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business Expenses

Avoid Lost Deductions: How to Properly Document Business Expenses for IRS Audits

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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Bank Feed

Mastering the Bank Feed in QuickBooks Online

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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Bank Feed

How to Properly Record Your Technology Expenses

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

Bookkeeping for SaaS Companies: How to Handle Monthly Recurring Revenue (MRR) Properly

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

Advanced Bank Feed Features in QuickBooks Online

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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recurring transactions

Understanding Recurring Transactions in QuickBooks Online

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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Bank Feed

Budgeting vs Forecasting: What’s the Difference and Why Does It Matter?

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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Special transactions

QuickBooks Online: Special Transactions

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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purcchases

Understanding Purchases Versus Expenses in QuickBooks

In a prior blog post we discussed sales versus income.  Today we will dive into another set of similar terms that have different meanings in QuickBooks. When working in QuickBooks, it’s essential to understand how the terms “purchases” and “expenses” are used. These terms may seem straightforward in everyday language, but in QuickBooks, they carry

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