Author Archives: admin

Pros And Cons Of Accrual Accounting

Companies that have annual sales amounting to less than $5 million will have to decide on which accounting method to use. Businesses earning less than that will have the option to use the cash method while all others are required by the IRS to use accrual accounting. One caveat to this rule is for those […]

Democratic House Will Raise Business Taxes

Now that Democrats have control of the House they are hoping to undo a recently passed Republican law that could make raising taxes difficult. Their main argument will focus on raising the corporate tax rate a few percentage points which if successful could cause the entire Tax Cuts and Jobs Act (TCJA) of 2017 to […]

Marijuana Dispensary Accounting Procedures

Operating a marijuana dispensary is for the most part legal now in nine states but that doesn’t mean it is easy to do so legally. Local laws and regulations are super confusing and it is hard to find any clarity since it is still technically illegal at the federal level. Obviously businesses in this industry […]

How Small Businesses Need To Prepare For ASC 606

Starting December 15, 2018 all small businesses will need to implement Accounting Standard Codification (ASC) 606 to properly file 2019 annual income taxes. This upcoming change will definitely require some preparation since it is a complete revamp of current revenue reporting guidelines. These new revenue recognition standards will be used for accounting revenue from customer […]

Accounting Firms Reaping The Benefits Of AI

Accounting firms are not thinking about the possibility of millions of loss accountant jobs when it comes to artificial intelligence (AI). They are welcoming the idea that after all of these years they no longer will need to perform those mundane repetitive tasks. Gone are the days of just crunching numbers and time to start […]

Employee Theft Exists Within Your Small Business

Operating a small business without a doubt has its fair share of problems. Take a second and think of four or five things your business is struggling with. I’m sure that was easy. If I was to guess, the business issues you are having deal with finding employees or getting new customers. Or maybe you […]

Top Countries for Finance and Accounting Outsourcing

The ever growing trend for businesses to use overseas finance and accounting outsourcing (FAO) services has resulted in more countries joining the market. In the past businesses would solely look at cost reduction to determine where they were going to outsource. Accounting outsourcing companies can no longer survive by just providing the lowest cost service. […]