Running a business comes with many costs, but did you know that some can reduce your tax bill? The IRS allows business owners to deduct certain expenses, which can reduce taxable income and save money. But what exactly qualifies as a deductible expense? Let’s break it down in simple terms! Please note: Tax laws change […]
Imagine working on your QuickBooks Desktop file for hours only to crash your computer unexpectedly. Without a backup, you could lose all that important work! Setting up automatic backups in QuickBooks Desktop is an easy way to protect your data and give yourself peace of mind. In this guide, I will walk you through the […]
Keeping up with your business finances is important, but standard reports in QuickBooks Online don’t always show exactly what you need. That’s why customizing reports can be a game-changer. Instead of wading through numbers that don’t matter to you, you can create a report that focuses on the details you care about—whether that’s tracking sales, […]
Starting a business comes with many decisions, and one of the most important is how you’ll track your finances. The two main accounting methods are cash-based accounting and accrual-based accounting. Choosing the right one can impact how you see your profits, manage your cash flow, and prepare for tax time. Let’s break down both methods […]
A new year is a perfect time for a fresh start for you and your business. Here are five ways to welcome 2023 and make it your best year ever. Decide on a theme for 2023Setting a theme for the year can help you remember what you want to focus on. Some examples of themes might […]
“Quiet quitting” is a very new term in 2022 that refers to one or more employees who remain working, but only do the minimum job during regular work hours. They are done going the extra mile, they are done working overtime, they are likely done caring all that much, and they may also be quite […]
The word “audit” can be thrown around a lot in casual conversation. When an accounting professional uses it, it means something very specific. We’ll discuss this and other uses of the term “audit” in this article. Financial Audit A financial audit is an official service designed to inspect the accounting records, technology, and processes of […]
All businesses, no matter their size, have bills to pay. The larger the business, the more formal the accounts payable process tends to be. That doesn’t mean small business owners can’t benefit from a formal accounts payable process. Too many “fake” bills are being sent, and all businesses should have safeguards in place. Let’s take […]
The equity section of a business’s balance sheet is the most difficult part to understand. The accounts that make up that section vary depending on the type of entity in which the business is structured. In this article, let’s take a look at what the equity section looks like for companies that are organized as […]
How do you arrive at a price for the products and services you sell? While it depends on what industry your business is in, there are only a handful of foundational pricing methods that are useful to know. Here are several of them. Time and Materials PricingMany service-based businesses price based on the time spent […]