Employee expenses on your books are business expenses an employee pays for with their own personal funds or a corporate card and reimbursed later by the employer. The most common expense reimbursements are for airfare, hotel and meals. A written expense policy and a standardized expense report template will save time and help keep employees…
All Accounting Articles - Page 10
Xero vs. Wave Accounting: Price, Features, & Who’s Best in 2018
If you have a service-based business that does not sell any products, choose Wave. However, if you sell products and need the ability to stay on top of supplier bills, Xero has few limitations. Unlike Wave, Xero includes automatic tracking of all inventory, the ability to print checks to pay your bills, and payroll processing….
Bank Reconciliation: What It Is, How It Works & Examples
The bank reconciliation process involves matching the balance in your books for a cash account to your bank statement. Bank reconciliation is important because if there is a discrepancy, you need to find the cause and make an adjustment to your books so that your financial statements are accurate. In this article, we will explain…
Sage 50 vs. QuickBooks: Price, Features & What’s Best 2018
Sage 50 and QBO differ when it comes to affordability and the ability to meet the needs of certain industries. If you are a product-based business, go with Sage 50. However, if you sell services or you have simple inventory requirements, you can save a few bucks by choosing to use QuickBooks Online. When to…
Freelance Bookkeeping Rates: Hourly Rate vs. Flat Rate
Most freelance bookkeepers still bill their clients at an hourly rate. However, the flat-rate method is becoming increasingly popular. In this guide, we will explain how flat-rate billing works, compare and contrast hourly rate vs. flat rate and discuss factors like geographical location that can influence the freelance bookkeeper rates you can charge your clients. If…
Zoho Books vs Xero: Price, Features & Who’s Best in 2018
Zoho Books and Xero offer a variety of features, but your budget and business situation will determine which one is right for you. If you have 10 employees or fewer, choose Xero because payroll is included at no additional cost. However, if you’re a solopreneur that employs 1099 contractors, go with Zoho Books. When to…
How to Integrate WooCommerce & QuickBooks in 4 Steps
WooCommerce QuickBooks integration connects and automates data transfer between systems in real-time, eliminating the need for manual data entry. Third-party plug-ins such as Zapier and MyWorks make this integration possible. Connections can be simple data transfers, like posting sales, or complex, like real-time inventory updates. The best plug-in for you depends on your operational needs….
QuickBooks Training – Online, Free and Paid Options
As a small business owner, we know your time is limited and your budget scarce. Luckily, there are several free and low-cost QuickBooks training online options. Depending on your preference, we’ll cover a range of online and in-person training resources like self-paced video tutorials and virtual classroom instruction you can attend right from your office….
How to Ask for Payment in an Email: [+3 Professional Email Templates]
When sending a payment reminder to a client, you should include the amount owed, payment due date and the acceptable payment methods like check or credit card. We recommend that you make a payment request within 24 to 48 hours upon completion of the job and, most importantly, maintain a professional yet friendly tone in…
5 Best Virtual CFO Services for 2018
Virtual CFO services give you access to a chief financial officer (CFO) who can help your business grow by implementing ways to raise capital, set key performance indicators (KPIs) and review and analyze financials to identify risks and big-hit opportunities. We looked at several companies and narrowed it down to the top five based on…
How to Do Petty Cash Accounting & Recording in 4 Steps
A petty cash fund is a small amount of money, usually under $500, used to cover incidentals. Petty cash accounting involves establishing a petty cash policy, setting up a petty cash log, creating journal entries, and reconciling the petty cash account. Accounting can be done manually or made easier with bookkeeping software and employee expense…
Petty Cash Log, Form & Voucher [+ Free Templates]
Petty cash is a convenient way to cover small expenses but without the proper documentation, a company’s petty cash program can be abused or mismanaged. Managing petty cash means providing a petty cash form for each use and recording every transaction in a petty cash log. Using our free petty cash templates will make this…