Posts by Shauna Huntington
Decoding Key Accounting Terms Every Business Owner Should Know
Navigating the financial aspects of your business can be challenging, but understanding essential accounting terminology is a crucial step toward financial success. Here, we break down some key terms that every business owner should be familiar with: P&L (Profit and Loss) Statement Also known as the income statement, it summarizes your business’s revenues and…
Read MoreUnveiling the Power of Classes and Locations in QuickBooks Online
QuickBooks Online offers robust tools for managing your business’s finances, and among the standout features are “Classes” and “Locations.” These two functionalities are invaluable for businesses seeking to gain deeper insights, improve reporting, and streamline operations. Here’s why you might use Classes and Locations in QuickBooks Online: 1. Improved Financial Reporting Classes and Locations…
Read MoreSetting Up ACH Payments for your Business
Setting your business up to initiate ACH payments can be instrumental in improving your business’ cash flow. It is typically simple to setup, but it is not automatic. • 1 • First, most businesses will setup ACH payment processing through their bank. While there are other services out there that will allow you to set…
Read MoreWhat is A Prepaid Expense?
Prepaid Expense A Prepaid Expense is an expense for something that you have already paid for, but you haven’t yet received the benefit of that expense. For example, if you pay your July rent on June 15th, that is a prepaid expense, because you are not receiving the benefit of that rent payment (using your…
Read MoreUnderstanding Deferred Revenue
Deferred Revenue Deferred Revenue is revenue that you have not yet earned, but that you’ve received in cash. Revenue should not be reported in your profit & loss statement until you have actually done the work to earn that revenue. However, often you receive some or all of the money up front for a project…
Read MoreCustomer Payment Options that Improve Cash Flow
Cash Flow is one of the most critical factors to operating a successful business. Growth requires cash and if your business is not able to effectively manage your cash flow, your growth and long-term success can suffer. Aside from generating new sales, the biggest impact to cash flow is getting that cash from your sales…
Read MoreAccounting Treatment of CD’s
With FDIC limits still being a hot topic these days, we’ve seen lots of different tools being used for people and companies to diversify their cash and keep it safe. One tool to consider utilizing is a certificate of deposit (CD). There are several reasons to put your money in a CD: 1 –…
Read MoreFrequently Asked Questions about Working with Fortiviti
June 2023 Fortiviti is a unique outsourced accounting solution, so naturally, we get a lot of questions on how we operate! Here are some of the top questions we get Q: Who will I be working with? A: Fortiviti is unique in that you will be assigned a single point of contact that also…
Read MorePros and Cons to Outsourcing Your Accounting
Outsourcing accounting has become a more common practice in recent years. With companies looking for increased efficiency and a way to combat the talent shortage, outsourcing is becoming a part of the conversation. As companies consider whether outsourcing is right for them, there are various factors to consider. Cost To hire decent talent,…
Read MoreWhy We Use QuickBooks Online
Fortiviti works with various accounting software for our clients, but the most common is QuickBooks Online. QuickBooks Online (QBO) is a powerful and intuitive accounting software that offers a wide range of benefits for small and mid-sized businesses. Here are some of the key benefits of using QBO: 1. Accessibility With QBO, you can access…
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