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.Read More Should I Use Cash or Accrual Accounting? Your Answer Awaits…
Your Step-by-step Accounts Receivable Process 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.
Stay up to date on the latest accounting tips and training
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 […]Read More Debits and Credits 101: Definitions & Example
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?Read More What Is a Nominal Account? [Definition + Examples]
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.Read More Let’s Get Reconciling [Bank Statement Reconciliation, That Is]
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.Read More Offering a Retirement Plan Could Score You 401(k) Tax Credits
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?Read More AI in Accounting: The Future Is Here [& Ready to Streamline Your Bookkeeping Responsibilities]
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!).Read More Have a Business Interest Expense? You May Be Able to Deduct It
Caught the entrepreneurship bug? Congratulations—it’s likely an exciting time for you! You have ideas, plans, and goals to accomplish. But, starting a business can also be a little overwhelming if you don’t have existing knowledge of what you need legally. Check out this starting a business checklist to plan out everything you need to know […]Read More The Quintessential Starting a Business Checklist for New Entrepreneurs
You’ve decided to start a business. Er … is it a hobby? How do you know if you’re making a little side money from a hobby or running a full-fledged business? Does it matter? Well, the IRS cares about whether you have a business vs. hobby—so you should, too.Read More Business vs. Hobby: Which Is It?