Small Business Accounting
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...
1099s: Tips & Tricks
1099s are due January 31st - have yours been sent? If you have, have you sent them to all vendors and service providers who need one? You might think that...
New Mileage Rate for 2019!
It's a new year and the IRS has once again updated the mileage rate for 2019. Beginning January 1, 2019, the standard mileage rate increased from 54.5 cents in 2018...
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