The Basics of Tracking Employee Reimbursements in Your Books
Here is a number that will make you wince. A typical organization loses about 5% of its revenue each year to occupational fraud. That is real money walking out of the door and frankly, tracking employee reimbursement correctly is one of our best defenses against this kind of loss while keeping the tax folks happy. […]
Managing Multi-Location Bookkeeping: A Comprehensive Guide for Financial Professionals
According to the U.S. Small Business Administration, 64% of the small businesses with multiple locations experience significant operational challenges related to financial management and reporting consistency. If you have ever worked with a client who has expanded beyond their original storefront or launched a second office across town, you know the headaches that follow. What […]
Bookkeeping for Consultants: Managing Project-Based Income
Did you know, In 2023, 64 million Americans(equivalent to 38% of the U.S workforce), performed freelance work which contributed to $1.27 trillion in annual earnings? (Source: https://www.upwork.com/research/freelance-forward-2023-research-report). That’s a massive shift towards independent consulting work but it has created unique bookkeeping challenges that traditional accounting practices don’t fully address. Project-based income requires specialised tracking, different […]
How to Handle Refunds and Returns in Your Bookkeeping
So we were looking at some industry numbers the other day and came across this stat that made me do a double-take. Retail returns are hitting $890 billion in 2024. That’s 16.9% of all sales, according to the National Retail Federation. Now, Let us tell you, returns used to be this annoying little side thing […]
Bookkeeping for E-Commerce: Tips for Online Sellers
E-commerce sales in the United States accounted for 15.9% of total retail sales in the first quarter of 2025, according to the U.S. Census Bureau. That’s nearly one in six dollars spent at retail. And if you’re running an online business, you already know the traditional bookkeeping playbook? Yeah, throw it out the window. You’re […]
How to Track Inventory in Your Bookkeeping System
Proper inventory management directly impacts any business’ bottom line more than many owners realise. According to industry research, businesses that implement systematic inventory tracking see up to 25% improvement in cash flow management and significantly reduced carrying cost. So, for financial advisors, bookkeepers and accountants serving clients with physical products, understanding inventory tracking with bookkeeping […]
