Bookkeeping

A Bookkeeper is responsible for recording and maintaining a business’ financial transactions, such as purchases, expenses, sales revenue, invoices, and payments. They will record financial data into general ledgers, which are used to produce the balance sheet and income statement. In conclusion, bookkeepers play an essential role in both financial reporting and compliance for businesses. Will you […]Continue reading

If your business uses the cash basis of accounting, you don’t have to worry about deferred revenue. According to cash basis accounting, you “earn” sales revenue the moment you get a cash payment, end of story. For example, if a business pays out a performance bonus annually and one of their employees has been smashing […]Continue reading

Digital invoicing empowers your small business by automating invoice processing and saving time by tracking key invoice data like upcoming and outstanding invoices. You can also manage late payments more efficiently through e-invoicing by setting up payment reminders to send to your customers before an invoice due date. Online accounting services can perform a wide […]Continue reading

The invoice format is good, and it can be accessed from anywhere. Customer support is very good, with almost all problems resolved within 2 hours. Accounting software is a digital tool that helps businesses manage financial tasks like bookkeeping, invoicing, payroll, and reporting. It’s essential as it enhances accuracy and efficiency, and provides insights into […]Continue reading

Let’s take a look at some common outsourced accounting myths and explore how outsourced accounting service providers like our team at LBMC are addressing them to build a better client experience. Although you must pay for their services, hiring outsourced accounting experts eliminates these additional costs, saving you money overall, especially helpful if you’re a small business. […]Continue reading

Running a successful marketing agency is like juggling flaming swords while riding a unicycle on a tightrope—exhilarating but also complex. Managing payment of royalty and marketing fees is also essential for franchisee accounting. Lastly, you’ll want a partner who can help you make sense of your financials and provide clear reporting for any franchisor reporting […]Continue reading

The AR balance is based on the average number of days in which revenue is received. Revenue in each period is multiplied by the turnover days and divided by the number of days in the period. Your ratio highlights overall customer payment trends, but it can’t tell you which customers are headed for bankruptcy or […]Continue reading

Content Step 3: Subtract pre-tax deductions Step 3: Review payroll information What Is the Social Security Tax? Helpful payroll tools to get payroll done Resources for Your Growing Business It is a system for keeping track of payroll-related company costs. Employee compensation, payroll taxes, employer parts of federal benefit withholdings, employee benefit payments, and other […]Continue reading