See if it fits your business’ needs by reading my in-depth Xero review and evaluation. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not […]

Returned check fees can be a nuisance, but with careful financial management, they can often be avoided. Remember, in the realm of personal and business finances, knowledge and proactive management are your best defenses against unexpected costs. For businesses, returned check fees can disrupt cash flow and accounting practices. It requires additional administrative work to […]

An online course platform offers a 15% discount for customers who pay annually instead of monthly. This incentivizes users to commit to a full year and provides the platform with upfront revenue. This model is common in SaaS products designed for teams and collaboration. The underlying principle for monetization is that it’s fair to charge […]

For example, some businesses separate out interest, depreciation and amortization to show income before interest, tax, depreciation and amortization. Moving forward, you should be able to compute the company’s Net Income before tax by adding the sum of operating income with non-operating income. Here is one example of a multi-step income statement format for XYZ […]

You can also personalize the invoices with your company’s brand images and color schemes, thereby keeping your brand at the forefront of all communications. Invoices can be sent manually or scheduled to be sent automatically on a recurring basis, which we found especially useful. Maximizing your tax deductions is key to increasing profits, and QuickBooks […]

If you harvest and sell crops in a period different from when you planted them, you can deduct the cost of producing the crop in the same accounting year you realize and recognize its income. For example, long-term liabilities may be incorrectly classified as short-term, distorting financial ratios like the current ratio. When examining financial […]

The accounting period were the revenue is actually earned will then be understated in terms of profit. At the end of the second quarter of 2020, Morningstar had $287 million in unearned revenue, up from $250 million from the prior-year end. The company classifies the revenue as a short-term liability, meaning it expects the amount to […]

QuickBooks Self-Employed is QuickBooks’ freelance-specific bookkeeping software. It starts at $15 a month and offers features like mileage tracking, basic invoicing, and receipt scanning. In contrast, QuickBooks Online was built for freelancers, sole proprietors, and small-business owners with employees. It has more expansive accounting features than QuickBooks Self-Employed, including report generation and business income tracking, […]

Set payroll to a schedule, so your team gets paid on time, every time. Sign up for payroll payroll right from your FreshBooks account, and our set-up process will have you paying your team in no time. Reverse your payable entries with a debit and decrease the Cash account with a credit. If that’s not […]

This includes bank statements, invoices, receipts, payroll data, donation records, and any other financial transactions. Unlock sustainable funding for your nonprofit with our expert guide on venture capital strategies. Learn actionable tips to secure long-term financial support and propel your mission forward. Another long-term liability can be deferred revenue, linked with multi-year grants or donor […]