813-671-3228 | support@inthenoh.com

Noh Hassle Bookkeeping
  • Home
  • Services
    • Packages
    • Bookkeeping
    • Payroll
    • Advisory Services
    • Consulting for QuickBooks®
    • Training for QuickBooks®
    • Cloud Accounting
  • Products
    • QuickBooks Online
    • QuickBooks Online Advanced
    • QuickBooks Desktop
    • QuickBooks Enterprise Solutions
    • QuickBooks Point of Sale
    • QuickBooks Payments
  • Industries
    • Services
    • Construction
    • Medical and Health Care
    • Real Estate
    • Retail
    • Restaurant
    • Wholesalers and Distributors
    • eCommerce
  • Testimonials
  • Resources
    • Forms
    • Recommended Software
    • Links and Complimentary Reports
    • Mobile Accounting
  • Blog
  • About
  • Contact
    • Contact
    • Client Login
November 13, 2014

What Is Real-Time Accounting (and Why Should You Care)?

Kim Noh Accounting, Business Development

Tweet
Share
Share
Pin

Real-time accounting is when your books are caught up to the present and you know exactly where you stand with your account balances, revenue, and profit.  It’s truly doing your accounting in real time.

The opposite of real-time accounting is getting your books done once a year (or worse, being years behind).  When you wait to do your books once a year, say at tax time, you lose the power of being able to monetize opportunities in real time.   Some examples are realizing your prices are too low and your profit margins need adjustment, seeing what’s selling well and restocking sooner than later, or discovering a worker is not productive based on your pay rates and prices.

Today’s cloud accounting systems and bank feeds allow you the potential for real-time accounting, where the benefits include:

  • Better cash flow management
  • Faster correction of pricing, hiring, stocking, and margin mistakes, saving money and increasing profits faster
  • Faster identification of any tax liabilities as well as the ability to reduce or eliminate penalties from paying late or underestimating taxes due
  • Ability to see whether you are making a profit or a loss
  • Potential to catch fraud or identity theft much faster if you become a victim
  • Lower accounting costs when errors snowball over time
  • More peace of mind
  • Ability to be more proactive in your business management, capitalizing on opportunities that show themselves in the numbers

Consider moving to real-time accounting if you haven’t already.  For example, if your books are done annually, moving to quarterly or monthly services will begin to provide the advantages listed above.

Tweet
Share
Share
Pin
How Understanding Assets vs. Expenses Can Make You Rich Catching Up with Your Contractors Before 1099 Time

Related Posts

Accounting, Blog, Business Tips

The Concept of Independence in Accounting

Blog, Business Development, Business Growth

Should Your Business Become Cash-Free?

Accounting, Blog, Business Tips, News

PPP January 2021 Update

Archives

  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012

Categories

  • Accounting
  • Accounting Software
  • accounting technology
  • Blog
  • Bookkeeping
  • Bookkeeping Tips
  • Budgeting
  • Business Development
  • Business Growth
  • Business Tips
  • Cloud Accounting
  • Cool Tech Tools
  • Cost-Saving Tips
  • Cost-Savings Tips
  • Customer Service Tips
  • Decision-Making Tips
  • Expense Reduction Tips
  • Finance Management
  • Management Tips
  • Marketing Tips
  • News
  • Payroll Tips
  • Personal Development
  • Profitability Tips
  • QuickBooks Help
  • QuickBooks Software
  • QuickBooks Training
  • Social Media
  • Tax
  • Tax Resolution
  • Time Management Tips

Sitemap

  • Home
  • Services
  • Products
  • Industries
  • Testimonials
  • Resources
  • Blog
  • About
  • Contact

Contact Us

Bookkeeping Services and Services for QuickBooks®

Noh Hassle Bookkeeping

813-671-3228 | support@inthenoh.com

867 W Bloomingdale Ave. Unit 6746, Brandon, FL 33508

¡Hablamos español!


Intuit, QuickBooks, and QuickBooks ProAdvisor are registered trademarks of Intuit Inc. Used with permission under the QuickBooks ProAdvisor Agreement.
© Noh Hassle Bookkeeping 2021
Site Design by Accelerator Websites