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Keeping Track of Revenue

As an accounting major in college, I quickly learned all of the complicated parts of the accounting cycle. I discovered how to input the details of business transactions into a computerized accounting system. At the end of an accounting cycle, such as a month, I became experienced with calculating the revenue for the period. If you’re starting a new business, determining an accurate amount of revenue for each accounting cycle is crucial. You must know how much profit you’re making each accounting period in order to be successful in the long-term. On this blog, you will discover how an experienced accountant can help you keep track of your revenue.

Keeping Track of Revenue

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When to Hire a CPA: Understanding the Benefits

As a business owner, you're accustomed to multitasking and managing several aspects of your enterprise. However, when it comes to finances and taxation, hiring an expert is always a wise choice. Sure, it'll cost you more than handling everything in-house, but in the long run, the benefits far outweigh the expenses. In this blog, we'll discuss when it's time to hire a Certified Public Accountant (CPA) and how they can help keep your finances in order.

The Benefits of Working with Payroll Services

Payroll management is one of the most important aspects of running a business. It ensures that employees are paid accurately and on time and that taxes are filed properly. However, it can also be a time-consuming and complicated process. This is where payroll services come in. This post will explore the benefits of working with payroll services and why they are worth considering for your business. Time and Cost Savings

Business Accounting: Boosting Efficiency For Accounts Payable

In the realm of business accounting, the accounts payable (AP) process can often become a drain on resources if not managed effectively. AP entails the obligations of a company to pay off its short-term debts to its creditors or suppliers. Streamlining and enhancing efficiency in AP operations can help businesses save time, mitigate errors, increase financial accuracy, and optimize cash flow management. Leverage Automation With the rapid technological advancements of the digital age, automation has emerged as a valuable tool in the field of business accounting.

Have Bookeeping Needs And Other Financial Help? Find An Accountant With These Qualifications

If you are looking for someone that does online bookkeeping work, has financial wisdom, and can prepare your taxes, you can find a CPA that does accounting work. Passing this type of work off to a professional instead of trying to do it all on your own will help you feel better and make sure it gets done quickly and correctly. Basic Bookkeeping Needs and Management There are basic bookkeeping needs that you will have when you own a business.

Executing An Estate? 5 Reasons To Make Sure The Accounting Is Correct

Being an estate executor is a big responsibility. Although it's not for everyone, it is an excellent way to honor your deceased loved one and protect the interests of heirs (which may include yourself). One of the biggest responsibilities that the executor will have is to handle the accounting of the estate. If you're not sure how to go about this project, you may need professional assistance. Why is this part of the job so important to get right?

What Unique Accounting Needs Does A Trucking Company Have?

When most people think of accounting, they think of balancing the books, filing taxes, and the occasional audit. However, accounting for a trucking company is a whole different ball game. It involves much more than just crunching numbers. To truly understand what goes into the finances of trucking companies, it's important to look at some of the unique accounting needs. Fuel Costs Fuel costs can be one of the biggest expenses for a trucking company.

How Is Bookkeeping Beneficial To A Small And Growing Company?

Budgeting for your venture is one of the simple practices that can take it to the next level. This is because it helps you simplify filing your annual tax returns and gives you a clear picture of where you stand in growth and development. However, most people overlook the importance of this part of any enterprise, so they don't get competent accountants to help handle bookkeeping. Here are some benefits you can expect from spending money on an accountant service expert.

Six Things You Shouldn't Assume About Working With An Accounting Firm

Working with an accounting firm might be one of the best things you could do to make sure that your finances are being properly managed. The following are six things you shouldn't assume about working with an accounting firm.  The only reason why you would need to hire an accounting firm is to get your taxes done. Accountants do a lot more than just tax preparation. Accountants can come to the assistance of consumers in many other ways.

5 Signs A Small Business Needs Professional Bookkeeping Help

Small business bookkeeping is often one of the last things that folks stop doing on their own. In the early days of a business, bookkeeping can be simple enough that you may treat it as an unnecessary expense. However, that means the moment when it's time to pay a professional can sneak up on you. You should ask for a pro's help if you're seeing any of these 5 bookkeeping concerns.

Tips To Make Tax Time Easier For Your Accountant

Taxes are never fun, but they don't have to be a nightmare –– especially if you run your own business. Businesses have to report their income and expenses to the IRS every year, which can be a lot of work for your accountant. But there are some things you can do to make the process a little easier. Here are two tips to make tax time a breeze for your accountant.

5 Undervalued Benefits Of Outsourcing Bookkeeping Services For Roofing Contractors

Bookkeeping is necessary for all businesses, including start-ups and established companies. Sometimes you might do the bookkeeping without outside help. However, you can outsource bookkeeping for roofing contractors for various reasons. Check out these undervalued benefits of outsourcing your bookkeeping. 1. Saves Time and Money The main aim of your roofing business is constant growth and development into an established company. For that reason, it is helpful to outsource someone to do bookkeeping.

Financial Vs Pre-Tax Income: Overview For Business Owners

When you have a small business, you just write a check for income taxes and you don't have to worry too much about the accounting portion. However, as your business gets larger, the bookkeeping will get more complicated. When you use the accrual method of accounting, you need to account for income taxes in a specific way. Here is an overview of the process.  Why financial income and taxable income differ

Tips to Make Business Tax Return Preparation Easy

Preparing a business tax return requires collecting, reviewing and compiling multiple documents. Keep these tips in mind, and the entire process of gathering documents will go smoothly.  Use Comprehensive Financial Software Many software developers offer platforms and applications for managing business finances. Some of these programs are comprehensive in their scope, while others narrowly focus on a single aspect. Software, in general, will make your business's processes more efficient, and multiple financial programs can help the business's financial processes.

Storing Your Dental Practice's Records

Managing a dental practice can be a demanding profession. In addition to scheduling and meeting the needs of the clinic's patients, there are also critical logistical responsibilities that will have to be met. Managing the document storage needs of these firms can be especially critical. Recognize The Amount Of Data That You Will Need To Store A common mistake that dental clinic managers may make is failing to appreciate the volume of the data that they will have to store.

5 Ways An Accountant Helps You Close Your Small Business

Do you need to wind down and close your small business? Whether you're closing your doors for personal reasons, financial reasons, or outside forces, you would do well to get the right help with this one final step. One person who can help in a variety of ways is a certified public accountant (CPA). What can they do for your business in these final days? Here are a few important tasks.

How To Do Tax Preparation The Right Way

Whether you're tackling the job solo or paying for tax preparation services, figuring out what you owe the government is an important task. You want to be sure you're doing everything possible to get it right the first time. Follow these four recommendations to get it right. Save Documentation Especially if you intend to claim deductions for business or professional expenses, it's critical to document everything. Never assume someone else will send you all of the necessary paperwork.

Why Estates Planning Requires Accounting Services

The majority of people embarking on planning their estates hire an attorney to ensure the legal issues are handled professionally and conveniently. However, few would think of hiring an accountant when planning how they'd want their estate to be distributed. You can enlist the services of a qualified accountant who can help you navigate certain aspects of your estates such as taxation and accounting.  Here is why estate planning requires accounting services.

How Much Retirement Savings Is Really Enough?

In years past, some people could invest a small percentage of their income into a 401k savings account and rest assured that once they retired, they would be able to sustain. However, as the cost of living has increased over the decades, this generic formula could leave many people with too little for their post-working years. When it comes to determining how much to save, there is no simple guideline. There are only a series of factors to consider that can lead you in the appropriate direction.

How Is A Small Business Loan Handled In Your Books?

Small business loans are a vital part of getting your new business up and running and making sure it can grow as much as possible. This means, though, that you must understand how to handle the accounting aspects of the loan to ensure it's paid on time, stated accurately on your financial statements, and doesn't drag on your budget. Here's what you need to know to accomplish this.  How Is the Loan Recorded on Your Books?

Above-the-Line Tax Deductions vs. Below-the-Line

Deductions are a critical part of minimizing your income tax obligation. But not all deductions are built the same. Tax deductions, in fact, come in two varieties: above-the-line and below-the-line. What does this designation mean? And how does it affect your taxes? Here's what you need to know.  What Is "the Line?" When referring to items above or below the line, the line refers to your adjusted gross income on Form 1040.

What Are Cash-Basis And Accrual Accounting?

In the world of accounting, there are two ways to deal with the money you have coming in and going out. The first method is called cash-basis, and the second one is known as an accrual. Those terms mean a lot to the folks at certified public accountant firms, but you'd be forgiven for not knowing the ins and outs. Here's what you need to know about cash-basis versus accrual.

4 Reasons To Consider Outsourcing Accounting Services

As your business grows, you are going to need more assistance in managing the different aspects of your business. One aspect of your business you will need assistance with managing, especially as your business gets large, is your bookkeeping. Building your own accounting service can be expensive, which is why it is important to consider outsourcing your accounting needs as your business expands. Reason #1: Save Money Outsourcing your business accounting and tax accounting is a great way to save money.

4 Important Reasons For Artists To Form S Corporations

When you set up your art business, you want to create a long-lasting enterprise that protects your interests while also fulfilling your artistic needs. And one of the first decisions you'll have to make is what type of business entity you want to form.  For many artists, incorporating under Subchapter S of the Internal Revenue Code is the right choice for a variety of reasons. If you think that forming an S Corporation is a bit of overkill for your small art endeavors, here are a few reasons why it's not.

4 Things A CFO Advisory Service Can Offer Your Small Business Or Start-Up

If you are running a start-up or a small business, it can be helpful to bring in a CFO advisory service. With a CFO advisory service, you are bringing in an outside business that specializes in the financial industry to take on the role of Chief Financial Officer for your business. They will help take care of the financial side of your business, allowing you to focus on other business elements, such as servicing customers and generating more sales.

Keep Your Finances In Order: 3 Reasons Your Business Needs An Accountant

If you own a business, but you don't have an accountant on staff, you're missing out on a vital part of the team. You may not realize this, but hiring an accountant on staff is one of the best things you can do for your business. Before you decide to continue handling the accounting duties by yourself, take a look at the list below. This is a list of benefits you'll receive when you hire an accountant for your business.

What You Can Do During Medicare Open Enrollment

Medicare open enrollment comes around once a year, in the fall. During Medicare open enrollment, individuals who are already enrolled in a Medicare health plan can review and make changes to their coverage. This is the one time a year where you can really make changes if you are not happy with your current health care coverage. There are specific things that you can do during the open enrollment period.

4 Ways A Business Accounting Service Can Help Your Business Grow

As your business expands, your accounting needs are going to expand as well. A highly-skilled accounting service can help you with the necessaries that you need to get done, like payroll and sales tax, and can help you with additional business tasks that will help your business grow, such as income statements and custom financial reports. # 1 Taking Care of Payroll To start with, a business accounting service can relieve you of the everyday task of completing payroll.

4 Ways (Other Than Taxes) An Accountant Can Help Your Small Business

From being your own boss to living your life-long dream, being a business owner offers many benefits. Unfortunately, owning and operating your own small business can be quite overwhelming, causing you an excessive amount of physical, emotional, and financial stress. Thankfully, accounting services can help. While you probably already know that an accountant can help sort, organize, and file taxes, a CPA can help you manage your small business in other surprising ways.

3 Bookkeeping Tips Every Self-Publishing Author Needs To Know

There are just as many authors out in book world these days that take publication into their own hands and self-publish their works instead of working with a formal publishing company. While this gives you more control over what you write and when you write it, as well as how much profit you get to keep, going at this alone will involve something you may have not ever needed: careful attention to bookkeeping.

5 Reasons You Need An Estate Plan Now

If you've never taken the time to handle your estate planning needs, now is the time to do so. This can protect you in the future and can also make sure that your wishes are respected. An estate planning attorney will guide you throughout the planning process and can help you create the perfect plan for you. Read on to learn why you should focus on real estate planning now. 

Key Calculations When Setting Up A Business Budget

When you're setting up your small business budget, it's important to make sure that you have all of the relevant information that you will need to complete an accurate budget. Here are some of the pieces of data that you need to include in your budget. All Income Sources The first piece of information should be easy to get if you already have an accurate profit and loss statement set up.

Three Daily Accounting Tasks Every Small Business Owner Needs To Do

As a small business owner, it is easy to overlook certain components of running a company, such as accounting for your company's financial transactions. However, by skimping on your accounting chores, it is difficult to see how your business is doing. For example, you need to see if your company is turning a profit, which expenses are too high, or what customers or products are not profitable enough. To make keeping your company's books a more manageable chore, try to complete these three accounting tasks on a daily basis.

Why You Should Hire A Certifed Public Accountant For Your Business

Are you a new small business owner who has poor financial organizational skills? There are many things that are involved with keeping business finances in order. Neglecting to keep proper records can land you in serious trouble with the government or even in a lawsuit. It is wise for you to hire a certified public accountant to assist with keeping your business finances in order. This article will give you more insight about what an accountant can do for your business.

Own An In-Home Daycare? You May Qualify For At-Home Office Deduction

If you own a licensed daycare that you run out of your home, there is a possibility that you qualify for a home office deduction. The rules for a home office deduction, when you own and run a daycare out of your home, are very specific. Here are a few things that you need to know about claiming an at-home office deduction when you run an in-home licensed daycare. Your Taxable Income Will Be Reduced By The Deduction

Mistakes Businesses Make With Petty Cash

Creating a strong system for managing petty cash is important because it helps you maintain tight control over your business' financial health. Here are some mistakes that business owners make when working with petty cash, along with tips on how to avoid them.  Not Creating a System If you only do seldom transactions with petty cash, you might not want to spend the time creating a company policy and system for dealing with these small transactions.

What Kind Of Information Can I Glean From My Payroll?

Analyzing payroll information can be one of the best ways to measure employee performance. Here are some key analytics that you can use in your payroll.  Looking at Utilization One thing that you can take away from payroll data is how much time employees spend on matters that are directly related to billable services. You can quickly see who is underperforming and overperforming in this area. Some departmental trends may also emerge that can affect where you devote your resources.

Three Ways An Accounting Firm Can Help You When Starting a New Business

If you have always wanted to start your own business, you need to consider hiring an accounting firm to help you make your dream a reality. Many first time business owners do not realize all of the intricate financial details they need to take into account when they are starting their business. The following guide walks you through a few ways the accounting firm can help you get off on the right financial foot when you first start your new business.

Understanding The Tax Implications That Come Along With Forgiven Debts

It's estimated that at least 35% of the population has at least one debt in collections. Debts that reach this stage have gone unpaid for quite some time. In an effort to collect some payment towards the debt, creditors may offer a settlement. With a settlement offer, you agree to pay a portion of the debt and the creditor agrees to forgive the leftover balance, but this doesn't mean the balance is wiped away.

What to Bring with You to the Tax Preparer's Office

When you are getting ready to meet with your tax preparer, you want to make sure you come fully prepared. This way, you can have your taxes taken care of before you leave the office. There may be a lot of items you need to bring with you, and you can learn about them in this article. Personal information You want to bring social security numbers for yourself, your spouse, your children and anyone else you will be claiming on your taxes.

The Do's And Don'ts Of Preparing Your Taxes

When tax season approaches, it is time to start gathering your pay stubs, tax documents, and records to file your federal and state taxes. If you are not accustomed to filing them on your own, the following tips can help. Do: Gather and organize all your records You should always start by getting all of your records together. Make sure your place of employment sent a W-2, as this is needed to see your income and deductions for the year.

Payroll Service Tips For Small Businesses

Payroll can be one of the more stressful parts of hiring employees for your small business. Not only do you need to stay within the law and follow tax codes, you also need a reliable system that ensures your employees are paid on time whether they work in your office or telecommute in remotely. One answer to this challenge is a payroll service. Size Doesn't Matter A common misconception is that payroll services are just for large businesses with hundreds of employees and complicated accounting.

The Importance of Business Consulting in Business Growth

If you are a business owner, then you have probably realized that adaption to demand in the business world is essential for the long-term survival and growth of your company. This comes from an economic concept that states supply is set based on demand. Yet, it is also important to have a thorough understanding of the impact that the change in demand can have on your entity, which can usually be done by conducting a detailed business analysis.

3 Reasons To Have Your Taxes Prepared By A Professional

Preparing and filing your taxes is never going to be a fun or exciting experience, and is usually going to be quite frustrating and stressful. Thankfully, there are many tax preparation services that can take the work out of your hands and make the whole process much easier on you. Audit protection, preparing the tax filing for your business, and saving money are all great reasons to hire a professional to prepare your taxes.

Avoid Common Accounting Mistakes

An entrepreneur wears many different hats. It is important to make sure that one of those hats is making sure that the accounting for the business is done correctly and accurately. Most small business owners are not able to hire accountants because they are trying to grow their business or are barely scraping by and can't afford to pay for accounting services. As a small business owner, you will want to learn all you can about the accounting for your business.

Bookkeeping Services Can Accompany Your Company In Its Expansion

If you're a small business owner, then growing your business must be one of the main objectives that you set each year. While this goal can be achieved in various ways, it's very important to first identify the areas of your small business that can be improved, and those that have been performing well. This is precisely why you need to collaborate with a small business accounting firm that has all the necessary experience and qualifications to come up with strategies that take into account the specificities of your company, and that will lead to its expansion in the long run.

How To Record In-Kind Donations On Your Tax Forms

It is not unusual for nonprofit organizations to receive non-cash donations. This is usually referred to as in-kind contributions and in most instances, will need to be recorded when filing your taxes. If you run a charity or nonprofit group, then the following will show you how to correctly record in-kind donations. Tangible Items Tangible property may include donation of physical items, such as clothing, equipment and furniture. Examine these items you received and ask yourself whether such goods can be sold or used by your charity.