Category: Bookkeeping

Bookkeeping and payroll are time-consuming tasks that must be completed, but these tasks can be an inefficient use of your mental resources. Bookkeepers are part of the day to day operations and are positioned to assist business owners with real time decisions in your business. At Sommer & Sommer LLC, we provide a variety of…

Gross margin is commonly presented as a percentage, allowing for easy comparison of a company’s performance against its industry peers or historical data. Growing your customer base can help you increase your sales and boost revenue. Consider how you can use marketing strategies to find new customers or increase the purchase volume of existing customers.…

No cap on meetings with your bookkeeper; QuickBooks says small-business owners usually schedule one or two video appointments per month. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours…

Close the income summary account by debiting income summary and crediting retained earnings. When dividends are declared by corporations, they are usually recorded by debiting Dividends Payable and crediting Retained Earnings. Note that by doing this, it is already deducted from Retained Earnings (a capital account), hence will not require a closing entry. Take note…