In our last blog post, we explored how to use banking filters in QuickBooks Online (QBO) to categorize transactions efficiently by leveraging matches, rules, and suggestions. However, once these automated features have done their job, we’re often left with some transactions that still need to be addressed. In this post, we’ll walk through the next […]
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Don’t Let “Naked” Expenses Cost You During an IRS Audit When it comes to IRS audits, one of the most common reasons taxpayers lose out on deductions is simple but avoidable: lack of documentation. You might think that a bank or credit card statement is enough to prove business expenses, but the IRS sees
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Managing your bank transactions efficiently is a crucial part of keeping your books clean and accurate. QuickBooks Online (QBO) simplifies this process with its bank feed feature, allowing you to automatically import, categorize, and reconcile transactions from your linked bank and credit card accounts. However, to get the most out of the bank feed, you
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Technology Expenses 101: How to Record Cloud Storage, Server Costs & More Tracking technology expenses can be tricky for any business, but for SaaS and tech companies in general, it can be even more challenging. In addition to the tech costs associated with the creation and delivery of your products and service, you must also
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Bookkeeping for SaaS Companies: How to Handle Monthly Recurring Revenue (MRR) Properly Software-as-a-service (SaaS) is big business, generating over $390 billion worldwide each year and forecasted to grow at a rate of 19.38% annually. Annual subscriptions and enterprise options may be available for a SaaS, but monthly subscriptions are most common. Bookkeeping for SaaS requires
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Bank Feed Skills for Closing the Books In previous blog posts, we’ve covered the essential knowledge required to close the books. Now, it’s time to put that knowledge into action by mastering the skills necessary to efficiently close the books. We are going to focus on advanced topics related to the QuickBooks Online (QBO)
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The Importance of Recurring Transactions For many businesses, financial transactions are repeated month after month. In fact, it’s estimated that about 80% of transactions fall into this category. Instead of manually entering the same data every time, QuickBooks Online (QBO) provides two primary ways to automate this process: Bank Rules – These automate transaction categorization
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Budgeting vs Forecasting: What’s the Difference and Why Does It Matter? Businesses run on money. Without cash flow, your business will quickly fall behind. You need a budget to manage your money and a forecast to better understand what your finances may look like in a given reporting period. If you don’t know the difference
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Cash vs Accrual Accounting: Which One is Right for You? Your accounting method matters. As a business owner, your choice will impact how and when you need to report expenses and revenue. You’ll need to make the decision between cash vs accrual accounting, and it’s one that is a double-edged sword: Cash is easier for
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When using QuickBooks Online (QBO), it’s easy to assume that most transactions fit neatly into two categories: sales transactions or purchase transactions. However, several types of transactions don’t fall into either category, yet they’re essential for maintaining accurate financial records. These Special Transactions include bank deposits, journal entries, and zero-dollar transactions. Let’s break down these
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