Kategori: Bookkeeping

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Learn how to get help with your QuickBooks product or service. We tailor Support to our individual QuickBooks products to get you the help you need as quickly as possible. Paychex support is here to help with online resources and responsive service professionals available via phone.

Terms, conditions, pricing, special features, and service and support options subject to change without notice. If you need assistance intuit payroll contact with QuickBooks Payroll support number, contacting support is simple. First, log into your QuickBooks account and click on the Help icon in the top-right corner. Type in your payroll-related issue in the search bar. If you can’t find a solution, select the “Contact Us” option.

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• From there, you can either chat with a representative or call QuickBooks Payroll Support directly at scam phone number removed.
• Type in your payroll-related issue in the search bar.
• This will connect you to a support team member who can help resolve your payroll issues quickly and efficiently.

Automate tedious tasks and get back to business. Set payroll to a schedule, so your team gets paid on time, every time. You can find answers to common questions through Help in your QuickBooks product. If you can’t find the answers you need, you can connect with an expert for help. “The deductions don’t match with the actual rates for federal and state taxes.”

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You’ll need to fill out the form again and upload all of the required documents for your security. We will help you transfer any existing payroll information to QuickBooks. Find everything you need from employee benefits to hiring and management tools. Attract skilled applicants, retain your best employees, and help them grow with you.

From there, you can either chat with a representative or call QuickBooks Payroll Support directly at scam phone number removed. This will connect you to a support team member who can help resolve your payroll issues quickly and efficiently. Based on an Intuit survey of 2040 QuickBooks Online Payroll customers in February 2023.

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We’ll set up your payroll for you with QuickBooks Payroll Elite. With QuickBooks Payroll Premium, we’ll review your setup to make sure everything is correct. To receive guidance from our tax experts and community. We’ll let you know that we transferred the primary admin or contact role to you. Just sign in with the email address you provided the next time you use QuickBooks.

All documents should be clear, legible, and not show your Social Security number to protect your privacy. Learn how to request to be the primary admin or contact for a QuickBooks Desktop or QuickBooks Online account. Does your company use QuickBooks Online Payroll? Click here to chat with our online payroll agents instead.

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Results are based on customer reported savings per week. On average, respondents who report time savings save 2.56 hours per pay period. On average, businesses that report gross payroll cost savings save 4.64%. On average, respondents who report time savings save 3.93 hours per week. There are instances when the primary admin or contact changes.

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The business type and ownership determine which documents we need to verify. They also determine the need to assign a new primary admin or contact. This will connect you with the appropriate support team member and assist with your credit card charges. Income tax withholding doesn’t match actual tax rates. If you have any more questions regarding your federal or state taxes, please don’t hesitate to reach out. QuickBooks Payroll now includes team management tools so you can streamline your HR tasks and save precious time.

Shaun Conrad is a Certified Public Accountant and CPA exam expert with a passion for teaching. After almost a decade of experience in public accounting, he created MyAccountingCourse.com to help people learn accounting & finance, pass the CPA exam, and start their career. HighRadius is redefining treasury with AI-driven tools like LiveCube for predictive forecasting and no-code scenario building. Its Cash Management module automates bank integration, global visibility, cash positioning, target balances, and reconciliation—streamlining end-to-end treasury operations. HighRadius stands out as a challenger by delivering practical, results-driven AI for Record-to-Report (R2R) processes. With 200+ LiveCube agents automating over 60% of close tasks and real-time anomaly detection powered by 15+ ML models, it delivers continuous close and guaranteed outcomes—cutting through the AI hype.

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Once this is done, it is then credited to the business’s retained earnings. A business will use closing entries in order to reset the balance of temporary accounts to zero. The retained earnings account is reduced by the amount paid out in dividends through a debit and the dividends expense is credited. Temporary account balances can be shifted directly to the retained earnings account or an intermediate account known as the income summary account.

Temporary accounts are used to compile transactions that impact the profit or loss of a business during a year, while permanent accounts maintain an ongoing balance over time. Examples of temporary accounts are the revenue, expense, and dividends paid accounts. Any account listed in the balance sheet (except for dividends paid) is a permanent account. A temporary account accumulates balances for a single accounting period, whereas a permanent account stores balances over multiple periods. Temporary Accounts, also called Nominal Accounts, are those accounts in the ledger where the balances are closed at the end of the accounting period and transferred to a permanent account. All income and expense accounts, such as revenues, cost of sales, depreciation, gains, and losses, that you’ll find in the income statement are temporary accounts.

Timing of Closing Entries

• A hundred dollars in revenue this year doesn’t count as $100 in revenue for next year even if the company retained the funds for use in the next 12 months.
• The permanent account to which the balances of all temporary accounts are closed is the retained earnings account in the case of a company and the owner’s capital account in the case of a sole proprietorship.
• These contents closing entries are automated in modern accounting software.
• These accounts were reset to zero at the end of the previous year to start afresh.
• These accounts carry their ending balances into the next accounting period and are not reset to zero.

The net income (NI) is moved into retained earnings on the balance sheet as part of the closing entry process. The assumption is that all income from the company in one year is held for future use. One such expense that’s determined at the end of the year is dividends. The last closing entry reduces the amount retained by the amount paid out to investors. Permanent accounts track activities that extend beyond the current accounting period. They’re housed on the balance sheet, a section of financial statements that gives investors an indication of a company’s value including its assets and liabilities.

• If you’re using a computerized accounting system, the software may automatically perform the closing process.
• Without them, the numbers don’t reset, and financial reports start piling on top of each other like an overstuffed inbox.
• We see from the adjusted trial balance that our revenue accounts have a credit balance.

Example 1: Close Revenue Accounts

This zeros out the expense accounts and combines their effect with the revenues in the income summary by crediting the corresponding expenses. As mentioned, temporary accounts in the general ledger consist of income statement accounts such as sales or expense accounts. When the income statement is published at the end of the year, the balances of these accounts are transferred to the income summary, which is also a temporary account. A closing entry is a journal entry that is made at the end of an accounting period to transfer balances from a temporary account to a permanent account.

Temporary accounts are used to measure income and determine the results of operations during a given period. They would have already served their purpose at the end of that period which is the reason why they are closed and their balances are reduced to zero. At the start of a new accounting period, new temporary accounts will be used to measure the company’s financial performance for the period. Closing Entries are journal entries that are recorded for the purpose of closing all temporary accounts and transferring their balances to permanent accounts.

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In contrast, permanent accounts include assets, liabilities, and most equity accounts. Their balances are carried over from one period to the next, providing a continuous view of the company’s financial position. Once the period ends, these accounts must be cleared so that the next period begins with a clean slate.

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If the income summary account has a credit balance, it means the business has earned a profit during the period and increased its retained earnings. The income summary account is, therefore, closed by debiting the income summary account and crediting the retained earnings account. This process ensures that your temporary accounts are properly closed out sequentially, and the relevant balances are transferred to the income summary and ultimately to the retained earnings account.

On expanding the view of the opening trial balance snapshot, we can view them as temporary accounts, as can be seen in the snapshot below. In summary, permanent accounts hold balances that persist from one period to another. In contrast, temporary accounts capture transactions and activities for a specific period and require resetting to zero with closing entries. The purpose of closing entries is to prepare the temporary accounts for the next accounting period.

Closing entries may be defined as journal entries made at the end of an accounting period to transfer the balances of various temporary ledger accounts to one or more permanent ledger accounts. All the temporary accounts, including revenue, expense, and dividends, have now been reset to zero. The balances from these temporary accounts have been transferred to the permanent account, retained earnings. Resetting Temporary Accounts to ZeroAt the end of each accounting period, revenue and expense accounts must start from zero. This is because each period’s performance must be measured independently.

This process updates the equity section of the balance sheet to reflect the company’s financial performance for the period. A closing entry transfers data from temporary to permanent accounts on an income statement to a balance sheet when the accounting period ends. Closing entries are posted in the general ledger by transferring all revenue and expense account balances to the income summary account. Then, transfer the balance of the income summary account to the retained earnings account.

If this is the case, then this temporary dividends account needs to be closed at the end of the period to the capital account, Retained educational institution Earnings. In a sole proprietorship, a drawing account is maintained to record all withdrawals made by the owner. All drawing accounts are closed to the respective capital accounts at the end of the accounting period. The above closing entries are recorded in both the general journal and the general ledger. If you’re using a computerized accounting system, the software may automatically perform the closing process.

Understanding Closing Entries

Properly executed closing entries support VAT filing accuracy, audit preparation, corporate income tax calculations, and Zakat reporting.5. Enabling a Fresh Start for the New PeriodOnce closing entries are posted, temporary accounts return to zero, and permanent accounts reflect the updated equity position. This creates a clean slate for entering transactions in the next period, and supports internal budgeting and forecasting. In accounting, closing entries reset all the temporary accounts to zero and transfer their net balances to permanent accounts.

HighRadius has a comprehensive Record to Report suite that revolutionizes your accounting processes, making them more efficient and accurate. At the core of this suite is the Financial Close Management solution, which simplifies and accelerates financial close activities, ensuring compliance and reducing errors. Take note that closing entries are prepared only for temporary accounts. Expense accounts such as cost of goods sold, depreciation expense, and others are closed by moving their balances into the Income Summary account. This step clears the accounts, allowing them to start fresh in the next accounting period.

Let’s investigate an example of how closing journal entries impact a trial balance. Imagine you own a bakery business, and you’re starting a new financial year on March 1st. To close the drawing account to the capital account, we credit the drawing account and debit the capital account. This is closed by doing the opposite – debit the capital account (decreasing the capital balance) and credit Income Summary. So the transactions from the two different periods are not confused, the revenue, expense, and dividend accounts must be reset to zero before we start recording transactions for April.

In accounting, the claims of creditors are referred to as liabilities and the claims of owner are referred to as owner’s equity. When the total assets of a business increase, then its total liabilities or owner’s equity also increase. Accountants and members of a company’s financial team are the primary users of the accounting equation. Understanding how to use the formula is a crucial skill for accountants because it’s a quick way to check the accuracy of transaction records . These may include loans, accounts payable, mortgages, deferred revenues, bond issues, warranties, and accrued expenses.

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One of the main financial statements (along with the balance sheet, the statement of cash flows, and the statement of stockholders’ equity). The income statement is also referred to as the profit and loss statement, P&L, statement of income, and the statement of operations. The income statement reports the revenues, gains, expenses, losses, net income and other totals for the period of time shown in the heading of the statement. If a company’s stock is publicly traded, earnings per share must appear on the face of the income statement.

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The combined balance of liabilities and capital is also at $50,000. To make the Accounting Equation topic even easier to understand, we created a collection of premium materials called AccountingCoach PRO. Our PRO users get lifetime access to our accounting equation visual tutorial, cheat sheet, flashcards, quick test, and more. The accounting equation is fundamental to the double-entry bookkeeping practice. Its applications in accountancy and economics are thus diverse. This is how the accounting equation of Laura’s business looks like after incorporating the effects of all transactions at the end of month 1.

• Before explaining what this means and why the accounting equation should always balance, let’s review the meaning of the terms assets, liabilities, and owners’ equity.
• Some assets are tangible like cash while others are theoretical or intangible like goodwill or copyrights.
• This simple, easy-to-understand tool can tell you what you need to know upfront so you know what to focus on if there are any issues or room for improvement.
• In fact, most businesses don’t rely on single-entry accounting because they need more than what single-entry can provide.
• The accounting equation shows the amount of resources available to a business on the left side (Assets) and those who have a claim on those resources on the right side (Liabilities + Equity).
• In the above transaction, Assets increased as a result of the increase in Cash.

Let’s add transaction #3:

This formula represents the accounting identity, which must always be true for all entities regardless of their business activity. Owners equity, or simply, equity, loans and grants is the value of the business assets that the owner can lay claim to. The amount of liabilities represents the value of the business assets that are owed to others.

What Is Shareholders’ Equity in the Accounting Equation?

He forms Speakers, Inc. and contributes $100,000 to the company in exchange for all of its newly issued shares. This business transaction increases company cash and increases equity by the same amount. While the accounting equation goes hand-in-hand with the balance sheet, it is also a fundamental aspect of the double-entry accounting system.

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To learn more about the balance sheet, see our Balance Sheet Outline. For the past 52 years, Harold Averkamp (CPA, MBA) has worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. Metro Corporation earned a total of $10,000 in service revenue from clients who will pay in 30 days. Shaun Conrad is a Certified Public Accountant and CPA exam expert with a passion for teaching. After almost a decade of experience in public accounting, he created MyAccountingCourse.com to help people learn accounting & finance, pass the CPA exam, and start their career.

The remainder is the shareholders’ equity, which would be returned to them. In other words, the total amount of all assets will always equal the sum of liabilities and shareholders’ equity. The double-entry practice ensures that the accounting equation always remains balanced, meaning that the left-side value of the equation will always match the right-side value.

So, as long as you account for everything correctly, the accounting equation will always balance no matter how many transactions are involved. The accounting equation’s left side represents everything a business has (assets), and the right side shows what a business owes to creditors and owners (liabilities and equity). As you can see, all of these transactions always balance out the accounting equation. This straightforward relationship between assets, liabilities, and equity is the foundation of the double-entry accounting system. That is, each entry made on the Debit side has a corresponding entry on the Credit side.

If the net amount is a negative amount, it is referred to as a net loss. The assets have been decreased by $696 but liabilities have decreased by $969 which must have caused the accounting equation to go out of balance. To calculate the accounting equation, we first need to work out the amounts of each asset, liability, and equity in Laura’s business. Like any brand new business, it has no assets, liabilities, or equity at the start, which means that its accounting equation will have zero on both sides. This arrangement is used to highlight the creditors instead of the owners. So, if a creditor or lender wants to highlight the owner’s equity, this version helps paint a clearer picture if all assets are sold, and the funds are used to settle debts first.

Finally, we see that Clear Lake must have issued additional common stock, as their common stock balance increased from $75,000 to $80,000. A cash flow statement tracks the inflow and outflow of cash, providing insights into a company’s financial health and operational efficiency. Therefore, the cash flow statement is crucial for understanding the liquidity and operational efficiency of the business, which is vital for day-to-day operations and strategic planning.

Cash From Operating Activities

In contrast, a cash flow statement focuses specifically on the movement of cash within an organization over a reporting period, categorizing cash activities into operating, investing, and financing activities. Cash flow is the movement of money into and out of a company over a certain period of time. If the company’s inflows of cash exceed its outflows, its net cash flow is positive. This information can be of great interest to investors as an indicator of a company’s financial health, especially when combined with other data. A cash flow statement is a financial statement that provides aggregate data regarding all cash inflows that a company receives from its ongoing operations and external investment sources. It also includes all cash outflows that pay for business activities and investments during a given period.

Calculated Using the Direct Cash Flow Method

• It reports the value of a business’s assets that are currently cash or can be converted into cash within a short period of time, commonly 90 days.
• For information pertaining to the registration status of 11 Financial, please contact the state securities regulators for those states in which 11 Financial maintains a registration filing.
• Investors and analysts should use good judgment when evaluating changes to working capital, as some companies may try to boost their cash flow before reporting periods.

Investing activities include cash flow from purchasing or selling assets—think physical property, such as real estate or vehicles, and non-physical property, like patents—using free cash, not debt. If you do your own bookkeeping in Excel, you can calculate cash flow statements each month based on the information on your income statements and balance sheets. If you use accounting software, it can create cash flow statements based on the information you’ve already entered in the general ledger. Cash and cash equivalents are consolidated into a single line item on a company’s balance sheet. It reports the value of a business’s assets that are currently cash or can be converted into cash within a short period of time, commonly 90 days.

Is the Indirect Method of the Cash Flow Statement Better Than the Direct Method?

As mentioned, operating activities are those that are used or generated by the day-to-day operations of the firm. The operating activities section of the statement of cash flows begins with net income. All lines thereafter, in that section, are then adjustments to reconcile net income to actual cash flows by adding back noncash expenses like depreciation and adjusting for changes in asset and liability accounts. It is a crucial statement, as it shows the sources of and uses of cash for the firm during the accounting period.

Using this method, cash flow is calculated through modifying the net income by adding or subtracting differences that result from non-cash transactions. This section records the cash flow between the company, its shareholders, investors, and creditors. Analysts look in this section to see if there are any changes in capital expenditures (CapEx). Analysts use the CFF section to determine how much money the company has paid out via dividends or share buybacks. It’s also useful to help determine how a company raises cash for operational growth.

Determine the Ending Balance

However, the indirect method also provides a means of reconciling items on the balance sheet to the net income on the income statement. As an accountant prepares the CFS using the indirect method, they can identify increases and decreases in the balance sheet that are the result of non-cash transactions. This cash flow statement is for a reporting period that ended on Sept. 28, 2019. As you’ll notice at the top of the statement, the opening balance of cash and cash equivalents was approximately $10.7 billion.

The statement also reveals the sources and uses of certain cash flows, which would not otherwise be readily apparent to the reader. These line items include changes in each of the current asset accounts, as well as the amount of income taxes paid. Meaning, even though our business earned $60,000 in October (as reported on our income statement), we only actually received $40,000 in cash from operating activities. When your cash flow statement shows a negative number at the bottom, that means you lost cash during the accounting period—you have negative cash flow.

Negative cash flow should not automatically raise a red flag without further analysis. Poor cash flow is sometimes the result of a company’s decision to expand its business at a certain point in time, which would be a good thing for the future. Changes in cash from financing are cash-in when capital is raised and cash-out when dividends are paid. Thus, if a company issues a bond to the public, the company receives cash financing. However, when interest is paid to bondholders, the company is reducing its cash. And remember, although interest is a cash-out expense, it is reported as an operating activity—not a financing activity.

The balance sheet and cash flow statement are fundamental tools in financial analysis. However, these documents serve distinct purposes and offer different insights into stimulus check your organization’s financial health. The starting cash balance is necessary when leveraging the indirect method of calculating cash flow from operating activities.

Cash flows from financing consists of cash transactions that affect the long-term liabilities and equity accounts. In other words, the financing section on the statement represents the amount of cash collected from issuing stock or taking out loans and the amount of cash disbursed to pay dividends and long-term debt. You can think of financing activities as the ways a company finances its operations either through long-term debt or equity financing. Cash flows from operating activities include transactions from the operations of the business.

For example, you can multiply the $92,350 in taxable earnings by 12.4% to determine that $11,451.40 will be taken in Social Security taxes. And you can multiply the $92,350 in taxable earnings by 2.9% to determine that $2,678.15 will be taken in Medicare taxes. Then, you can multiply the $92,350 in taxable earnings by the 15.3% self-employment tax rate to determine how much of your money will be due in self-employment taxes. While there are some very real benefits to being a freelancer, contractor or business owner, it’s important to know that your taxes are more complicated than they are for salaried workers.

Church employee income

For self-employed individuals, this amount is usually found by subtracting total expenses from gross income or sales. W-2 employees split their 15.3% tax rate with their business owners. On the other hand, IRS consider freelancers as employee and employer. To calculate how much you’re likely to pay in self-employment taxes this year, you can first determine what the taxable 92.35% of your earnings amounts to. While you’re required to pay self-employment taxes, the tax bill might be less than you expect.

Self-employment tax calculator: How to figure out what you’ll pay

The business maintains https://www.bookstime.com/ the payroll, and these employees prepare and file their taxes according to their tax brackets. As an employee, you may have observed that your paycheck does not have a full salary. It is mainly because the firm holds some amount for completing payroll taxes.

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• Usually, employees who are independent contractors, sole proprietors, and who work for themselves are considered self-employed.
• Once you determine your self-employment tax, you can claim a self-employment tax deduction equal to 50% of your total self-employment tax.
• From big jobs to small tasks, we’ve got your business covered.
• But, self-employment taxes are paid on net income, which can be reduced by claiming self-employed tax deductions and credits.
• Understanding net earnings and self-employment taxes is crucial for anyone who is self-employed.
• Understanding self-employment tax is essential for self-employed individuals.

This total is then compared to your estimated tax payments and bookkeeping any withholding you may have from other sources to determine if you owe additional taxes or if you are due a refund. Net earnings refer to the income that a self-employed individual makes after deducting all business expenses. Understanding the concept of net earnings is crucial for self-employed individuals as it forms the basis for calculating their tax obligations. Self-employment income is not taxed twice, but you are responsible for paying the employer and employee portion of FICA taxes. W-2 employees are only responsible for paying half of the 12.4% Social Security tax rate and half the 2.9% Medicare tax rate for a total of 7.65%.

The self-employment tax is a self-employed person’s Social to calculate the taxpayers net earnings from self-employment, 92.35% is multiplied by: Security tax liability and Medicare tax liability. In this article, I’ll tell you everything I’ve learned about the self-employment tax as a CPA who is self-employed himself. This is shown on Joe’s Schedule C. Joe then completes Schedule SE to calculate self-employment tax. On the Schedule SE, he’ll take $10,000 x .9235, which equals $9,235. A self-employed person does not draw a true wage, so there is no FICA withholding. Instead, the self-employed person pays self-employment tax of 15.3%.

You do have to pay medicare taxes at 2.9% on earnings above $168,600 up to $200,000. Usually, employees who are independent contractors, sole proprietors, and who work for themselves are considered self-employed. The Internal Revenue Service may also classify a partner in a partnership who operates a business or commerce as self-employed (IRS). For Medicare taxes, employees and employers are taxed at a rate of 1.45%, meaning self-employed workers are taxed at 2.9%. A self-employed worker is taxed as both an employee and an employer. For Social Security taxes, employees and employers are taxed at a rate of 6.2%, meaning self-employed workers are taxed at double that (12.4%).

The tax is assessed on 92.35% of the person’s self-employment income. Services offered by AS Tax & Accounting do not require a state License” We are federally licensed (By IRS) to both prepare taxes and represent our clients before the IRS in all 50 States. The next most important thing that you should understand is how to file the return if you are a self-contractor. Estimated taxes are due on a quarterly basis (April 15th, June 15th, September 15th, and January 15th).

Progress invoicing to manage milestone billing based on the completion of specific project phases. How to leverage construction bookkeeping to streamline financial control During the course of a project, the scope often changes, leading to changing orders that need to be tracked and billed correctly. Failing to do so can cause discrepancies in cost tracking and client invoicing, leading to revenue loss or client dissatisfaction.

Specialized Bookkeeping for Construction Professionals

Proper job costing ensures that each project’s true profitability is understood and helps prevent cost overruns. Construction bookkeeping is a powerful tool that empowers contractors to make informed business decisions. With accurate and detailed financial records, contractors can gain valuable insights into their business finances and make strategic decisions for the future. Here are some key ways in which construction bookkeeping helps contractors make informed decisions. Firstly, construction bookkeeping allows contractors to have accurate and detailed financial records.

• Additionally, they identify opportunities for deductions and credits, reducing the overall tax burden and improving profitability.
• Bookkeeping services help ensure that these deductions are properly recorded and claimed, minimizing tax obligations.
• These reports help identify potential cost overruns, underbilling issues, and overall project profitability.
• Our clients come to us, and more importantly, stay with us because they know our reputation as competent reliable accountants and bookkeepers.
• This helps identify any cost overruns early, enabling contractors to take corrective actions.

Business Plan For Your Construction Company

They https://azbigmedia.com/real-estate/commercial-real-estate/construction/how-to-leverage-construction-bookkeeping-to-streamline-financial-control/ provide detailed reports that help you make informed decisions, avoid costly mistakes, and streamline operations, ultimately leading to better project profitability and business growth. Managing finances effectively is crucial for general contractors to ensure business success and long-term stability. Construction accounting requires careful attention to detail, as the industry’s unique nature demands accurate tracking of expenses, cash flow, and taxes. A construction bookkeeper manages financial records, tracks job costs, processes payroll, handles invoicing, and ensures tax compliance. They provide accurate financial reports, help manage cash flow, and analyze project profitability.

Construction Bookkeeping In-House Vs. Outsourced

Complying with complex tax regulations, whilst keeping track of constant shifts in legislation, can be a minefield. Our aim is to relieve the concern and stress, taking care of tax obligations and leaving clients to concentrate on running their business. Whether you’re a small construction company just starting out, a well-established contractor, or a landlord who owns a portfolio of properties, we have the expertise and experience to help you succeed. Contact Thomas Coombs today to schedule a consultation and learn more about how we can help your property & construction business thrive. Keeping them separate makes it construction bookkeeping much easier to track cash flow, monitor your business performance accurately, and claim relevant business expenses at tax time.

• Cash flow management is vital in the construction industry, especially as you take on larger projects or multiple jobs.
• Keeping track of change orders, client payments, and material expenses ensures accurate profitability analysis and avoids disputes over billing.
• Complex costs from labor, transportation, equipment, materials and insurance all determine profitability.
• Construction companies and home remodelers need bookkeepers with industry-specific experience.
• Client communication tools for sending estimates, invoices, and updates directly to clients, streamlining the billing process.
• Contact Thomas Coombs today to schedule a consultation and learn more about how we can help your property & construction business thrive.
• With a specialized focus on construction bookkeeping services, we offer a personalized and hands-on approach that sets us apart in the industry.

Quarterly Tax Returns

• This allows them to track their income, expenses, and profits and gain a clear understanding of their financial situation.
• They ensure that progress billing is done accurately, and invoices are sent promptly as work progresses, reducing the chances of delayed payments.
• Precision accounting for residential or commercial land development companies, weekly comprehensive financial reports via email, and monthly Zoom® financial reports review meetings with your team.
• Given the irregular cash flow patterns in construction, detailed cash flow forecasts are extremely beneficial for planning.
• Professional construction bookkeeping services can offer expert guidance, ensuring that your finances are in order, taxes are managed efficiently, and business growth is well-supported.
• This helps them keep track of their income, expenses, and profits, which is necessary for making informed business decisions.

Firstly, construction bookkeeping helps contractors keep accurate and detailed financial records. This is essential for tax filings as it allows contractors to have a clear understanding of their income, expenses, and profits. By tracking all financial data, they can easily determine which expenses can be deducted and ensure that all tax deadlines are met. Maintaining a detailed record of all expenses is essential for successful financial management.

Project Management

Understanding these methods is essential for effective financial planning and operational success in the construction industry. Construction bookkeepers provide project managers with detailed financial reports, such as profit and loss statements and cash flow forecasts, which inform strategic decisions. These insights enable project managers to adjust timelines, resources, or budgets, ensuring projects stay on track and within financial limits. A key aspect of construction bookkeeping is ensuring timely billing for completed work through progress invoicing.

Payroll

We do BAS, VAT, GST101A, sales tax, etc. to reduce attribution errors, costs and ensure indirect taxes are handled correctly. The inclusions and process you’ll go through with your new accountant will depend on your situation and the type of accounting services you need. We at GM Civil and Structural Consulting Engineers Ltd have been using KPP for more than 5 years now years .

Moreover, the Average private foundations Payment Period serves a critical purpose in financial analysis and performance benchmarking. Although cash on hand is important to every business, some rely more on their cash flow than others. The average collection period typically doesn’t need to be reported externally. The usefulness of the average collection period is to inform management of its operations. However, there are certain drawbacks of the average payment period, like it does not consider qualitative aspects of the relations with the suppliers. Now that you know how to choose the right pay period for your business, consider leveling up your payroll process to accommodate your pay schedule.

However, every decade or so, leap years result in an additional payday for the year. A bi-weekly pay structure typically includes 80 work hours for full-time employees and it’s common for both salaried and hourly employees to be paid on a bi-weekly schedule. The Average Payment Period is a highly significant financial metric that provides extensive insight into a company’s current financial liquidity as well as its management efficiency. It allows for the evaluation of how well the company manages its payables and effectively controls its short-term debt obligations. This helps us to gain a clear picture of how promptly the company settles its debts and is a viable tool for vendors, suppliers, as well as creditors to estimate the firm’s payment behavior.

• During this period, the company is awarding its customer a very short-term loan.
• It is important to realize that this number is only important in terms of the credit arrangements set up by the company.
• Although cash on hand is important to every business, some rely more on their cash flow than others.
• Annuity payouts are typically fixed, so inflation can reduce their purchasing power over time.

Factors To Consider When Choosing a Payout Option

• Ideally, this period can be reduced as much as possible, although it should always be measured in comparison to the credit terms being offered to the company in question.
• A pay period is an established timeframe during which workers earn wages.
• However, this may also mean that the company’s credit terms are too strict.
• Companies can occasionally benefit from discounts from suppliers or vendors on credit purchases as long as they can settle the outstanding balance within a certain amount of time.

The company’s creditworthiness is also indicated by the average payment period, which is similar to the accounts payable turnover ratio. However, a very brief payment period might be a sign that the business is not fully utilizing the credit terms supplied by suppliers. The average payment period is a multifaceted metric that requires careful consideration and management. It’s not just about paying invoices on time; it’s about optimizing the company’s financial strategy to maintain liquidity, foster strong supplier relationships, and enhance operational efficiency. cash inflows and outflows of operations By understanding and managing this ratio effectively, companies can position themselves for long-term financial success.

Why Is the Average Collection Period Important?

If a company really prioritizes maximizing its DPO, it can decline to take advantage of early payment discounts. However, a low DPO may also indicate that the company is not taking advantage of the time to earn interest on its funds. If it usually pays invoices after 10 days, the company could have been earning interest on the funds for an additional 20 days before remitting payment. Thus, it would make more than 10% on its money reinvesting in new inventory sooner. It also aids the company in better managing its cash outflow which in turn strengthens its liquidity and working capital status.

Company Overview

The pay period affects how much income tax and other deductions are withheld from each paycheck. The pay period also determines the start and end dates of the pay stubs and the pay dates. Daily pay periods are a type of pay period that allows employees to access their earned wages on a daily basis. There are around 260 business days in a year, but the amount of pay periods can vary depending on what days employees work. Once you get the statements you look at the years beginning and ending account payable balances. Last year’s beginning accounts payable balance was $110,000 and the ending accounts payable balance was $95,000.

Incoming cash flow that businesses generate is advantageous for funding investments, paying down liabilities, and covering operational expenses. Where to allocate funds and resources to best support credit payments can be determined by understanding how your company uses its incoming cash to pay for its liabilities. Average collection period is the amount of time it takes for a business to receive payments owed by its clients in terms of accounts receivable (AR). Companies use the average collection period to make sure they have enough cash on hand to meet their financial obligations. From the perspective of creditors and suppliers, a shorter APP indicates prompt payments, which is often a sign of financial stability and strong liquidity. This can lead to more favorable credit accrued income terms and stronger business relationships.

Biweekly pay periods are more cost-effective than weekly payroll, but processing payroll for months with three pay periods can be confusing. With this pay period, employees will record their hours for the week and submit a timesheet at the end of the workweek. They will then be paid the following week because it gives the payroll clerk time to make adjustments. Some employees enjoy a weekly pay period because it’s a more consistent cash flow.

Limitations of Average Payment Period

The Average Payment Period Ratio is a critical financial metric that offers insights into a company’s payment habits and cash flow management. It measures the average number of days a company takes to pay its invoices from trade creditors, such as suppliers. A shorter payment period can indicate a company’s strong liquidity position, allowing it to take advantage of early payment discounts or negotiate more favorable payment terms.

The average collection period is the average number of days it takes for a credit sale to be collected. During this period, the company is awarding its customer a very short-term loan. The sooner the client can collect the loan, the earlier it will have the capital to use to grow its company or pay its invoices. Companies may also compare the average collection period with the credit terms extended to customers. For example, an average collection period of 25 days isn’t as concerning if invoices are issued with a net 30 due date.

If it can, that could make for a nice increase to the bottom line, as 10% is a huge difference in the clothing industry. To calculate, first locate the accounts payable information on the balance sheet, located under current liabilities section. The average payment period is usually calculated using a year’s worth of information, but it may also be useful evaluating on a quarterly basis or over another period of time. So, the desired period of time may dictate which financial statements are necessary. Average payment period is the average amount of time it takes a company to pay off credit accounts payable. Many times, when a business makes a purchase at wholesale or for basic materials, credit arrangements are used for payment.

Although monthly paychecks may be larger, they’ll be less frequent than other pay period options. If the payment terms are set at 30 days, then 38 days is probably too long to settle payment and may potentially be causing some consternation to your suppliers. In general, the more a supplier relies on a customer, the more negotiating leverage the buyer has in terms of payment periods.

This information is valuable for the company’s stakeholders, investors, and analysts, enabling them to make informed decisions. Although employers prefer to process payroll less often to save on payroll service costs, employees prefer weekly or bi-weekly pay. Thankfully for employees, weekly pay is the most common method of structuring pay periods, followed closely by a bi-weekly schedule. A pay period is a regularly scheduled period of time that establishes when employees get paid.

However, faster payments might also indicate missed opportunities to utilize supplier credit for working capital needs. Understanding the Average Payment Period allows businesses to proactively manage their credit policies, cash flows, and overall financial health. It also provides valuable information to creditors and investors about the company’s short-term liquidity and operational efficiency.

An individual can pay to open a restaurant franchise, McDonald’s or Kentucky Fried Chicken, for example. A franchisee of the McDonald’s Corporation has a typical initial investment of one to two million dollars, which includes an initial franchise fee of up to $45,000 paid to the McDonalds corporation. He has an agreement with Mine Company where the minimum rent is $10,00,000 and the royalty charged is $200 per ton of production each month. In 2019, the production was 3000 tons, in 2020 the production was 5000 tons, and in 2021, the production was 7000 tons. Another business owner may be interested in opening another branch of a business that exists.

• Generally, consideration in a sales-based royalty agreement is contingent upon and paid out as the licensee sells goods or services that utilize the licensed IP.
• This allows them to evaluate the financial impact of royalty arrangements and make informed decisions or assessments about the company’s financial position and performance.
• This usually happens on an ongoing basis and assets can include things like natural resources, franchises, and copyrighted works.
• Alongside her accounting practice, Sandra is a Money and Life Coach for women in business.
• We can also now easily see what our reserve balance is, and the level of pre-paid royalties—which is negative here because we did not include the creation of the initial advance.
• If you receive royalties from someone for use of your property, you must claim these payments as business income, usually on Schedule E (Form 1040).

For example, oil and gas producers in the U.S. pay a royalty of 12.5% of production value for onshore operations. You may pay this royalty if you want to play a song on your radio station or use the song in your movie. Numerous sources of sales, intricate contract clauses, complex calculations and multiple payments mean it can be easy to feel overwhelmed. Royalties have a significant impact on any business, therefore it is crucial to understand exactly how they are affecting your cashflow and value. Estimating the fair value of royalties can be a challenge, especially when the royalties depend on uncertain future outcomes. For example, royalties based on sales or usage volume may require subjective judgment and estimation.

Working With Licensing Agents and Consultants

Companies need robust systems and processes to capture and record accurate information. Issues in data collection, systems integration, or data reliability can hinder the accurate calculation and reporting of royalties. Accounting for royalties enhances transparency and fosters trust among stakeholders. Different royalty agreements are going to have varying terms, however, royalties can be earned in perpetuity or over a set period of time. For example, someone who invents a product can choose to sell it to a third party.

MetaComet Systems is your one-stop solution for a comprehensive range of services designed to streamline and optimize your royalty and rights management processes. With our cutting-edge software and dedicated team, we offer a suite of services that covers it all. From royalty accounting and financial tracking to contract management and licensing support, we’ve got you covered. Our solutions are tailored to the unique needs of your publishing or content-driven business, ensuring accuracy, efficiency, and peace of mind. Join the ranks of satisfied clients who have transformed their operations with MetaComet Systems today.

What are examples of royalties?

Even where such division is held contentious, the rule can still be the starting point of negotiations. The actual discount factor used depends on the risk assumed by the principal gainer in the transaction. For instance, a mature technology worked in different geographies, will carry a lower risk of non-performance (thus, a lower discount rate) than a technology being applied for the first time. A similar royalties accounting situation arises when there is the option of working the technology in one of two different regions; the risk elements in each region would be different. The Income approach focuses on the licensor estimating the profits generated by the licensee and obtaining an appropriate share of the generated profit. It is unrelated to costs of technology development or the costs of competing technologies.

Companies need to stay updated with the latest accounting standards and interpret them correctly for their royalty arrangements. Accounting for royalties helps businesses comply with relevant accounting standards, such as ASC 606 or IFRS 15, which provide specific guidelines for revenue recognition. Following these standards ensures consistency and comparability in financial reporting, making it easier for stakeholders to evaluate performance across industries and companies.

Food for Thought (on Food and Beverage Licensing)

In the oil and gas sectors, companies provide royalties to landowners for permission to extract natural resources from the landowners’ covered property. In a business project the promoter, financier, LHS enabled the transaction but are no longer actively interested may have a royalty right to a portion of the income, or profits, of the business. This sort of royalty is often expressed as a contract right to receive money based on a royalty formula, rather than an actual ownership interest in the business. In some businesses this sort of royalty is sometimes called an override. Like patent royalties, trade mark royalties may be assessed and divided in a variety of different ways, and are expressed as a percentage of sales volume or income, or a fixed fee per unit sold. When negotiating rates, one way companies value a trade mark is to assess the additional profit they will make from increased sales and higher prices (sometimes known as the “relief from royalty”) method.

Notice that recouping an advance doesn’t really impact your value or your profitability. You don’t have to pay the author as much, but they don’t owe you as much either. Learn about the concept of royalties in accounting and how they play a crucial role in finance. Gain insights into the financial implications and management of royalties. Another example would be a computer manufacturing company obtaining the rights to use an operating system, such as Windows. If this was the case, they would pay Microsoft Corporation a royalty percentage to use the operating system in the computers that they manufacture.

The journal entry reduces retained earnings by the full market value of the new shares and increases both common stock account and additional paid-in capital. To illustrate how these three dates relate to an actual situation, assume the board of directors of the Allen Corporation declared a cash dividend on May 5, (date of declaration). The cash dividend declared is $1.25 per share to stockholders of record on  July 1, (date of record), payable on July 10, (date of payment). Because financial transactions occur on both the date of declaration (a liability is incurred) and on the date of payment (cash is paid), journal entries record the transactions on both of these dates.

Journal Entries for Withholding Tax

Such dividends—in full or in part—must be declared by the board of directors before paid. In some states, corporations can declare preferred stock dividends only if they have retained earnings (income that has been retained in the business) at least equal to the dividend declared. These omitted or undeclared dividends are usually termed as dividends in arrears on cumulative preferred stock and are normally presented in the foot notes to the company’s balance sheet. Another acceptable means for disclosing dividends in arrears is to parenthetically report them in capital stock section of company’s balance sheet.

When a company declares a cash dividend, it commits to paying a specific amount of money to its shareholders. The accounting process begins with the declaration, where the company debits Retained Earnings and credits Dividends Payable. This entry reduces the retained earnings, reflecting the portion of profits allocated for distribution, and creates a liability. On the payment date, the company debits Dividends Payable and credits Cash, thereby settling the liability and reducing the cash balance.

A long term investor might be prepared to accept a lower dividend payout ratio in return for higher re-investment of profits and higher capital growth. The process involves specific journal entries that must be meticulously recorded to ensure accuracy in financial statements. To record the payment of a dividend, you would need to debit the Dividends Payable account and credit the Cash account. When the dividend is paid, the company’s obligation is extinguished, and the Cash account is decreased by the amount of the dividend. Although, the duration between dividend declared and paid is usually not long, it is still important to make the two separate journal entries. The record date, which is set by a company’s board of directors, is the date on which the company compiles a list of shareholders of the stock for which it has declared a dividend.

She is a seasoned finance executive having held various positions both in public accounting and most recently as the Chief Financial Officer of a large manufacturing company based out of Michigan.

• Although it is possible to borrow cash to pay the dividend to shareholders, boards of directors probably never want to do that.
• Companies often offer shares at a discount through DRIPs, making them an attractive option for shareholders.
• Instead of using market value, companies record the transaction at a par value only, with the full amount transferred from retained earnings to common stock.
• Once the previously declared cash dividends are distributed, the following entries are made on the date of payment.

Stock Dividends Accounting

We would debit the Retained Earnings Account to reduce the equity, and credit the Dividends Paid Account to increase the liability. The Dividend Payable Account is a liability, as it is a financial obligation between two parties that hasn’t yet been fulfilled or paid in full. The accounting reflects that the company is simply restructuring its equity, not distributing value. Dividends payable is a unique liability because the amount of this liability is payable to company’s own stockholders, not to a third party. On the payment date, the following journal will be entered to record the payment to shareholders. In contrast, an established business might not need to retain profits and will distribute them as a dividend each year.

Also, in the journal entry of cash dividends, some companies may use the term “dividends declared” instead of “cash dividends”. However, the cash dividends and the dividends declared accounts are usually the same. The company usually needs to have adequate cash and sufficient retained earnings to payout the cash dividend. This is due to, in many jurisdictions, paying out the cash dividend from the company’s common stock is usually not allowed. And of course, dividends needed to be declared first before it can be distributed or paid out.

Declared Dividends

In either case, the company needs the proper journal entry for the stock dividend both at the declaration date and distribution date. This approach reflects the idea that small stock dividends are more like earnings distributions. This means that they are quite similar to cash dividends in economic effect but are paid in shares. Stock dividends and cash dividends serve the same purpose of rewarding shareholders. The mechanics of dividend distribution involve several steps, each requiring meticulous attention to detail to reflect the company’s financial position accurately. From the moment dividends are declared to the point where they impact a company’s balance sheet, every entry must be carefully documented.

The major factor to pay the dividend may be sufficient earnings; however, the company needs cash to pay the dividend. Although it is possible to borrow cash to pay the dividend to shareholders, boards of directors probably never what type of corporation is a nonprofit want to do that. This is a fundamental aspect of bookkeeping and accounting, and understanding the debits and credits involved is vital as an accountant. Any net income not paid to equity holders is retained for investment in the business. Chartered accountant Michael Brown is the founder and CEO of Double Entry Bookkeeping. He has worked as an accountant and consultant for more than 25 years and has built financial models for all types of industries.

Types of Dividends and Their Accounting

In this journal entry, the balance of the retained earnings will reduce by the total amount of how to calculate interest expense dividend declared as of the dividend declaration date. Noncumulative preferred stock is preferred stock on which the right to receive a dividend expires whenever the dividend is not declared. When noncumulative preferred stock is outstanding, a dividend omitted or not paid in any one year need not be paid in any future year.

• To record the payment of a dividend, you would need to debit the Dividends Payable account and credit the Cash account.
• These dividends are viewed more like a stock split, with the purpose of increasing the number of shares and lowering the market price.
• This account is a critical indicator of a company’s capacity to reinvest in its operations and its potential for future growth.
• This is usually the case in which the company doesn’t want to bother keeping the general ledger of the current year dividends.

Dividend payments are a critical component of the financial strategies for many companies, representing a tangible return on investment for shareholders. For example, if the company ABC in the example above how to do a journal entry for purchases on a notes payable chron com does not have the dividend declared account, it can directly deduct the amount of dividend declared from the retained earnings account. Cumulative preferred stock is preferred stock for which the right to receive a basic dividend accumulates if the dividend is not paid. Companies must pay unpaid cumulative preferred dividends before paying any dividends on the common stock. Once the previously declared cash dividends are distributed, the following entries are made on the date of payment. A business in the process of growing may need the cash to fund expansion, and might be better served by retaining the profits and using the internally generated cash rather than borrowing.

Everything You Need To Master Financial Modeling

Ramp helps ensure these internal equity reallocations are captured cleanly and consistently across the general ledger. With bulk-edit features and customizable accounting rules, finance teams can process stock dividend adjustments more efficiently without manual overrides or inconsistent coding. The size of the stock dividend triggers the journal entry, which depends on the date. They’re often used by businesses that want to reinvest profits into operations while still providing value to shareholders.

The comprehensive effect of dividend payments on financial statements is a testament to the company’s financial health and strategic direction. It provides stakeholders with essential information about the company’s profitability, liquidity, and long-term financial strategy. When a company decides to distribute dividends, the board of directors must first issue a formal declaration. The declaration of dividends is a signal to the market, often interpreted as a sign of a company’s strong financial health and future earnings prospects. There won’t be a temporary account, such as the dividend decleared account, in the journal entry of the dividend declared in this case.

Dividend payments also influence key financial ratios, such as the dividend payout ratio and the return on equity (ROE). The dividend payout ratio, which measures the proportion of earnings distributed as dividends, provides insights into the company’s earnings retention and distribution strategy. A high payout ratio might suggest limited reinvestment in growth opportunities, while a low ratio could indicate a focus on internal growth. Similarly, ROE, which measures the return generated on shareholders’ equity, can be affected by dividend payments.

Well established companies often pay dividends to their stockholders on regular basis. However, students should keep in mind that no liability arises in a period unless and until the board of directors actually authorizes and declares the dividends in that period. As the business does not have to pay a dividend, there is no liability until there is a dividend declared. As soon as the dividend has been declared, the liability needs to be recorded in the books of account as a dividend payable.

When the payment date arrives, the company must record the actual disbursement of dividends. This is done by making another journal entry that involves debiting the dividends payable account and crediting the cash account. The debit to dividends payable reduces the liability on the company’s balance sheet, as the obligation to pay dividends is being settled. The credit to the cash account reflects the outflow of cash from the company to its shareholders. This entry finalizes the transaction and the dividends payable account should be brought to zero, indicating that all declared dividends have been paid.

In this case, the journal entry at the dividend declaration date will not have the cash dividends account, but the retained earnings account instead. The declaration of stock dividends is not recognized as liability because it does not require any future outflow of cash or another current asset. Also the board of directors can revoke such issuance any time before the shares are actually distributed to stockholders. On the dividend payment date, the cash is paid out to shareholders to settle the liability to them, and the dividends payable account balance returns to zero. The debit to the dividends account is not an expense, it is not included in the income statement, and does not affect the net income of the business.

The company assists clients at different stages and transitions of their operations. It builds long-term partnerships with clients to give ongoing accounting support and help with one-time projects, financial system setup, and training. It examines financial information for presentation to CPA or EA and answers questions to facilitate the filing of federal, state, and local tax returns. Its other services include financial statement analysis and payroll management.

Bookkeeping / Accounting

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The family-owned business offers various services for individuals and small businesses, including bookkeeping, which covers formatting financial statements and establishing general retained earnings ledger charts of accounts. It has a team of Certified QuickBooks ProAdvisors who address concerns regarding balance sheets and profit and loss entries. It established the Pacific Northwest Tax School in 2001 to provide tax education training for its team. My Tax Man offers bookkeeping services to clients in Portland. The business was established in 1948 by Claude Kent and was succeeded by his grandson, Ryan Claude, who is a certified public accountant.

• Our intuitive software automates the busywork with powerful tools and features designed to help you simplify your financial management and make informed business decisions.
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• The end result is a set of accurate financial statements—an income statement and a balance sheet.
• They say, “Knowledge is power,” and knowing how your business is doing financially will empower you to leverage valuable information to grow your business.

Reliable Bookkeeping Solutions in Portland

• For the past 5 years, my niche has been on non-profit and service-based industries with a strong focus on dental, ortho and medical offices.
• Owner Terrie Marsh holds a degree in Accounting and is dedicated to proactive services that help her clients grow.
• Its services are tailored to suit the client’s needs and help achieve their goals, from expanding the business to buying a new home for the family.
• Its bookkeeping service includes balance sheet and general ledger reporting, monthly operating write-ups, and checking account reconciliation.
• We take care of your bookkeeping, leaving you free to focus on running and growing your business.
• Located in Portland, Dragonfly Tax LLC is a locally owned company that offers bookkeeping and accounting services to individuals and businesses.

Your bookkeeping team consists of 3 professionally trained Bookkeeping for Veterinarians bookkeepers, including one senior bookkeeper who reviews all of your monthly statements and your Year End Financial package. Bench simplifies your small business accounting by combining intuitive software that automates the busywork with real, professional human support. Smooth Sailing Bookkeeping Services was launched by Mitzi McMullen in 1993 and has provided professional bookkeeping and accounting services to small businesses for more than 25 years. Ensure a stress-free tax season with our tax preparation services, making sure your financials are ready to hand off to your CPA.

Let Elevate Accounting Handle The Books,

All About portland bookkeeping Businesses has been serving Portland and nearby areas for more than nine years. It offers bookkeeping services to individuals and small and medium-sized businesses. Its staff handles weekly bookkeeping, payroll management, bank and credit card reconciliations, accounts payable and receivable, and tax preparation. Fundamental Accounting Solutions, LLC, delivers bookkeeping services to individuals and businesses in Portland and the neighboring communities.

Our Commitment To Our Clients

We take care of your bookkeeping, leaving you free to focus on running and growing your business. Plus, our expert team stays updated with the latest changes in Portland and Oregon’s taxes and laws, so you can rest assured knowing you’re always in compliance. With Bench, you’re joining a community of Portland business owners who have found peace of mind and financial clarity. James Keep & Company serves individuals and small businesses in Portland. The family-operated company offers bookkeeping, tax preparation and planning, timekeeping, and payroll processing.

Dream Team

We create customized plans that meet your current needs while being flexible enough to adapt to future growth as your stage of business evolves. Small business consulting and QuickBooks services are available as well along with the preparation of tax returns for individuals and small businesses. The bookkeeper, Stefanie, often works together with a client’s CPA for comprehensive service at an affordable rate and is a member of the American Institute of Professional Bookkeepers as well as the NATP. Stefanie is also an Official Notary Public Duly Commissioned.

• Services for bookkeeping are available on-site or off-site, and how each option works along with the advantages to both choices are detailed on the company’s website.
• We bring together the power of advanced, intuitive software with the expertise of real, human bookkeepers.
• Our commitment is to perform the tasks entrusted to us with professional skill, integrity and accuracy.
• It established the Pacific Northwest Tax School in 2001 to provide tax education training for its team.
• She goes the extra mile in getting her clients what they need on tight deadlines and is always solution-based in her approach.
• Discover how we can help you have better finances with a personalized demo from a Bench expert, ready to answer all your questions.

More than 25 years experience in small business bookkeeping.

I live near Portland, Oregon and understand what small businesses need. Streamline your finances with our bill pay service, ensuring your payments are managed efficiently and on time. You are not just a number to us While our expertise is numbers, we know that every business is unique and no one wants to feel like just a number.