The IRS suggests that you keep receipts and other records for gross receipts, purchases, expenses, assets, and any deductions you want to make (entertainment, travel, gift expenses, etc.). And as your business grows, tracking receipts can be a difficult task indeed. But, it’s getting easier with e-receipts. Want to go paperless? Read on for a […]
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Accounting Tips, Training, and News
May 19, 2022
It’s Time to Change Sole Proprietorship to LLC. Here’s How to Do It
Did you structure your business as a sole proprietorship? Do you want to move beyond your sole proprietorship status? If your business structure just isn’t cutting it, one of your options is to change sole proprietorship to LLC.
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May 17, 2022
Accounts Receivable Process: Your Step-by-step Guide
When you extend credit to customers, you deal with something called accounts receivable. To ensure your company gets paid and your books are all up-to-date, you need to have a solid accounts receivable process in place. Here’s your step-by-step guide on accounts receivable processes and procedures to live by.
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May 12, 2022
Should I Use Cash or Accrual Accounting? Your Answer Awaits…
When it comes to running a business, you take on the role of decision-maker. And, one of your biggest decisions is if you should use cash or accrual accounting. What’s the difference? How in the world does accrual or cash accounting impact your books? We’re gonna break it all down for you.
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May 10, 2022
Debits and Credits 101: Definitions & Example
In accounting, there’s one thing you can’t ignore: how debits and credits work. To keep accurate books, you need to learn and understand the difference between a credit vs. debit. Otherwise, your books will wind up unbalanced and sloppy (and no business owner wants that!). To get to know debits and credits in accounting like […]
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May 5, 2022
What Is a Nominal Account? [Definition + Examples]
Accounting deals with many different types of accounts. One account you may stumble across in your accounting journey for your business is a nominal account. But, what are nominal accounts?
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May 3, 2022
Bank Statement Reconciliation: Let’s Get Reconciling
Your books say one thing, but your bank statement says another. Sigh (why isn’t anything ever easy?!). But don’t stress—bank statement reconciliation is here to help.
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April 28, 2022
Offering a Retirement Plan Could Score You 401(k) Tax Credits
Thinking about offering your employees a 401(k) plan? Already offer a retirement plan to your team? Either way, you’ll want all of the juicy details about the 401(k) tax credits for employers. Get the scoop on the 401(k) tax credit and how you can use it to lower your tax liability.
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April 26, 2022
Revolutionizing Bookkeeping: The Role of AI in Accounting
AI (artificial intelligence) has been a game-changer for everything from speech recognition to language translation and … accounting? Yes, AI in accounting continues to transform the process of bookkeeping. How so?
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April 21, 2022
Have a Business Interest Expense? You May Be Able to Deduct It
Take out a business loan or have a mortgage for your brick-and-mortar? You may cringe when you see your business interest expense add up. But here’s a bit of good news—there’s a business interest expense deduction you may be eligible to claim (hooray!).
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