Maximizing Profitability: How Your Accounting Team Can Help Your Construction Firm Reduce Overhead Costs
In the competitive world of contracting and construction, controlling overhead costs is crucial for maintaining profitability and staying ahead. Now is an important time for contractors and construction firms to take stock of overhead expenses and manage them to ensure profitability. Your accounting team plays a vital role in this process, as they possess the…Read More
The Importance of Timely Bookkeeping
Bookkeeping is essential to running a business, no matter its size. Keeping accurate and up-to-date financial records is crucial to making informed decisions, managing cash flow, and staying compliant with tax requirements. After the end of the financial year, it’s critical to complete bookkeeping in a timely manner to ensure the business’s financial health is…Read More
How to Pay Your Subcontractors and Submit 1099s
Business owners often use subcontractors, especially in the construction industry. Contractors depend on them to complete projects instead of hiring full-time employees. And often, these subcontractors specialize in their crafts. Paying subcontractors is a different task them paying your regular employees. These self-employed individuals set their rates and pay their taxes. Here, we give you…Read More
The Business Owner’s Guide To Bookkeeping Vs. Accounting
Businesses specialize in their area of expertise which often doesn’t include finance, and they are confused about the difference between bookkeeping and accounting. If this sounds like you, you’re not alone. And you’ve come to the right place. While both disciplines manage finances and help manage your bank statements and receipts, the two are not…Read More
Are you still cutting paper checks?
Does your printer have ink? Do you have enough blank checks in your stack? Have you carved out an entire day to run your payroll? We believe these are questions you shouldn’t have to be asking yourself! Even in the 21st century, many companies still manage their payroll using manual, paper methods. While it may…Read More
Don’t leave your books to chance
In the current job market, don’t leave your books to chance! A recent article from CNN gave great detail about the current worker shortage, but made one critical observation, “What’s increasingly clear is that after the coronavirus pandemic delivered an unprecedented shock to the global economy, putting tens of millions of people out of work…Read More
Is your bookkeeper overwhelmed?
Your business is growing. You’re meeting financial milestones, landing big projects, and reaching your goals. Things are going great! But how’s your bookkeeper handling the growth? Growing a business to new levels requires next-level fiscal management. Is your bookkeeper able to keep pace? Or is their heavy load threatening to hold you back? Even if…Read More
What Is Reconciliation?
What is reconciliation? You hear this term a lot when you talk to accountants, but do you really understand what it means? Maybe you do, maybe you don’t. By understanding reconciliations, you will see why it is important to have this task completed on a regular basis. We like to compare reconciliations to sorting and…Read More
Accounts Payable and Accounts Receivable
Today in the Devine Dictionary we are going to review accounts payable and accounts receivable. While this may seem like an obvious one to some, it is easy to confuse them if you do not have an accounting background. So, let’s dive in. Both terms are important to understand because they have to deal with…Read More
What Is A Journal Entry?
It’s time for another post in Devine Dictionary. Today’s word is journal entry. Think of a journal entry as an actual journal entry! We all see it in our head, a 13-year-old sitting in their room writing down what happened to them that day. In the accounting world a journal entry is very similar, it…Read More
National Payroll Week
September 3 – 7 is National Payroll Week! We know, payroll can be one of the stressful parts of business ownership, but it doesn’t need to be. Outsourcing your payroll to your accounting firm is a great way to take that stress off of your plate. Another benefit of working with your accounting firm is…Read More
Invoicing is a crucial part of running any business. If you compare your business to the human body, invoices would be the nutrition your body needs to keep running. Your invoicing process is a very important detail that would be a mistake to overlook. Today we are going to review some important factors when you…Read More
Benefits of Outsourcing your Bookkeeper
Every business owner knows bookkeeping is a tedious, yet crucial part to a successful business. Bookkeeping records and sorts the company’s financial transactions through several accounts including various expense accounts, accounts payable, accounts receivable, etc. These amounts are then shown on the company’s financial statements and other reports necessary to the business. Most entrepreneurs have…Read More
Bookkeeping Options for Small Business Owners
Let’s face it, business owners do not start a business to be inundated by the bookkeeping and accounting process. They start a business to do something that they have experience and a passion for. Unfortunately, the accounting process cannot be avoided. Accurate financials are important when it comes to critical business decisions. How can one…Read More