Net Income Formula: How to Calculate, Analyze and Actually Use It
Sarah runs an online store selling home décor products. At the end of the year, she checks her business bank account, $180,000 sitting there. She assumes it was a great year. Then her accountant sends over the profit and loss statement. Net income: $11,000. She stares at the screen for a long time. Where did […]
1099-NEC vs 1099-MISC: Key Differences, Deadlines, and When Each Form Applies
Every January, the same question surfaces for business owners, bookkeepers, and accountants alike: which form goes to which payee – the 1099-NEC vs the 1099-MISC? By that point the W-9s are scattered across email threads, the contractor’s address may have changed, and the deadline is two weeks out. This article breaks down exactly which form […]
How Bookkeeping Works for Contractors: A Practical Guide
Picture this: a contractor wraps up a six-week kitchen remodel, the client is happy, the final invoice is paid, and there is $14,000 sitting in the business account. Feels like a profitable job. Then the accountant pulls the actual numbers – labor hours logged, materials purchased across four separate supply runs, the subcontractor brought in […]
Small Business Bookkeeping: A Practical Guide That Actually Reflects How It Works
Most small business owners do not set out to neglect their books. It starts with one busy week where the receipts pile up on the passenger seat of the car. Then another week. Then it is October and there are nine months of transactions sitting in a shoe box, a bank account that has not […]
Bookkeeper vs CPA for Small Business: What’s the Real Difference?
Here’s a situation that comes up more than most business owners expect: it’s mid-March, taxes are due in a month, and a CPA opens a client’s QuickBooks file to find 11 months of unreconciled transactions, three bank accounts that haven’t been touched since the prior year, and a “Miscellaneous” expense category that has quietly absorbed […]
What Does a QuickBooks Bookkeeper Do?
Picture a client’s kitchen table on a Tuesday afternoon, every surface covered in crumpled receipts, a stack of unopened bank statements, and a sticky note that simply reads “FIGURE THIS OUT.” Three years of running a landscaping business, and not a single month had been reconciled. Tax season was six weeks away. That’s not an […]
What is QuickBooks Bookkeeping, And How Does It Work?
Poor record keeping, lost receipts and payroll mistakes are common complaints from business owners who try to handle their financial matters by hand. As much as 34% of small business owners make filing errors, according to studies; poor bookkeeping practices are often the culprit. That’s why so many businesses turn to QuickBooks bookkeeping for accurate financial reporting and […]