Taxation day – the day that everyone dreads – is approaching fast. The crucial day of the year when every taxpayer in America must submit their tax returns to the Internal Revenue Service. While, the task itself is daunting, it can be even more frustrating when you forget essential documents and miss the deadlines. Therefore, it’s essential to have a clear and concise checklist to ensure that you don’t miss anything important. In this blog post, we will discuss the ultimate checklist for taxation day, so you can be well-prepared and stress-free during the tax season. Gather all your necessary ..read more

Photo by Mathieu Stern on Unsplash Investing can be an intimidating topic for many, but the truth is that it doesn’t have to be. With a sensible approach, you can invest your money wisely and reap the rewards for years to come. In this blog post, we’ll discuss the average returns on common investments such as IRA’s, bonds, and 401K accounts. IRA Accounts Individual retirement accounts (IRAs) are one of the most popular types of investment accounts among Americans today. There are two primary types of IRAs—traditional and Roth—and each has its own unique benefits. Generally speaking, traditiona ..read more

In recent years, e-commerce has become vital in shaping the modern business landscape. The emergence of digital platforms has made online shopping a convenient and efficient way to purchase goods and services. As e-commerce continues to attract an increasing number of consumers, there is a growing concern over the limitations of e-commerce accounting. E-commerce accounting is the process of managing the financial transactions that occur in an online business. It involves tracking sales, expenses, profits, and losses from digital platforms. In this blog post, we will explore the limitations of ..read more

Running a business is a complex task that requires persistence, consistent decision-making, and financial acumen. Most business owners are experts in their field and may not be well-versed in accounting, tax laws, and financial statements. Therefore, it is crucial to have a trusted professional on your side who can manage your accounts and finances to avoid financial pitfalls. In this blog post, we will discuss five reasons why hiring an accountant can help you avoid bankruptcy. Professionally Prepared Financial Statements One of the primary benefits of having an accountant is professionally p ..read more

Photo by Kelly Sikkema on Unsplash As a small business owner, you may be wondering whether you need to hire a bookkeeper or an accountant—or if there’s even any difference between the two. Both bookkeepers and accountants can perform many of the same tasks, such as preparing financial statements and overseeing your company’s compliance with tax laws. However, there are some key distinctions between the two professions. Here’s a closer look at the difference between a bookkeeper and an accountant. Bookkeepers vs Accountants: Duties One of the main duties of a bookkeeper is to keep track of all ..read more

There’s nothing more devastating for a business than falling victim to financial fraud. Not only does it take a significant toll on the company’s bottom line, but it can also irrevocably damage the business’s reputation. Unfortunately, financial fraud isn’t uncommon, and every business owner should take proactive steps to safeguard their finances against fraudsters. In this post, we’re going to discuss the most common financial fraud schemes, what to do if your business falls victim to fraud, and whether or not the business can be held liable for financial fraud. Understanding the Common Finan ..read more

Accounting terminology can be daunting and confusing, but this accounting glossary provides an easy-to-follow reference to key accounting terms. Accounting Cycle: The sequence of steps that need to be taken in order to properly record the financial transactions of a business or individual. These steps include collecting accounting data, preparing documents for recording entries, making journal entries for each transaction, posting information from journals to ledgers, and generating reports such as financial statements. Accounts Payable: Accounts payable is the money a business or organization ..read more

Photo by Scott Graham on Unsplash Accounting is an essential part of running any business. It’s important to understand the different types of accounting and how they can be used to help your business succeed. In this blog post, we’ll explore the three main types of accounting and how they can be applied in different scenarios. The Three Main Types of Accounting The three main types of accounting are financial accounting, managerial accounting, and tax accounting. Each type has a distinct purpose and provides unique information for the decision maker or business owner. Let’s break down each ty ..read more

As a small business owner, you have a lot of accounting and tax obligations. You need to choose the right business formation, pick an accounting method, track expenses, and report your finances to the government. To help you out, we’ve put together a general guide on accounting tips for entrepreneurs and small business owners. In this post, we’ll cover topics like: – Business formation (sole proprietor, LLC, S Corp, partnership, etc.) – Choosing an accounting method – Picking your bookkeeping method – Expense tracking tips – What are my tax obligations? – Financial reporting for the new busine ..read more