By: Natalie Bruns, CPA, MBA- Manager  Intuit has been focusing their resources and efforts on making QuickBooks Online a suitable accounting software for all QuickBooks users. In an effort to increase the number of QuickBooks Online users, Intuit has announced they will no longer be releasing new QuickBooks Desktop subscriptions after July of 2024.  All QuickBooks users should review their subscriptions to determine if this change may impact their business, or if further action may need to be taken. If you are already using QuickBooks Online or QuickBooks Enterprise, no further acti ..read more

Saving and storing the receipts for a business has never been easier, or more important. Gone are the days of stuffing them all in a box or a file folder, only to be retrieved when it is time to hand them over to your accountant. Business owners can now save everything electronically and use the data to help them with everything from financial tracking to navigating legal matters.  If you’re a business owner looking to safeguard your enterprise and streamline financial processes, this comprehensive blog will illuminate the vital role that receipt management plays in your success. From Aft ..read more

Navigating the financial side of a medical practice can be as complex as a delicate surgery. Amidst the innumerable tasks of patient care, employing the guidance of a Certified Public Accountant (CPA) is not just beneficial—it’s almost essential. With a plethora of regulations, tax laws, and financial considerations paramount to the success and compliance of your practice, here are the top reasons why your stethoscope should be accompanied by the expertise of a CPA. 1. Unparalleled Tax Expertise Tax complexities for medical practices are no light burden. CPAs specialize in the strategic planni ..read more

Petty cash might seem like a practice from the past in the age of digital transactions, but it remains a critical tool for business operations. When used correctly, petty cash can ease the flow of everyday expenses without the hassle of requisitions and reimbursements. However, if mishandled, it can be a source of financial leaks and operational confusion. Here are ten best practices that every business owner should follow to ensure their petty cash management is in top-notch order. Establish a Clear Petty Cash Policy Clarity is key in all aspects of business management, and petty cash is no ..read more

  Managing a business involves a lot of responsibilities, and one of the most crucial is keeping your financial statements in check. Financial statements summarize your company’s financial activities, including the profit and loss statements, balance sheets, and cash flow statements. These documents are essential for business decisions, such as obtaining loans and grants, investment opportunities, and tracking your cash flow. To ensure the accuracy of your financial statements, it’s vital to have an experienced accountant do your financial statement preparation. In this blog, we will disc ..read more

As a business owner, you are no doubt always analyzing your business to find ways to minimize expenses, maximize profit and increase efficiency. Accounting is an essential part of any business and handling it in-house can be a daunting task. For many, outsourcing the accounting function provides a cost-effective solution that offers flexibility, expertise, and peace of mind. This blog post will highlight the top benefits of outsourcing your accounting. Cost-effective One of the primary reasons many businesses choose to outsource their accounting function is cost savings. It’s often more afford ..read more

Have you been operating your business without a budget? Or maybe you operate on a very loose one. It should be no surprise that as accountants, we don’t recommend this. Businesses of all sizes need to have a budget in place. They need to be realistic and detail oriented when creating it. They need to then abide by it, but also revisit it often as the business evolves. Business owners that proceed without a budget are opening the door to some very large risks and many headaches. Without one, you will most certainly overspend on various elements across your operation. Even if you monitor your ca ..read more

Keeping the cash flowing into your business is obviously of the utmost importance. However, many business owners don’t have the proper practices in place when it comes to collecting the funds owed to them by their clients and customers. Successfully keeping the cash coming in extends far beyond simply sending out invoices. Let’s take a look at some top tips and practices every business owner should know when it comes to collecting payment: This one is simple- send those invoices out in a timely manner. The longer you delay, the longer you will be waiting for payment. Your business should have ..read more

A down economy that has affected many sectors of our society — including medical practices. Physicians have felt the effects as patients have lost jobs and health insurance and have shifted to saving instead of spending. Physicians may need some specific strategies to weather the storm. Take active measures Medical practices should take the following steps to help them handle the downturn: Have a marketing mentality. Just as consumers scale back spending in a down economy, many businesses, including medical practices, may consider scaling back their marketing expenses. But in general, it’s th ..read more

    As a business owner, you have to keep your eye on your company’s income and expenses and applicable tax breaks. But you also must look out for your own financial future. And that includes creating an exit strategy. Buy-sell agreement When a business has more than one owner, a buy-sell agreement can be a powerful tool. The agreement controls what happens to the business if a specified event occurs, such as an owner’s retirement, disability or death. A well-drafted agreement provides a ready market for the departing owner’s interest in the business and prescribes a method for setti ..read more