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  • Pros And Cons Of Accrual 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 retail…

  • Marijuana Dispensary Accounting Procedures

    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 is Blockchain Technology Affecting Accountancy

    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 this…

  • Employee Theft Exists Within Your Small Business

    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…

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

    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 have…

  • How To Streamline Your Accounts Receivable to Enhance Cash-Flow

    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 is probably…

  • How to Defer Taxation on Foreign Operations and What to Avoid

    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 home. This…

  • Accounting Firms Reaping The Benefits Of AI

    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…

  • How to Create External Accounting Reports to Track the Bottom Line

    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. Really the…