Category: Bookkeeping

This accuracy is invaluable for budgeting, forecasting, and making strategic decisions about where to allocate resources. Ace Fitness offers an annual membership plan that requires customers to pay $1,200 upfront in January. Initially, Ace records the payment as deferred revenue because the service hasn’t yet been provided. Each month, $100...

Then, finally, apply for a business license, get it registered and set up your contracts. Consider using an intranet software to access your bookkeeping system. (Make sure it’s integrated or linked.) This will give your team a secure, centralized hub to view financial records, track transactions, and collaborate on bookkeeping...

This method offers more flexibility than fixed-price billing, as it allows for changes in the project scope. However, estimating the total project cost can be challenging, and clients may feel uncertain about the final bill. Since this payment method depends on a project’s progress, it is also beneficial to clients...