Category Archives: Accounting

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 […]

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 […]

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. […]