approach ensures you’re not just throwing darts in the dark but aiming with precision in your business grant strategy. Once your small business grant proposal is submitted, setting up a system to help track its …

A Guide to Writing a Small Business Grant Proposal Read More »