Kategorie: Bookkeeping

While free school meals are possibly one of the most pure-intentioned government programs bookkeeping services maine Maine has, the audit even found severe mismanagement there. Barbee Business Services has helped businesses like yours achieve financial success and peace of mind. We offer unparalleled expertise in accounting, tax assistance, and QuickBookstraining, ensuring your financial success is our top priority.

Business Bookkeeping

Our team of financial planning experts will work with you to develop a customized plan to help you achieve your financial goals. Whether you are planning for retirement or saving for a major purchase, we can help. If Mainers want to understand why their government’s fiscal health continues to erode, they need look no further than this audit. The audit itself is over 500 pages, and since 500 pages is quite a lot to read, the purpose of this post is to summarize some of Dunlap’s most  notable findings.

Kitty is clear, demonstrates what she’s teaches, and is very engaging. Even for an hour and a half class, I felt like the time was well-used and full of useful information. Kitty Barbee previous position in economic development allowed her to work with small businesses throughout the state of Maine and she has developed a vast network of business resources over the years. Integrations with Vend POS, Wild Apricot membership software, Stripe, Square and various other software. We attach all documents to their corresponding transaction in Quickbooks Online so you can easily access all your information.

To help us best service your inquiry, we recommend that you first describe the issue you’re having before telling us what you want to achieve. Desktop troubleshooting, company file setup or rebuild for QuickBooks® software. Available for consultation to advise on maximizing use of QuickBooks® desktop or online software. Kitty Barbee has a degree in Business Management with a concentration in accounting, and over 20 years working with small businesses. With a focus on detail and customer service, I’m here to help you focus on your business while I take care of the numbers.

However, the report alleges that these types of contracts were overused by Maine state agencies. This kind of “contract stacking” is a breeding ground for cronyism and backdoor deals—an affront to good governance and fiscal prudence. With $2.1 billion in contracted spending riddled with oversight failures and millions in federal funds now under scrutiny, this is not just an accounting problem but a profound failure of governance.

In at least one case, a contract’s approval occurred after the project was completed. Accounting Services of Maine, LLC was founded in 1997 by Rachel Grivois, CPA. The target market is small and mid-size businesses in the Central and Eastern Maine region.

Business formation guidance, start-up consultations, and business development planning. Wear one less hat and let us assist you with the most current small business tax knowledge. We’re always welcoming new clients, whether your return is simple or complex.

Part 1: What Maine’s 2024 Audit Reveals About Government Oversight and Corruption

When agencies like DHHS and DOE misuse federal dollars, they risk clawbacks, legal liability, and the credibility of Maine as a responsible steward of taxpayer money. The Trump administration is already investigating Maine and threatening to claw back funding; we shouldn’t be giving them more reasons to do so, especially as the state faces a budget shortfall. This is a bureaucracy asleep at the wheel—or worse, unwilling to be held accountable.

Although it may be clear that business operations are efficient and profitable, it may not be clear what lies ahead. A business may have more than one department, product line or program that needs to be measured on regular intervals. Such business segments may require budgets and separate financial reports.

• The audit reviewed 31 separate non-bidding purchase justifications, which are reports by agencies justifying why a purchase above $5,000 did not go through a competitive bidding process.
• The OSPS guidelines specifically require a bidding process for projects of $5,000 or more.
• The accounting professionals at Management Accounting stand ready to help you with your accounting needs.
• From training, to company file reviews, and monthly check ins, our services will get you on track and keep you there.

AREAS OF EXPERTISE

In the case of Child Care Development Fund, the department wasn’t even tracking whether it was meeting federal earmark requirements, which is itself an institutional failure. Furthermore, OSPS has the duty to provide and manage effective contracting and spending guidelines, yet they failed to provide proper oversight to the various agencies of Maine. These funds were rerouted to administrative and other purposes, violating federal rules and potentially forcing Maine to repay the money. Kitty has helped me learn the ins and outs of QuickBooks for my small business. This has allowed me to take what I learn with Kitty and feel confident navigating QuickBooks on my own.

SMALL BUSINESS

• She took the overwhelm out of the process by giving me a clear plan and action steps between our meetings.
• The audit itself is over 500 pages, and since 500 pages is quite a lot to read, the purpose of this post is to summarize some of Dunlap’s most  notable findings.
• Manufacturing businesses need to identify margins for each product line.
• From personal to small business and real estate, our experienced team is ready to help you streamline your tax preparation.

We work with each client individually so services are tailored to your unique needs. Our business solutions are as much or as little as you need – simple, flexible and affordable. Manufacturing businesses need to identify margins for each product line. This involves costing the raw components for each product including labor, materials and overhead.

The training Barbee Business Services offered was essential in helping me to launch my new business in Downeast Maine. The excellent instruction provided, helped me begin working with QuickBooks and helped give me that final boost of confidence I needed to convince me that I could do this. We provide top quality services while keeping your information secure and confidential. Our QuickBooks files are password protected and we perform daily backups to a secure server. With IRS representation, CFO-for-hire and consulting services available, we’re here to help you with your specific needs no matter how big or small. Our CFO-for-hire option is scalable depending on your needs.

Training manuals can be provided upon request, for an additional fee. Whether you are starting out or already established, Barbee Business Services is a great resource. Kitty processes and relays information in a practical easy to understand manner. We are a small Accounting firm, here to help you with your accounting needs big or small. Providing Accounting services to all of Mid-Coast Maine and beyond. Located in Newcastle, ME we are close to Damariscotta, Wiscasset, Woolwich, Boothbay, Waldoboro, Alna, Dresden, Pittston, Bristol, South Bristol.

The audit reviewed 31 separate non-bidding purchase justifications, which are reports by agencies justifying why a purchase above $5,000 did not go through a competitive bidding process. These projects deserve a lot of oversight since they don’t allow separate bidders to drive the project price down through the normal bidding process. Of the 31 reviewed purchases, 16 had no documentation at all that a reasonable investigation occurred despite Maine state law explicitly requiring that review in many cases.

Choose Peterson Bookkeeping for the most accurate and detailed financial record keeping. In most cases, you have three years from the date of original filing to amend taxes. I wanted to just let you know how much you helping OSS means to me and the organization. Without your guidance and direction, we would not have fixed our financials and we would be totally lost in the PPP loan application world.

For small businesses using Quicken for payroll, we provide payroll processing and tax filing services. At 360 Accounting Pro Inc., we help small businesses integrate Quicken into their accounting system for optimized financial management. If you’re a new bookkeeper for a business that uses Quicken accounting software, you could probably use a bit of help and encouragement. Specifically, I will explain what you should know about your computer, Windows, and Quicken. And I can explain how you should perform some of the standard small business financial recordkeeping.

• Quicken simplifies tax reporting by categorizing business transactions and generating tax summary reports.
• See the information that’s most valuable for your goals & priorities.
• With Quicken, see where your money is going and make informed decisions about how to best use your resources.
• Whether you use Quicken or QuickBooks Online depends largely on what type of finances you need to manage.
• It’s helpful if you know a few things, but, for example, your boss shouldn’t expect you to understand the income tax rules for employee fringe benefits, asset depreciation, or partnership taxation.
• 1According to data from the August 2024 Intuit QuickBooks Quarterly Small Business Insights, a quarterly online survey of ~5,000 small businesses.

Intuit QuickBooks Enables Tap to Pay on iPhone for Small and Mid-Market Businesses to Accept Contactless Payments

It works with PayPal for accepting online credit card payments, Dropbox for storing important documents like rental agreements, and Zillow Zestimate for estimating home values. In my opinion, QuickBooks Online easily edges out Quicken when it comes to integrations. With access to over 750 third-party apps, it offers unmatched flexibility for businesses. QuickBooks wins this category with slightly higher user reviews. QuickBooks Online users frequently mention its ease of setup and use, emphasizing its straightforward and intuitive interface. Many also appreciate the wide range of integrations that enhance its functionality.

How does the 30-day, money-back guarantee work?

Specifically, this more comprehensive competitor is ideal for small-business virtual accountant owners craving more extensive features. In contrast, many competitors, like QuickBooks and Zoho, include an add-on paycheck-cutting option. Quicken also can’t connect to banks outside the U.S. and Canada, among other hindrances to business growth. Due to its focus on personal finance, the platform lacks scalability for businesses.

Quicken vs QuickBooks: Which Is Best for Your Small Business?

The app allows users to track their expenses, view account balances, and receive alerts. If you manage only a few rental properties and need a basic solution for creating invoices and tracking bills and tenant payments, then Quicken Business & Personal may be right for you. While Quicken is generally easy to use, some of its features are not intuitive, and you’ll need to devote time to learning to use them. The platform offers multiple options for customizations, so you can completely personalize it to your needs. Your financial management journey begins on the dashboard or Home tab, which gives you a comprehensive view of your finances. The dashboard allows you to manage and track your budget, spending, and bills.

If you need to keep detailed records of other business assets, such as inventory, you need to use another program. Quicken lets you calculate profits by tagging bank account deposits as income and bank what are retained earnings account withdrawals as expense. If this approach doesn’t work for the small business you’re keeping the books for, you need to use another program. Customize any report to show you any combination of accounts you want to see. Deep dive into your cash flows, profit & loss, investments, debt, asset accounts, and more.

• Although Quicken does have a version of its software for both rental property owners and small businesses, it is not double-entry accounting software and thus is not as advanced as QuickBooks.
• Quicken generates ample financial reports, including cash flow, P&L, account balances, transactions, payee comparisons, budget spending, cash flow comparisons, and banking summaries.
• Some users note there is no client invoicing, which isn’t true in the Classic Business and Personal plan.
• Buy QuickBooks as a desktop program or as part of an online program.
• However, you can use it to organize your tax-related data and export it to tax software like TurboTax.
• On the downside, some point out the restriction on the number of users, which can be a drawback for growing businesses.

Is Quicken Right for You or Your Business?

For example, many accounting firms and lenders require this more complex ledger style. As a result, the software title may not jibe with your long-term growth goals. However, you can use it to organize your tax-related data and export it to tax software like TurboTax. In every Quicken plan, you can use the web companion for more accessibility. However, you still need to buy the desktop version to use the web version.

Comparing Quicken and QuickBooks is a bit like comparing apples and oranges. Both are financial management tools and even share a few features and functions, but the two software programs are built for different uses. While Quicken offers four different subscription packages for users, the Home & Business package is likely to be the one most relevant for entrepreneurs. At 360 Accounting Pro Inc., we help small businesses leverage Quicken for accurate financial management, tax savings, and improved cash flow. While Quicken simplifies financial tracking, managing a small business’s accounting requires expert support to maximize tax deductions, ensure compliance, and generate accurate financial reports. Small businesses can connect their bank accounts, credit cards, and loans to Quicken for real-time transaction tracking, eliminating the need for manual entry.

Quicken Classic Premier

Quicken is a personal finance management application for creating budgets, tracking expenses, and managing investments. Its personal finance tracking solution, Simplifi, is great for managing your finances, investments, and debt; however, it lacks rental property management features. Quicken’s monthly fee ranges from $5.99 to $10.99 (billed annually), whereas Simplifi is priced at $3.99 per month (billed annually). QuickBooks has more features for small businesses, such as the ability to track inventory and create invoices.

Ease of Use: QuickBooks Online Wins

Quicken categorizes and tracks business expenses automatically, helping small business owners monitor where their money is going and how to stay within budget. Quicken’s tax tools also allow for sales tax tracking within the software. Users can create reports covering Schedules A to E, as well as Tax Summaries, Capital Gains, and custom reports for any tax schedule. Business deductions can be managed as well, and tax data can be exported to TurboTax with ease.

Unlike SL and UOP depreciation, DDB depreciation ignores residual value until the end of an asset’s life. Notice once again that the ending book value of the delivery truck, $6,000, equals its residual value, as it did with SL depreciation. The final column shows the asset’s book value, which is its cost less accumulated depreciation. This formula is best for production-focused businesses with asset output that fluctuates due to demand.

• To compute depreciation expense year after year, you multiply the actual number of units the machine makes during the year by the depreciation rate.
• What if you have fixed assets that are not expected to depreciate linearly?
• Depreciation is an important accounting term that shows the steady loss of an asset’s value over time.
• These different methods of depreciation are applied to fixed assets based on the plan that how the cost should be treated as expiring over the life of the assets.

Units of Production Depreciation

The Double Declining Balance Method is a method of accelerated depreciation that assigns a larger depreciation expenditure in the early years of an asset’s useful life. This strategy believes that an asset’s wear and tear is greater initially and steadily diminishes over time. The sinking fund approach is a way to figure out how much an asset has depreciated and, at the same time, set aside money to replace the asset when it’s no longer useful. This method is handy when dealing with costly assets that will eventually need replacement. Instead of facing a big expense all at once, companies set up a sinking fund.

Modified Accelerated Cost Recovery System (MACRS) Depreciation

The sinking fund method determines how much an asset has depreciated while also setting aside money to replace the asset when it is no longer usable. This strategy is useful when dealing with expensive assets that will ultimately need to be replaced. Companies establish a sinking fund rather than incurring a large expenditure all at once. The Written Down Value (WDV) method of depreciation calculates how much an asset’s value has decreased over time. WDV focuses on lowering book value rather than distributing the expenditure equally across the years. The depletion method of depreciation is used to spread the cost of natural resources like minerals, oil, or lumber across the time period in which they are harvested or used.

Then, they can land over an equal loss value over each accounting period. Asset Panda’s robust platform can be easily customized to track and manage all the assets your organization relies on. Beyond providing real-time visibility into your asset inventory, Asset Panda can track depreciation using various methods and even automate these calculations on a set schedule. With our fixed asset and depreciation tracking solution, your organization can save time, improve data accuracy, and enhance tax compliance.

• The economic life of a car may be 7 years and its physical life may be 10 years, but if a company has a policy of trading cars every 3 years, the useful life for depreciation purposes is 3 years.
• This method is often used for assets where the wear and tear depend on the level of activity rather than the passage of time.
• Depreciation provides a more realistic picture of an asset’s diminishing value and follows accounting standards, assisting in financial reporting and decision-making processes by spreading the expense.
• With the Units of Production method, an asset’s depreciation is calculated by its output rather than the time passed.
• The fixed instalment method of depreciation, like the straight-line technique, assigns the cost of an item equally across its useful life.

Methods and Formulas For Calculating Depreciation

So, three main methods of calculating depreciation depreciation refers to the “using up” of a fixed asset and to the process of allocating the asset’s cost to expense over the asset’s useful life. The process of allocating a fixed asset’s cost to expense over its useful life is referred to as depreciation. Depreciation matches an asset’s expense against the revenue generated from using the asset, thereby adhering to the matching principle.

So that must be allocated and it is done smoothly using the depreciation method. If the residual value is high enough, it is possible that the depreciation expense during the second-to-last year could be reduced, and there would be no depreciation in the final year. An asset that has reached the end of its estimated useful life; no more depreciation is recorded for the asset.

Straight Line Method

Double declining balance method is a type of diminishing balance method in which the depreciation factor is 2X than the straight-line method. The straight-line method of depreciation is the most simple and easy to use depreciation method. It is also called the Original cost method, Fixed Installment method or Equal Installment method. The same amount of depreciation is charged every year on the original cost of the asset. The amount of depreciation is charged to the Profit and Loss Account every year.

Then, multiply this figure by the number of units of goods or services produced during the accounting period to find the period’s depreciation expense. Maintaining detailed fixed asset records with comprehensive documentation of all depreciation decisions helps avoid these issues while supporting accurate financial statements and tax compliance. In Accounts, Depreciation can be defined as the method of allocating the cost of a physical asset over its useful life or the time period it is to be used for. In simple words, depreciation is the reduction in the value of an asset due to the passage of time, normal wear and tear and obsolescence.

One often-overlooked benefit of properly recognizing depreciation in your financial statements is that the calculation can help you plan for and manage your business’s cash requirements. This is especially helpful if you want to pay cash for future assets rather than take out a business loan to acquire them. Finally, robust depreciation software provides audit trails documenting all asset transactions, depreciation calculations, and methodology changes. These detailed records prove invaluable during internal reviews, external audits, and tax examinations, potentially saving significant time and reducing compliance risks. As we already know, the purpose of depreciation is to match the cost of the fixed asset over its productive life to the revenues the business earns from the asset. Accumulated depreciation is the total depreciation of the fixed asset accumulated up to a specified time.

Depreciation is a major issue in the calculation of a company’s cash flows, because it is included in the calculation of net income, but does not involve any cash flow. Since depreciation is a non-cash transaction, a cash flow analysis requires the inclusion of net income with an add-back for any depreciation recognized as expenses during the period. The Double-Declining Balance method is also known as the reducing balance method. It is used to measure the expense of a long-lived asset and is an accelerated depreciation calculation method used in business accounting. The DDB method calculates more considerable depreciation expenses during the earlier applicable years and smaller ones later.

Multiply the asset’s cost ($200,000) by the percentage for the second year to get $76,000. It’s obvious that this is the highest percentage of depreciation deduction out of all of the examples, which is why it is the primary method for depreciation in tax statements in the United States. If your organization maintains fixed assets like buildings, vehicles, furniture, or equipment, it’s in your best interest to track their depreciation. If you’ve heard of appreciation–when an asset becomes more valuable as time passes–it’s just the opposite.

In order to determine double declining balance depreciation, you must first calculate the straight-line depreciation. So going back to our previous example, we calculated the current value of ABC Organization’s computers. Each year following the first year, we would deduct an additional 24% from the computers’ declining value until their book value matches their salvage value.

Tax regulations and accounting standards often provide guidelines for reasonable useful life estimates for different asset categories. Once a depreciation method is selected for an asset, it should generally be used throughout that asset’s life to ensure financial statements remain comparable year over year. This consistency helps stakeholders analyse financial performance without accounting methodology changes skewing the data. But when it comes to fixed assets like machinery, equipment, or office furniture, we can’t just expense the entire cost at once. This article explains the differences between the straight line method, accelerated method, and the units of production method of deprecation, and shows how to calculate all three.

Document all assumptions and calculations for audit purposes and accounts payable reconciliation. Buildings, furniture, office equipment, machinery, etc., are examples of fixed assets. Under this method, we charge the depreciation on the asset on the basis of units produced during the year. This method is applied in Plant and Machinery as their wear and tear depending on how much they are used. This method offers simplicity and uniformity in spreading the cost of an asset, aiding in accurate financial reporting and budgeting. This depreciation technique is a less prevalent way of dispersing an asset’s cost over its useful life.

It allows management to tie asset output to the amount of annual depreciation expense. Unlike straight-line depreciation, declining balance methods allocate higher depreciation expenses in the earlier years of an asset’s life, gradually decreasing over time. This approach better reflects the depreciation pattern of assets that lose value more rapidly in their initial years of use, such as vehicles or technology equipment. Deciding what depreciation method to use will affect your net income. For instance, under the accelerated depreciation methods there will be a higher depreciation expense in the early years compared to a straight line method.

Budgetary considerations also need to be included due to the fact that some clients are not willing to put in more money than what is being estimated or specified in the contract. To maintain client satisfaction, the contractor must make sure that the work is within budgetary limits.You may also see it invoice templates. Keep in mind that being a contractor is not just all about collecting payments and issuing invoices. A contractor must be able to manage all site-based activities, ensuring that all contracts must be finished on time. Contractors do not need to issue invoices if they are being paid by check or other means that do not require an invoice. However, if the contractor is being paid in cash, an invoice is required.

Do you work as a contractor and want to make it easier for yourself to work with invoices? On our site, you will find editable, printable, ready-to-use templates that will help you achieve your goals. Picking our invoice template for contractors is the best choice to make your work easier and save time. Download inv24’s electrical invoice template and start invoicing today.

A contractor invoice needs all the precise contractor business information for generating professional invoices on behalf of your firm. From work like plumbing and lawn care to house cleaning and painting, free downloadable itemized invoice templates make billing simple. Ensure your invoice includes detailed payment instructions, such as the accepted payment methods and any necessary account information.

Contractor Invoice Template vs FreshBooks

Keeping the total cost for materials separate from labour charges on the invoice provides a clear breakdown of expenses, making it easier for clients to understand the value they’re receiving. It’s also beneficial to mention any taxes applied to the materials to comply with local tax laws and CRA regulations. A flooring project is sometimes shared between a number of contractors.

Accuracy is the key to keeping your business’s impression right in front of the clients. Drafting an accurate invoice always helps to get paid as the client knows about the free contractor invoice template word accuracy maintained in the invoice, and it helps eliminate the time to cross-check the details. Looking for even more ways to try out invoicing for small businesses? The Free Invoice Generator lets you create your own unique invoice without having to download a template. Explore different formats and features to find the best invoice for your business.

What is the Right Time to Issue a Contractor Invoice?

Waste no time in generating invoices manually, contractor invoice templates allow you to generate effective invoice instantly. The right time to issue an invoice as a contractor is after the job is completed. Draft an itemized list invoice ideally mentioning the labor costs, unit price details, total amount, and payment terms to get it paid faster. Freelancer contractors can download an independent invoice template to generate a project-based invoice. Download our templates in Microsoft Word, Excel, PDF, or Google Sheets to issue an invoice on time. Customize the invoice with your contractor’s business details and send it across.

However, it lacks automation, job tracking, and integration with scheduling tools, making it less effective for contractors managing multiple projects. There are various tools available online, such as invoice templates and invoicing software, that can help you design and generate professional-looking invoices. You can customize these templates to include the necessary information specific to your business. Alternatively, when using our contractor invoice templates, the main sections have already been laid out for you.

Why You Need a Construction Invoice Template

• In cases where you have an ongoing relationship with a client, you might opt for regular invoicing intervals, such as bi-weekly or monthly, based on the volume of work and prior agreement.
• For shorter jobs, you may send out an estimate and a final contractor invoice.
• Let’s compare the free invoice template and the InvoiceOwl invoicing app and see the advantages the InvoiceOwl app offers you.
• But, paying you on time you expected will not be tedious for your clients if you use this template.

For more tools to manage the financial life of your business, check out this page of construction estimate templates in a variety of useful formats. If you’re looking for different formats and invoice layouts, be sure to check out our invoice templates page. Grab an invoice template from Microsoft Office’s library and make it your own.

This helps streamline the billing process, reducing errors and disputes with clients. For electrical contractors who prefer spreadsheets over specialized invoicing software, downloadable invoice templates in Excel or Google Sheets provide a flexible option. These templates allow for manual customization but lack automation, payment tracking, and integration with scheduling tools—key features found in FSM software. Sometimes, a simple, well-structured template is all it takes to send out professional invoices and keep payments on track. Automated invoicing software eliminates the back-and-forth by generating clear, professional invoices in seconds. Pre-built templates standardize your billing process, so every invoice includes the right details—client info, labor costs, materials, and due dates—without manual data entry.

Designed for growth-oriented businesses, Moon Invoice alleviates the burden of managing business finances. Contractors generally have time-based projects or jobs that need to be defined correctly in an invoice, for which attaching a time log report is necessary. Online invoice generators like Moon Invoice help record time logs for each contractor project. A business signature indicates that the contractor invoice is verified from the sender’s end with all the details included in the invoice by their accounts department.

FREE 9+ Sports Invoice Samples in MS Word MS Excel Google Docs Google Sheets PDF

• Online Invoices offers a basic invoicing solution for electrical contractors who need a simple, ready-to-use template.
• By adhering to these guidelines, you also ensure your invoices are prepared for any audits or financial reviews, maintaining transparency and accountability in your financial dealings.
• A construction invoice template is a form used for billing customers for labor and materials costs that resulted from building or renovating residential/commercial property.
• It standardizes project details, client contact information and cost breakdowns so that clients clearly understand what they are being charged for.

Contractor affixes his or signature to signify all information, accompanying documents, and details provided on the invoice are correct and accurate. A contractor invoice should include the contractor’s name and contact information, the date of the invoice, a description of the services provided, and the total amount owed. Using a contractor invoice template is one of the best ways to ensure that you get all of the information you need on an invoice.

When should you send contractor invoices?

Clearly state the amount of the advance payment or deposit on the invoice and provide instructions on how the remaining balance will be handled. This helps protect your interests and ensures that you receive payment before commencing work. Contractors dealing with the building or repairing walls, chimneys, sidewalks, and bricks must download our Masonry invoice template to issue a perfect-looking Masonry invoice. Download any relevant formats that best suit your skillset and start customizing it as per the job work details. Include the date of service, the number of hours worked (if applicable), and any additional information that helps clarify the work performed.

Microsoft Word Concrete and Masonry Construction Invoice Template

This practice underscores the promptness and professionalism of your business operations and encourages timely payments. Canva offers invoice templates with a strong visual design focus, ideal for contractors who want to stand out while keeping things clear and professional. However, these are better for presentation than automation or tracking.