As a business owner, you’re responsible for keeping your business’s books in shipshape. To do that, you need to choose an accounting method and stick with it. But as your small business grows, you might need to change your accounting method. You can do this with Form 3115.
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Accounting Systems - Tips, Training, and News
Pros and Cons of Cash-basis Accounting
Choosing your accounting method is the first step in handling your company’s books. If you’re a small business owner, you may prefer the simplicity of cash basis as opposed to accrual or modified cash-basis accounting. But before solidifying your decision, learn the pros and cons of cash-basis accounting.
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What Is Cash-basis Accounting?
One of your first choices as a business owner is your accounting method. Before making a decision, take some time to compare the cash-basis vs. accrual basis methods of accounting. Having to switch from cash-basis to accrual-basis after the fact can be difficult. The way you keep your books affects many aspects of your business, […]
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Accrual vs. Cash-basis Accounting: A Comparison
Business owners have a lot of decisions to make, especially in the beginning. One of the most important decisions is how to handle bookkeeping for your business. There are three methods of accounting to choose from: Cash-basis, modified cash-basis, and accrual accounting.
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Strategies for Minimizing Data Entry Errors in Accounting
Mistakes happen all the time—just look at your phone the next time you’re texting someone or putting in your password. Entering numbers in your books is no different. Data entry errors are common, but unchecked mistakes can quickly tank the accuracy of your books.
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Your Guide to Accounting Software for Sole Proprietors
Being a sole proprietor is a rewarding, but challenging, journey. Many sole proprietors view managing finances as one of the most challenging tasks. But thanks to accounting software for sole proprietors, financial management (and analysis) has gotten faster and easier.
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How Is Machine Learning Used in Accounting?
Machine learning (ML), a branch of artificial intelligence (AI), is everywhere. It has transformed online shopping (“users also bought…”) and TV streaming (“because you watched…”). Machine learning has also revolutionized the field of accounting.
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How to Use Accounting Software
After deciding to streamline your business processes with accounting software, you might be wondering, What now? You need to know how to use accounting software to get all the great benefits out of it.
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How to Change from Cash to Accrual Accounting
When you started your business, you might have chosen to use cash-basis accounting. Cash basis is the simplest way to record your books. It is good for new businesses with few transactions.
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Unlock the 7 Primary Advantages of Accounting Software in Your Business
As a busy business owner, you’re always looking for ways to save your time and money. And, you certainly don’t want to waste your precious time, energy, and hard-earned cash on accounting tasks. The solution? Accounting software.
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