How to Create External Accounting Reports to Track the Bottom Line

External accounting reports are created by companies in order to show the outside world business information that is important to shareholders, investors and other financial institutions. Depending on the size of the company and industry the external reports may look similar to the internal accounting reports or they could be a night and day difference. […]

Trump's Tax Cuts Effect on Small and Mid-Sized Business

This is the year that President Trump makes due on his promise to “bring back Main street” by introducing the new tax laws for small business owners to reduce their tax burdens and increase the opportunities to grow their business. Since the tax cuts plan is now finalized and set in law, business owners and […]

How is Blockchain Technology Affecting Accountancy

Since the invention of the blockchain technology with Bitcoin, accounting has never been the same. Blockchain deals with the transfer of ownership of assets as well as maintaining accurate financial information on ledgers. Even though that explanation is quite basic it goes to show that the accountancy field is going to be directly affected by […]

The Accounting Differences Between an LLC, C-Corp and S-Corp Tax Structure

When registering a business the owner has different ways on how to setup their accounting and tax structure. Most businesses start out as sole proprietorship or partnerships and then eventually choose another structure in order to save money on taxes. Business owners can choose whether to register as a limited liability company (LLC) or a corporation and […]

Which Accounting Software Should I Use?

When searching for the best type of accounting software you will often find that there are more things similar compared to what is different amongst the different brands. They are all able to handle the management of general ledger, invoicing and payment processing using their standard modules. Most software also has additional features like tax preparation […]

How to Defer Taxation on Foreign Operations and What to Avoid

For years U.S. corporations have been moving operations to offshore tax havens and using other accounting workarounds to lower their federal income taxes or avoid paying them all together. Previously there was a large loophole in the U.S. tax law that enabled corporations to avoid paying all taxes on foreign profits until they were brought […]

How To Streamline Your Accounts Receivable to Enhance Cash-Flow

If you are like many other business owners then your accounts receivable system is outdated and only consists of invoice letters and an excel sheet. Getting your customers to purchase your product or service is only the first step to having a successful business. Having your clients pay what they owe and when they owe […]