Bookkeeping

He has earned a finance undergraduate degree, the Indianapolis Business Journal’s Forty Under 40 award, and Arizona’s 35 under 35 award. Alternatively, you can take advantage of a dedicated bookkeeping software solution to manage your bookkeeping more easily. Any bookkeeping solution you choose should have these core features at a minimum. If your business has…

When setting your accountant’s fees, you need to consider the needs of your business, the accountant’s expertise or experience level and the specific accounting services they will render to your business. Calculating an accountant’s costs goes beyond comparing Accounting Periods and Methods national averages. You’ll need to consider factors directly affecting your business and the…

They will use their financial acumen to help you to identify areas of improvement and plot for growth, so you’re not taking a shot in the dark. You may have thought of an accountant as someone you only see at tax time, but a growing number of accounting firms offer other valuable business services. And…

Plus, you can always consult a pro to help you develop a strategy, which you then implement yourself on a daily accounting basis. So often, when photographers think about ‘bookkeeping,’ they tend to roll their eyes, or feel like hiding under a blanket. You may think that bookkeeping is over your head, or that it…

The first figure on a statement of retained earnings is last year’s ending retained earnings balance. Look at the retained earnings on your balance sheet or search through your general ledger, find the retained earnings account, and note down the closing balance. Your company’s balance sheet may include a shareholders’ equity section. This line item…

Many appreciate its seamless integration with accounting software, intuitive design and affordability, particularly for small businesses. However, concerns are frequently raised about customer service, with negative experiences often cited, alongside some issues with handling complex payroll needs. OnPay has received generally positive feedback, with many users praising its user-friendly interface and affordable pricing, making it…

Recorded on the right side of the balance sheet, liabilities include loans, accounts payable, mortgages, deferred revenues, bonds, warranties, and accrued expenses. Current liabilities are short-term debts that must be paid within the current cycle or one year. A company may owe this payment to creditors, lenders, banks, or other financial institutions. One is listed…

As the interest on a debt must be paid regardless of business profitability, too much debt may compromise the entire operation if cash flow dries up. Companies unable to service their own debt may be forced to sell off assets or declare bankruptcy. This is because it depends on the business model, industry, and strategy…

Divide a short tax year into 4 quarters and determine the midpoint of each quarter. Under the mid-month convention, you always treat your property as placed in service or disposed of on the midpoint of the month it is placed in service or disposed of. Under this convention, you treat all property placed in service…

It’s an advantage for them to have someone on staff to handle accounting throughout the year and taxes during tax season. EAs can provide their clients with more services at lower costs than other tax professionals because they have reduced overhead and greater tax-specific expertise. Enrolled Agents are essential to making sure that individuals and…