Accounting Tips, Training, and News for Small Business

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Accounting Tips, Training, and News

Which Financial Statement Is Prepared First?

which financial statement is prepared first

Your business’s financial statements give you a snapshot of the financial health of your company. Without them, you wouldn’t be able to monitor your revenue, project your future finances, or keep your business on track for success.

Now, you can’t go off creating your different financial statements all willy nilly. Like many things in business, you have to follow an order.

Read on to learn the order of financial statements and which financial statement is prepared first.

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The Importance of Ethics in Accounting: 5 Reasons to Keep in Mind

ethics in accounting

Even though you aren’t a professional accountant, you’re still responsible for keeping your business’s books in order. And if you’re the one handling your small business books, you need to follow ethics in accounting.

Read on to learn about the importance of ethics in accounting and consequences your business may be subject to if you use unethical accounting practices.

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A Seller’s Guide to Economic Nexus Laws by State

economic nexus laws by state

Economic nexus has taken the nation by storm. With the majority of states establishing economic nexus laws (43 states to be exact), it can be hard to keep up with all of the rules and changes.

Regardless of if you have in-person or online sales, you need to know whether the state you’re selling in has rules for economic nexus. Keep reading to learn about economic nexus laws by state and how the rules can impact your small business.

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Business Identity Theft: Fighting it Off and Fighting Back When it Strikes

person in hoodie

Your business is unique. It’s one of a kind. Without you, it would cease to exist. But wait, why’s your business’s name on an email you didn’t write? Why are customers upset with something “you” said that you didn’t say? Unfortunately, there are only three words to describe these two scenarios: Business identity theft. Continue reading “Business Identity Theft: Fighting it Off and Fighting Back When it Strikes”

Keep Your Eyes Peeled for These 4 Balance Sheet Problems

balance sheet problems

As a business owner, you’re going to run into a few accounting mistakes from time to time. Some of the biggest blunders you can make involve your business balance sheet. If you want to avoid balance sheet problems, learn about the most common errors you can make on your balance sheet and how to avoid them.

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How IRS Form 2553 Can Shake Up Your Company

irs form 2553

When you start your business venture, you choose what type of business structure you want your company to be. Maybe you chose to be a sole proprietor and handle business on your own. Or, maybe you decided to structure your business as a corporation.

But, what happens if you’re not too keen on the structure you selected? Well, if you went the C Corp, single-member LLC, or multi-member LLC route, you can change the way your business is taxed using IRS Form 2553. So, what is Form 2553?

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