
When should you consider outsourcing your bookkeeping? What are the benefits of outsourcing? In today’s post, we’re going to share some bookkeeping warning signs and...
We’ve spent time discussing the structure of bookkeeping and the necessary tools to get a complete and accurate product. In this section, we’re turning our focus to a second layer of tracking called project accounting. This adds another level of complexity to the accounting process, but with the right system, it can be done efficiently and effectively. Often times the success or failure of a project-based business is determined by how well they can execute this process.
Not every industry or business needs project accounting. The first question is, which businesses do need it? The name gives it away, but it’s any business that relies heavily on projects as their form of revenue. In other words, a business that submits a bid on a project, then must allocate staff and other resources over a period of time before completion.
Immediate sales like retailers would not apply except in rare circumstances when they want to track an internal or special project.
We look for these 6 characteristics when we are evaluating project management software:
Depending on your industry, you may have to charge sales tax to your customers. This software will be the point where all sales invoices begin, so it’s important that the system can handle a multitude of sales tax rates and scenarios.
Whether you have an all-in-one system or you are using a specific job costing application, you will want to have the option of importing and exporting data using excel. This time saving feature will make it easier for you to automate systems that aren’t necessarily connected.
When should you consider outsourcing your bookkeeping? What are the benefits of outsourcing? In today’s post, we’re going to share some bookkeeping warning signs and...
Bookkeeping is the daily recording of financial transactions so you can tell how much income your business made, how much you spent, and how much was left over. The...