Eric Gerard Ruiz, CPA

The best small business budgeting software must let users budget income and expenses, categorize budgets in classes and locations, create budget reports, and provide different options to forecast amounts. Additionally, it should be easy to use to give users a more meaningful budgeting experience. With that in mind, explore the five best budgeting software for…

A professional locksmith invoice must include standard information such as the invoice number, amount due, and customer billing address. It must also include special items like detailed descriptions of items and services, relevant dates, a warranty statement, and terms and conditions. We provide two locksmith invoice template designs for your business. Feel free to modify…

The best accounting software for handyman businesses should have features like project accounting, income and expense tracking, financial reporting, and time tracking. Since many handyperson businesses handle client projects, the ability to manage project costs and bill clients should also be present. With that in mind, here are the five best handyman accounting software: :…

The best law firm bookkeeping and accounting software must be able to handle client trust accounts (CTAs), including interest on lawyers’ trust accounts (IOLTAs), track time and expenses spent on cases accurately, and maintain detailed records to bill the client properly. It should also have a three-way reconciliation of client ledgers, trust accounts, and bank…

While taking a crash course might be beneficial to small business owners who aren’t well-versed in accounting concepts, it often lacks the flexibility busy business owners need. To help, here are six small business accounting books that allow business owners to expand their knowledge at their own pace, providing valuable insights without the time constraints…

Mark-to-market (MTM) accounting, also known as fair value accounting, is the process of valuing assets and liabilities at their current fair value. Under US GAAP, MTM is applied primarily to financial instruments such as stocks, bonds, and derivatives, which are significantly influenced by fluctuations in market conditions. Moreover, it is not applicable in long-term fixed…

Nonprofit organizations require dedicated accounting software that takes their stringent requirements for financial planning, budgeting, auditing, and reporting into account. Features like grant tracking, nonprofit financial reporting, and donation tracking are some of the most important things to look for in nonprofit accounting software. To help you choose a solution that fits your organization’s needs,…

QuickBooks Online is accounting software designed to help small businesses manage assets, liabilities, equity, income, and expenses, while Excel is a spreadsheet program for data organization, analysis, and visualization. You can use QuickBooks Online for accounting right out of the box, but with Excel, you have to have the expertise and time to set up…

QuickBooks Online (QBO) is a robust accounting platform, and like most business software, it comes with a learning curve, especially for those without an accounting background. There are several effective ways to learn QuickBooks, including hands-on practice with a free QuickBooks Online trial, online courses, and books or guides. Another option is to become a…

Goodwill is an intangible asset that arises from a business combination. When one company purchases another, the acquiring company often pays more than the value of the acquired company’s net assets. Think of it like selling a product—if you want to make a profit, you need to charge more than what the product costs to…

The US GAAP and IFRS are two of the most widely used accounting standards in the world, and both aim to enhance the quality of financial reporting. US GAAP is primarily followed in the US, while IFRS is adopted by over 165 jurisdictions globally. The US GAAP and IFRS have different interpretations and treatments of…

The decision should be based on whether the cost improves the asset vs merely restores the asset to its original operating condition. Capitalized payments create an asset on your balance sheet, while expensed payments reduce the net income on your income statement. In general, payments to purchase or repair fixed assets should be capitalized if…