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What Is Benchmark Accounting? Benchmark accounting compares a business’s financial performance with competitors, historical data, or industry standards. The key elements of benchmark accounting are revenue, expenses, and profit margins. Its main purpose is to identify areas of improvement and check if the business is on the right track. In some cases, a business may […]
How To Value a Plumbing Business? It’s Easier Than You Think During our teenage years, we tried to assemble IKEA furniture without instructions. Dad was skeptical and bet we couldn’t do it, and he was right! Halfway through assembling, we looked and saw an unusual piece of furniture that was good for nothing. The story […]
What Is a Contra Expense? A contra expense reduces the total expense balance on the financial statement. Rather than adding the costs, contra expenses offset them. For instance, if you received a discount from the supplier, it is recorded as a contra expense, thus lowering the overall expense balance. Contra expense accounts are not commonly […]
Triple Net Lease Accounting Triple net lease accounting records and manages a lease where the tenant agrees to pay property taxes, insurance, and maintenance costs besides the rent. Triple net lease accounting requires careful management to ensure accurate financial reporting and proper expense allocation. Under a triple net lease (NNN), tenants are responsible for covering […]
Let’s Demystify Trends in the Accounting Industry for 2025 We know saying Happy New Year on the second day of the year isn’t worth it, but we will say it anyway, as the New Year buzz is still in the air. We have made our resolutions and told ourselves, “This year, things will be different”. […]
5 Construction Business Tax Deductions Businesses Often Overlook Do you remember the feeling when you were standing in the cereal aisle in your childhood? At that point, you weren’t sure which cereal to choose from. This happens because you didn’t plan which cereal to buy. Running a construction business is kind of like this. You can […]
Can You Start a Plumbing Business Without a License? The short answer is no! You can’t operate a plumbing business without a license in the US and Canada. The reason is that plumbing is a regulated trade, and you need proper training and obtain certain licenses to run a business. To run a legitimate plumbing […]
What Are Accounting Structures? Accounting structures illustrate organized frameworks businesses use to record and report financial transactions. These structures tell us how income, expenses, assets, and liabilities can be tracked. The key components of accounting structures are: If you have ever built some IKEA furniture, you’ll understand the accounting structures better. These structures represent the […]
How To Gain a Profit Margin for the Cleaning Business in 30 Days? Last night, we were watching soccer, and a pizza ad appeared at the end of the first half. We couldn’t resist (and we were hungry, too), so we ordered the pizza. The story tells two things: the power of the right messaging […]
You Can Thank Us Later – 10 Types of Invoices for Home Services Businesses It’s Friday again, and we hope your day is not going as chaotic as ours. If you are having a chaotic day and one of your clients has sent you an email saying, “Can you resend the invoice? I can’t seem […]