Bookkeeping Category

The latest bookkeeping information to help your business.

The 5 Deadly Sins of Construction Bookkeeping

Bookkeeping for many industries is a chore and many small business owners are also often unequipped when it comes to keeping a clean set of books, the construction industry is no different. Below is a list of five common deadly sins of construction bookkeeping:

Why Outsource Your Accounting and Bookkeeping?

Many Small Businesses are always on the lookout for ways to make their business more profitable. One area that is usually a concern is the costs associated with your accounting and bookkeeping functions. This can be a very expensive part of the business in terms of financial cost and the amount of time required to perform these functions on an ongoing basis. A cost-effective solution to this problem would be to outsource these functions. Below are some of the advantages:

Financial Instruments in the Construction Industry

As defined by the CICA, a financial instrument is any contract that gives rise to a financial asset of one party and a financial liability or equity instrument of another party. They include cash, trade accounts receivable and accounts payable, loans and notes receivable and payable, investments in equities and debt instruments as well as derivative contracts such as forward contracts, swaps and options. Construction contracts create financial instruments, including holdbacks receivable and payable.

3 Bookkeeping Mistakes Small Business Owners Should Avoid

Whether you are a large corporation or a one man business, bookkeeping is an integral part of any business endeavor. It is at the foundation of any company’s success and errors here can cost the company significantly. With that said many small business owners get bookkeeping wrong more often than you would think.

Choosing Between Peachtree and QuickBooks

Being a small business owner, you have many issues to deal with daily. With this in mind, you need an accounting system that is robust enough to actually help organize your finance and maintain your books.

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