Financial Tasks to Tackle in the Month of May
The month of May is a great time to tackle some financial tasks. Here are some things you can do to get your finances in order.
Avoid These 7 Frequent Accounting Mistakes
Accurate accounting data is vital for informed business decisions. So, it is crucial to set up your financial systems correctly from the start. Here are 7 frequent accounting mistakes and solutions to fix them.
Form 1099-K Reporting: Know the Latest Updates
According to a release from the IRS in December 2022, new requirements for so-called third-party settlement organizations (TPSOs) to report income and transactions have been delayed for one year. When items are sold for a profit, the 1099-K Form intends to ensure the income earned is reported to the IRS (and state revenue agency).
Cash Flow Statement Analysis for Smart Financial Decisions
Cash flow is the movement of money in and out of your business and your business bank account. Think of cash flow like your car’s gas tank. You fill up the tank with gas, and it empties as you drive. The goal, however, is to always have enough gas in your tank to avoid running out. Cash inflows are your sources of income while cash outflows are your business expenses.
An Overview of Financial Statements
Investors and financial analysts rely on financial data to analyze the performance of a company and make predictions about the future direction of the company’s stock price. One of the most important resources of reliable and audited financial data is the annual report, which contains the firm’s financial statements.
What is the Accounting Cycle
Accounting is the process of gathering information on business activity, posting transactions, and producing true and accurate financial statements. The accounting cycle is a series of steps, completed in a specific order, that ends with a set of accurate financial statements. If you don’t follow each step in the cycle, you won’t produce accurate financial data, which can really be detrimental to a small business.
How to Deduct Vehicles for Your Business Use
Learning how to deduct vehicles for business use will allow you to make the most out of your write-offs.
How Business Structures Impact Bookkeeping
Business structures will ultimately affect how taxes are filed each year by the business and individuals. IN this blog, we will discuss the different business structures and how they operate when it comes to taxes.
Financial Accounting Overview
Here is an overview about Financial Accounting that is used by accountants to document, compile, and outline a business’s financial performance over a specific time period.
8 Tips for Creating a Budget
A budget helps you avoid overspending and running out of money. To help you prepare, we’ve compiled 8 budgeting tips.
The Importance of Account Receivables
Understand the importance of account receivables, how to run reports, and how collections will impact your business. Read our article to learn more.
How to Generate Reports in QuickBooks Online
If you’re new to QuickBooks Online and want to get more out of your QuickBooks plan by learning how to create and use reports, take a look at our article.
What You Should Know About Managing Cash-Flow
As a business owner, managing cash flow is often one of the biggest challenges. Here is what you should know about cash flow management.
The Actual Cost of Hiring an Employee
When hiring an employee, there are a few things to consider. One of them is the fact that the cost of hiring an employee is greater than their hourly wage.
QuickBooks Cleanup – Start Your New Year Right
As you try to catch up for the year 2021, keep in mind to prepare your QuickBooks as well. This will be helpful to keep the books clean.
Considerations To Take When Automating Accounts Payables
Accounts Payables (AP) is a process in the accounting department that can be inconsistent and burdensome. However, today’s workforce has driven AP transformation – especially with remote working. Some businesses do not have much choice but to accept automation while others may have realized the need to automate accounts payables due to the numerous benefits that come with it.
Why You Should Automate Your Accounts Payables
Accounts payable (AP) is a crucial function to any business, as errors in the process put a company in problems. Although many businesses still use manual methods as they find the system to work fine, it requires a lot of precision from the accounts payable team. There are better – and more efficient – ways to manage AP through automation.
Mistakes to Avoid When Implementing Business Accounting Technology
Choosing to implement new technology for your accounting needs is a big step toward improving your business. Accounting technology helps streamline the accounting system, thereby offering various benefits. However, poor implementation can impact your business negatively. To make your implementation a success, there are several mistakes that you must avoid.
Accounting Terminology for Business Owners
Struggling to keep up with all the accounting lingo? Here are some of the key accounting terms you should be aware of as a business owner.
How to Clean-Up QuickBooks for 2020
We know December is a busy month. However, take some time now to make sure QuickBooks is ready for 2020.