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 [...]

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

5 Ways Virtual Bookkeeping Can Save You Money And Improve Operational Efficiency

Virtual bookkeeping involves keeping books remotely. Just like traditional bookkeepers, virtual bookkeepers assist their clients with day-to-day financial tasks such as reconciling bank statements, recording transactions, and processing payroll. Here are some compelling reasons to consider virtual bookkeeping services. Virtual Bookkeeping Can Help You Save Money A virtual bookkeeping service can save you money and headaches down the road. The cost of hiring a full-time bookkeeper can be a few thousand dollars. Plus, you must offer benefits to a full-time bookkeeper. When you hire a virtual bookkeeper, you do not need to pay them benefits. Also, a virtual bookkeeper uses [...]

By Virtual Jeannie|2022-07-26T03:17:39-07:00June 14th, 2022|Financial Analyst, Bookkeeping|0 Comments

9 Reasons Why Your Business Needs a Financial Analyst

You are probably so entrenched in the day to day running of your business that you may not have even had time to think about what a financial analyst could do for you, much less hire one. Financial analysts, however, can be an integral part of your team and provide valuable insights that improve organization and efficiency. The following are 9 reasons why your business would benefit from a financial analyst. (1.) Identify Financial Strengths and Weaknesses One aspect of your business may be bringing the company profits up and be a shining star that does not receive the credit [...]

By Virtual Jeannie|2022-07-26T03:20:25-07:00March 8th, 2016|Financial Analyst|0 Comments