Bookkeeping

To keep track of your revenue and profit, you must monitor the cost of the goods you sell and the dollar amount of the inventory you have left. For example, if you buy collector’s sets of chess for $75 each and sell them for $100 each, the cost-to-retail percentage is 75%. For many firms, cost…

For example, when selling a home they lived in for two to five years, homeowners can get exceptions up to $250,000 ($500,000 for married people) of their profit. Understanding tax write-offs is crucial for maximizing your real estate income and minimizing your tax burden. While the basic concepts aren’t difficult to understand, real real estate…

For real estate specifically, investors need to pay attention to how they record asset depreciation, recognize revenue, and handle lease accounting. Modern real estate accounting software often includes built-in templates that align with these standards. Sage Intacct delivers specialized functionality for managing complex real estate transactions. The system handles everything from tenant billing to property…

Advanced software solutions offer features for ensuring ethical accounting. Regular reviews ensure that businesses remain ethical in their accounting practices. Training sessions offer insights into ethical accounting techniques. Accounting Vs. Bookkeeping Tara deducted 5 months of the first recovery year on its short-year tax return. Seven months of the first recovery year and 5 months…