Category: Bookkeeping

Focus on working with clients who will pay you what you’re worth, and don’t worry about the clients who won’t. Consider the example of helping a client save thousands in taxes through effective bookkeeping and financial analysis. In this case, you could negotiate a fee that is a percentage of the tax savings you help the client achieve. This approach aligns your success with the client’s, making it a win-win situation. How to hire an accounting professional Then you present a list of services performed along with the hourly rate…

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Most accountants work from accounting firms or home offices that offer accounting services to the public, private companies or the government. However, a growing section of the accounting trade is offering their services as business consultants, helping businesses and people to restructure their financial reporting, analyze fiscal data ,and conform to new regulations. As an accounting consultant, you must be a self-starter who is able to build a client base and a business at the same time. Of course, you must begin by getting your accounting degree and becoming a…

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When customers prepay for products or services they won’t receive until later, the payment is recorded as deferred revenue on the balance sheet rather than sales or revenue on the income statement. Accruals record transactions based on economic events while deferrals focus on cash flows. Accruals provide more accurate financial statements but may require estimation and adjustments whereas deferrals rely on concrete cash movements. On the other hand, if the company has incurred expenses but has not yet paid them, it would make a journal entry to record the expenses…

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