Category: Bookkeeping

Essentially, you need to work with an accounting firm who will help you build a better construction business. Construction accounting is a vital discipline that extends beyond the traditional bounds of financial management. It’s the backbone of successful construction project management, providing the framework necessary to track, evaluate, and control costs throughout the lifecycle of…

Properly managing change orders ensures that all changes are documented, approved, and reflected in the project’s budget and timeline, preventing scope creep and cost overruns. Our construction bookkeeping services are designed to meet the specific needs of construction companies, ensuring that your financial records are accurate and up-to-date. Because construction is project-based, you need a…

The Balance Sheet provides an end-of-year snapshot of assets, liabilities, and net assets, offering a view of financial stability and liquidity. Additionally, the form requires disclosure of governance practices, including board composition and potential conflicts of interest, which reflect the organization’s leadership and ethical standards. The Form 990-PF is required for all tax-exempt organizations that…

It would print the banking information on the official letterhead. However, there are few chances that you have to take this road. A voided check can also help in setting up automated bill payments. Businesses don’t need to stress out while remembering the dates of their recurring payments by streamlining their budgets with voided checks.…

Every agreement will revolve round some specific product or service that the parties will deal with in the process. As per the cost recovery method, the revenue recognition is only done after the cost revenue recognition principle factor of the sale has been paid by the customer in cash. The seller accounts for the transaction…

Make it a priority to keep your team informed about changes in revenue recognition standards like ASC 606. Liabilities may increase due to the recognition of rebate obligations, impacting liquidity ratios and financial leverage. This can affect creditworthiness and borrowing capacity as financial institutions scrutinize the balance sheet to assess risk. Companies must manage these…