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4 Accounting Tips to Run a Profitable Professional Services Company

Basis 365

It doesn't matter if you run a marketing agency or a management consulting firm when it comes to managing a profitable consultancy business. For a service-based business to be profitable, it is essential to track time and invoicing accurately. These four accounting tips will increase your consulting company's profitability.

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Handling Customer Deposits and Retainers in QuickBooks Online and Desktop 2023 (and earlier)

SchoolofBookkeeping

You can set up a deposit or retainer process for your company in QuickBooks Online. Select an option from the When do you want to start tracking your finances from the is account in QuickBooks? Select an option from the When do you want to start tracking your finances from this account in QuickBooks? dropdown list.

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How to Account for Bad Debts and Record it in Quickbooks Online and Desktop

Ronika Khanna CPA,CA

Your customer has become non responsive despite efforts to contact them and you feel that it is not longer worth trying to collect There are ways to mitigate the possibility and impact of bad debts. You can select non inventory product or service here. You will be prompted to create a new item.

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How To Account for Car Expenses and Reflect Personal Use

Ronika Khanna CPA,CA

If you are a small business or self employed, you are generally able to reflect your car costs as an expense on your profit and loss as well as write off the portion of the expenses that relate to business on your tax return. You would choose the relevant account that you have set up per the step above. Check out my books for small business.

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Business Budgeting Software Guide: Budgeting Software for Small to Enterprise Business

Snyder

By definition, it’s an estimation of future business incomes and expenses based on the evaluation of the business finances over a certain past period. Profit margin analysis. Understanding your gross profit margin is essential when creating your budget. Gross Profit Margin = ((Net Sales – COGS) / Net Sales) * 100.

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2023 Readers’ Choice Awards – The Readers Have Voted!

CPA Practice

While the economy and supply chains may still have some hiccups related to the end of the pandemic, one thing is clear: The demand for the services of accounting, finance and tax professionals is growing strong. Unfortunately, there’s also a “critical talent shortage,” says Tom Hood, CPA, a vice president with the AICPA. ( [link] ).

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4 Accounting Transactions that Use Journal Entries and How to Enter them in QBO

Ronika Khanna CPA,CA

When using accounting software such as Quickbooks Online , the majority of transactions relate to invoicing customers, supplier bills and categorizing expenses that have been downloaded, are relatively straightforward. However, there are transactions that require somewhat special treatment and are usually entered via a journal entry.