Small Business Accounting

Spooky Accounting Stories – Owning a Business versus Running a Business

You’re the best in the business, but you never went to business school… Many business owners “fell into it” because they turned their passion into a business.  After all, if...

Spooky Accounting Stories: Mistreatment of Intercompany Transactions

Picture this – you’ve built your company from the ground up, and now you’ve got multiple legal entities, separated for tax purposes, tracking purposes, and maybe you want to sell...

Spooky Accounting Stories: Missing an Employee’s Payroll

This month we’re highlighting the spookiest of accounting stories that we hope you never have to experience.  If you think you’re at risk for any of these situations, you may...

Your Balance Sheet: Why It’s Important

A balance sheet is one of the least reviewed financial statements in a small business.  Yet, it shouldn’t be.  Your balance sheet is important for a number of reasons:  ...

Accrual vs Cash: Which Is A Better Business Practice?

The key component to accrual versus cash is that you are matching your revenue to your expenses. Basically, recording that revenue when you have earned it and recording those expenses...

Why Keep Receipts?

In business, it is important to have good records.  However, in the day-to-day dealings of running a business, some smaller things, like receipts for expenses, seem to move to the...

Personal Use of Company Vehicles

If your employees are driving a company-owned vehicle, it is important that they keep detailed records of the miles driven for business and those driven for personal use. The breakdown...

Selecting the Best CPA for your Business

Business owners are pulled in multiple directions every day.  Therefore, it is important to invest the time and energy into finding the right advisors to help you on your journey. ...

Understanding Accrual vs. Cash Accounting

At least once per year, if not any other time, you’ll get asked whether or not you operate your business using accrual or cash-basis accounting.  Since this question typically arises...

Employee vs. Contractor:Control and Relationship

Sometimes in small business, the idea of paying those who work for you as contractors sounds ideal.  But, how does a business owner know to correctly classify a worker as...