Embarking on the journey of purchasing an existing business can be a thrilling yet intricate process that requires careful consideration and strategic planning. Whether you’re a seasoned entrepreneur seeking new opportunities or a first-time business owner looking to skip the initial startup phase, buying an existing business can be a viable path to success.  This… Continue reading How to Buy an Existing Business in 5 steps

Owner’s equity is a fundamental concept in the realm of finance and accounting, playing a pivotal role in assessing the financial health and value of a business. Essentially, owner’s equity represents the residual interest of the owners in a company’s assets after deducting liabilities. This financial metric is a key indicator of the business’s net… Continue reading Owner’s Equity: What It Is and How to Calculate It in 2024

By the end of this lesson, accountants will be able to accurately account for SAFE notes in a company’s financial statements.

QuickBooks Online is a popular cloud-based accounting software that helps small businesses manage their finances effectively. In this comprehensive lesson, we will guide you through setting up your QuickBooks Online account, managing transactions, generating financial reports, and more. Setting Up Your QuickBooks Online Account Visit the QuickBooks Online website and sign up for an account.… Continue reading How to Use QuickBooks Online: A Comprehensive Lesson

This lesson provides an in-depth understanding of Cost of Goods Sold (COGS), its purpose, and how to record and manage it effectively. By the end of this lesson, you will learn the importance of COGS in managing a company’s financial statements, practical knowledge of recording and managing COGS in a ledger, and how COGS affects… Continue reading Understanding Cost of Goods Sold: A Comprehensive Lesson

Starting a new business can be an exciting and rewarding venture. However, it can also be overwhelming, especially when it comes to managing finances and accounting. Whether you have a background in finance or not, it is essential to set up a reliable accounting system that can help you keep track of your business’s financial… Continue reading Accounting Practices for Startups: How to Get Your Finances in Order

Revenue recognition is a critical aspect of financial reporting for subscription businesses, particularly for those operating under the Software as a Service (SaaS) model. In this post, we will discuss the 5-step revenue recognition process, provide real-world examples, and address key complications and future developments in revenue recognition. What is Revenue Recognition? Revenue recognition is… Continue reading The 5-Step Revenue Recognition Process for Subscription Businesses

In today’s digital age, e-commerce companies face unique challenges when it comes to accounting and financial management. Accurate and efficient financial processes are crucial for the success and growth of any e-commerce business. In this post, we discuss accounting best practices that can help e-commerce companies streamline their financial operations and make data-driven decisions. Choose… Continue reading Top Accounting Strategies for E-commerce Companies Unveiled

The global bookkeeping services market is expected to grow at a compound annual growth rate (CAGR) of 9.8% from 2024 to 2030. Whether you’re an independent freelance bookkeeper or part of a larger firm, one key factor will determine your ability to capitalize on this growth: your rates. Setting appropriate rates for your bookkeeping services… Continue reading How Much Should You Charge for Bookkeeping Services?

As an accounting firm, your expertise lies in high-level financial analysis, tax planning, and advisory services – not tedious bookkeeping tasks. Spending countless hours on data entry, bank reconciliations, and accounts receivable/payable prevents you from focusing on your core strengths. Hiring a dedicated bookkeeper allows you to offload these time-consuming administrative duties, freeing your team… Continue reading When Should Your Accounting Firm Hire a Bookkeeper?

The accounting industry is on the cusp of a technological revolution. Artificial intelligence (AI) and automation are no longer futuristic concepts but powerful tools rapidly reshaping the way firms operate. A recent study by Gartner revealed that by 2025, accounting tasks augmented by AI could increase by 70%. As these disruptive technologies continue to gain… Continue reading AI and Automation in Accounting: The edge your Accounting Firm needs

In the competitive and fast-paced world of accounting, workflow efficiency is paramount for firms looking to maintain a competitive edge. Clients expect timely, accurate, and high-quality services, which places immense pressure on accounting practices to optimize their internal processes continually. By focusing on measuring and improving workflow efficiency, firms can streamline operations, reduce errors, and… Continue reading How to make your Accounting Firm more efficient in 2024