4 Reasons Why Law Firms Need Accounting Services

Lawyers are some of the busiest professionals. Many lawyers find it difficult to find the time in their day to both practice law fulltime and be manage and maintain their bookkeeping. It is no wonder so many law firms outsource their accounting to accounting firms in Santa Rosa. Outsourcing your book-keeping is a great way to save time and headache for your firm. An accounting firm can ensure your financial reporting is accurate and in line with the current laws and regulations. When you outsource your accounting to an expert, you have peace of mind that comes with knowing that [...]

Smart Monkey2022-09-01T22:05:47-07:00August 22nd, 2022|Accounting Services, Accounting Firm|0 Comments

What is a Contra Revenue Account and Why is it Important to Your Small Business?

Small businesses record refunds, returns, discounts offered against defective goods, and products or service discounts in a contra revenue account. Contra means opposite or against. A contra revenue account is used to reduce the value of a related account. Your contra revenue account tells you the difference between your gross revenue and net revenue and the reason for the difference. Some Examples of Contra Revenue Accounts Contra accounts always appear linked to other accounts. For example, your Accounts Receivable may have a contra account titled Allowance for Doubtful Accounts. The natural balance of a contra account is the opposite of [...]

Smart Monkey2022-09-01T21:56:01-07:00August 11th, 2022|Accounting Services, Financial Analyst|0 Comments

The Difference Between Internal And External Use Of Accounting Information

A Stakeholder in a business is any individual or entity that holds an interest in it. These stakeholders may have financial or personal investments in the livelihood of the business. There are two types of stakeholders- internal and external stakeholders. Internal stakeholders have a direct relationship with the business and actively participate in its management whereas, external stakeholders are not directly involved in the operations of the business. Both internal and external stakeholders use accounting information to make informed business decisions. Internal stakeholders use accounting information to track business performance and determine any future course of action. External stakeholders use [...]

Smart Monkey2022-07-26T02:20:16-07:00May 23rd, 2022|Accounting Firm, Accounting Services|0 Comments

How Outsourcing Accounting Services Benefits a Company

Accounting is difficult. There are many accounting rules and concepts and both remembering and accurately applying them can seem like an uphill struggle. Regulating bodies announce changes to industry accounting standards every few years. If you choose to do your accounting yourself, you will need to stay on top of these changes or you are likely to end up making costly mistakes. Sounds like a lot of work? Instead of trying to do your accounting in-house, consider hiring an accounting and bookkeeping company in Santa Rosa. Accounting tasks are time consuming. If you rely on your in-house team to perform [...]

Smart Monkey2022-07-26T00:50:33-07:00December 7th, 2021|Accounting Services|0 Comments

What Do Uncategorized and Ask My Accountant Mean in QuickBooks?

QuickBooks is one of the most popular accounting software. It is intuitive, user-friendly, and loaded with many helpful tools and features. One of the most important features of QuickBooks is the QuickBooks chart of accounts which is a list of all your company’s accounts. Uncategorized is a category used to keep track of the transactions that haven’t been assigned an account on your charts. Previously titled, Ask My Accountant, Uncategorized now serves the purpose of labeling transactions in question. To ensure efficiency in your bookkeeping, it is important to review and audit uncategorized transactions in your accounts. Here are a [...]

Smart Monkey2022-07-26T02:38:43-07:00November 17th, 2021|QuickBooks, Accounting Services|0 Comments

How to Choose the Best Cost-Effective Accounting Software?

There is a plethora of accounting software to pick from. We will discuss how to choose the right one for your business. Keeping "books" for a business used to be a paper-based operation involving a ledger, a lot of columns, and a pencil to record a company's vital financial data. However, today’s accountants in Sonoma County are using more advanced software programs to cater to the needs of their clients. Even the smallest firms can profit from the wide range of small business accounting software programs on the market. Accounting software may assist you with not only eliminating human errors [...]

Smart Monkey2022-07-26T00:53:26-07:00October 15th, 2021|Software, Accounting Services|0 Comments

The Future of Accounting: Demand and Evolving Technology

Change is the one true constant in business, as it is in life. Professionals across industries are witnessing enormous changes, a majority of which are driven by emerging technologies. Even accounting services in Santa Rosa have been transformed, thanks to the changing technology. The industry has progressed far beyond mere payroll and bookkeeping and is increasingly playing a strategic role in growth-oriented companies. With the advancement of technology, the accounting sector is rapidly changing. Innovations like process automation, advanced analytics, and cloud-based data management have been helping in elevating and empowering accountancy. Digital Shift There's no denying that digital transformation has shifted [...]

Smart Monkey2022-07-26T02:14:22-07:00October 7th, 2021|Accounting Services|0 Comments

4 Reasons Businesses Must Hire Bookkeepers and Accountants

Bookkeeping and accounting are important for any business as their main objective is to help businesses stay on top of their finances Both of these tasks are equally time-consuming and tedious. They require a meticulous, detail-oriented eye, and proficiency in different bookkeeping and accounting principles. If you rely on your employees to do these tasks, they may make costly mistakes. Cleaning up an accounting or bookkeeping mess can seem like an uphill challenge when not done by an expert. Some accounting and bookkeeping mistakes are impossible to rectify and can haunt a business for years with their residual effects. Outsource [...]

Smart Monkey2022-07-22T06:21:00-07:00September 15th, 2021|Accounting Services|0 Comments

Why It’s Important to Choose the Right Accounting Firm

Accounting is a complex practice. Even a minor mistake can cost your business big time. You cannot let your team get bogged down with accounting tasks and should seriously consider outsourcing your accounting. There are several benefits of outsourcing your accounting. Your outsourcing partner will come up with a plan to optimize your accounting processes. They will oversee your company payment and payroll processes, saving you headaches. You can operate with a much smaller team. Outsourcing your accounting is a great way to cut costs associated with hiring and retaining permanent employees. Here are some benefits of hiring the right [...]

Smart Monkey2022-07-26T02:49:24-07:00June 22nd, 2021|Accounting Services|0 Comments

Types Of Accounting Services For Small Businesses

Accounting is the process of summarizing, recording, and analyzing financial transactions relating to a business’s operations. Accounting helps you track your income, expenditure, and ensure statutory compliance. Accounting information is used to make key business decisions. If your finance team is already burdened with too much work, it makes sense to outsource your accounting to an accounting firm in Santa Rosa. Your outsourcing partner will perform day-to-day accounting tasks, ensuring that your employees can make time for more important tasks. Here are some common types of accounting services for small businesses that accounting firms provide. Tax Accounting Services Taxes are [...]

Smart Monkey2022-07-26T02:26:27-07:00May 21st, 2021|Accounting Services, Small Business Bookkeeping|0 Comments