Accounting Archives
Law Firm Cash Flow: Why Clients Pay Late and How to Fix It Cash flow is the lifeblood of your law firm. It ensures your bills are paid and your clients receive the service they expect. Yet many firms struggle to manage theirs properly. In fact, an estimated 82% of small businesses, including law firms, […]
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Add Transactions in QuickBooks Online Now that you’ve carefully worked through your unmatched and uncategorized bank feed activity, it’s time to add the remaining transactions to your General Ledger (GL). This final step ensures your financial data is complete, accurate, and organized, all without manual data entry. Let’s dive into this important step and everything
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Top Accounting Problems IT Companies Face (And How to Fix Them) Streamlining your workflows, systems, and workforce is part of being a cutting-edge tech company that focuses on efficiency and profitability. Accounting problems can strain your business, causing: Poor cash flow Disorganization Potential costly oversights Avoiding accounting problems as a tech company is crucial at
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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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