Kategori: Bookkeeping

Additionally, handling subcontractor payments—often with complex contract terms—requires precise record-keeping to avoid disputes and ensure compliance with labor laws. Accurate records make tax filing easier and help ensure compliance with tax regulations. Keep track of deductible expenses, such as equipment depreciation, and ensure taxes are filed on time to avoid penalties. Detailed and accurate reports, […]

Looking for a bookkeeper that does tax reconciliation will also be beneficial for your trucking business. A bookkeeper that includes this service will analyze and categorize your revenue and expenses rather than just blindly inputting the data. Join over 1 million businesses scanning & organizing receipts, creating expense reports and more—with Shoeboxed. Trades and Home […]

Finally, units of production depreciation takes an entirely different approach by using units produced by an asset to determine the asset’s value. The business entities depreciate fixed assets every year irrespective of production or sales. In accounting, therefore, depreciating of asserts comes under fixed cost. However, when computed using the units of production method, it […]

You need to carefully determine with the help of competent financial advisors which method works best in your individual situation. Also be aware that there are special IRS requirements for each method. It usually results in a higher COGS and a lower closing inventory value, which can result in lower taxes. Be aware, however, that […]

The installment method is an alternative accounting approach to accrual accounting. Unlike the accrual method, it does not fully recognize gross profit from a sale transaction at the time of sale. The latter of these — recognizing revenue when payment is received— is known as the installment method. It can help you spread generated income […]