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 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…
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…
How to Get Bookkeeping Clients in 4 Steps [+ Free Marketing Ideas]
Learn how to get bookkeeping clients quickly by first identifying your target audience, then implementing marketing ideas to reach your potential clients, followed by joining a few networking groups and finishing off by offering additional services like payroll or tax prep to your existing clients. You can typically get started with all of these steps…
How to Write a Collection Letter [+ Free Templates]
Writing a collection letter requires you to follow the right step-by-step process and include the right language to give your customer official notice that a debt is owed and past due. You will typically send a total of four letters before hiring a collection agency or recording a bad debt expense. Collection Letter Templates There…
Where to Find Freelance Bookkeeping Jobs for Free or Low Cost
Whether you are a bookkeeper looking for full-time employment or a freelance bookkeeper trying to drum up new clients, there are some terrific job sites you can choose from. Some job sites offer paid memberships for a few premium services, but most of the sites are free and we recommend you apply to those first….
Accounts Receivable Aging Report: The Ultimate Guide
An accounts receivable (A/R) aging report shows all unpaid customer invoices grouped by the number of days outstanding. If you use online accounting software, you can create this report in a few minutes. Otherwise, you can create it manually in a Microsoft Excel spreadsheet. To avoid delinquent invoices, review this report monthly, and follow up…
How to Become a Certified Bookkeeper
A certified bookkeeper is someone who has demonstrated they have the knowledge, skills and work experience to perform the duties required of a bookkeeper. The best way to become a certified bookkeeper is via one of the two top professional bookkeeper organizations: AIPB and NACPB. You can also become certified through local or online college…
SlickPie vs. Wave: Price, Features & What’s Best in 2018
SlickPie and Wave offer something that most small business accounting software does not—a feature-packed product for free that has the ability to handle all of the bookkeeping basics. Both of these options are great for freelancers, sole proprietors, and businesses with a few employees. Wave is more widely used, but SlickPie might be better if…
25 Tips to Find the Right Bookkeeper from the Pros
Every business should keep a clean record of all its financial transactions. However, most business owners are either not trained to do their own bookkeeping or they don’t have enough time for the task. According to the experts, hiring a bookkeeper to manage your books is something that would benefit most businesses. Below are 25…
What is a Profit and Loss Statement & Why Is It Important?
A profit and loss statement, otherwise known as a P&L or income statement, is a document that measures and reports a company’s expenses and revenue during a specific period of time. This shows a company’s financial status and progress during the time surveyed. The statement details a company’s capability to create profit by driving revenue,…
Employer Identification Number (EIN): What It Is & Where To Get One
An Employer Identification Number (EIN) is a unique nine-digit number that identifies your small business when you file taxes, open a business bank account, get a business loan, or do other business activities. Many, but not all, small businesses are required to get an EIN. How to Get An EIN – Cost, Online Application, &…