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Keeping Track of Revenue

As an accounting major in college, I quickly learned all of the complicated parts of the accounting cycle. I discovered how to input the details of business transactions into a computerized accounting system. At the end of an accounting cycle, such as a month, I became experienced with calculating the revenue for the period. If you’re starting a new business, determining an accurate amount of revenue for each accounting cycle is crucial. You must know how much profit you’re making each accounting period in order to be successful in the long-term. On this blog, you will discover how an experienced accountant can help you keep track of your revenue.

Archive

Keeping Track of Revenue

2020

Above-the-Line Tax Deductions vs. Below-the-Line
Deductions are a critical part of minimizing your income tax obligation. But not all deductions are built the same. Tax deductions, in fact, come in two varieties: above-the-line and below-the-line. What does this designation mean? And how does it affect your taxes? Here's what you need to know.  What Is "the Line?" When referring to items above or below the line, the line refers to your adjusted gross income on Form 1040.

What Are Cash-Basis And Accrual Accounting?
In the world of accounting, there are two ways to deal with the money you have coming in and going out. The first method is called cash-basis, and the second one is known as an accrual. Those terms mean a lot to the folks at certified public accountant firms, but you'd be forgiven for not knowing the ins and outs. Here's what you need to know about cash-basis versus accrual.

4 Reasons To Consider Outsourcing Accounting Services
As your business grows, you are going to need more assistance in managing the different aspects of your business. One aspect of your business you will need assistance with managing, especially as your business gets large, is your bookkeeping. Building your own accounting service can be expensive, which is why it is important to consider outsourcing your accounting needs as your business expands. Reason #1: Save Money Outsourcing your business accounting and tax accounting is a great way to save money.