What Is Deferred Revenue? | Honest Buck Accounting

Deferred revenue, also known as "Unearned Revenues," is how businesses classify revenue they have received that has not yet been earned. Customer deposits are an excellent example of unearned revenue. While your business may have the money in hand, you cannot count it on your earned income statement because it remains unearned. Therefore, it must be deferred to your balance sheet and reported as a liability.

Read More
Rachelle CalinaComment
Bench Accounting: Reviews, Pricing, & Alternatives | Honest Buck Accounting

Designed with small businesses in mind, Bench Accounting is a digital subscription that touts itself as a full-service online bookkeeping service. Subscribers gain access to a bookkeeper who works with them remotely to process bank statements, prepare other financial statements, and fulfill transactions on a monthly basis. If you're considering Bench Accounting, it's worth reviewing the service's features, pricing, and comparable alternatives.

Read More
Rachelle CalinaComment
Accounts Receivable: Definition and Best Practices

Accounts receivable is typically held by companies that invoice for goods or services to be paid at a later date. Cash businesses, or those who receive payment at the time of delivery of the good or service, won't have an accounts receivable. A consumer-facing retail shop that sells goods for immediate payment, for example, likely won't have A/R.

Read More
Rachelle CalinaComment