Efficiency Ratios

In this blog, I will be discussing efficiency ratios. Efficiency ratios are used internally to check if the company is utilizing their assets and liabilities efficiently in earning revenues. Efficiency ratios are mainly used to assess how well assets and…

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Financial Ratios #1 (3-part series)

Financial data by itself may not give the complete picture about a company’s performance and financial wellbeing. It is difficult to evaluate standalone numbers without comparing them to certain norms and standards. Ratios provide a set of standardized parameters which…

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Entertainment gifts meals

Entertainment, Meals, and Gift Expenses – Tax Deductible                   This can be a confusing area for business owners and is often misunderstood.  In an effort to help business owners to plan ahead for the 2014 tax year, the focus…

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8(a) Revenue

Why participation in the 8(a) program may be right for your business…             The government has many programs to help socially and economically disadvantaged business owners.  One specific area, is called the 8(a) Business Development Program(8(a) Program).  The purpose of…

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Financial Accounting

Financial Accounting and types of ownership According to Dictionary.com, financial accounting is defined as the theory and system of setting up, maintaining, and auditing the books of a firm. Companies and firms rely heavily on accounting data to analyze the…

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Where Does My QuickBooks Data Go?

Where Does My QuickBooks Data Go? Do you really know how your QuickBooks data entry processes affect your financial information and reports? QuickBooks transactions are not static images. The correct set up of the customer names, service items, and payroll…

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IRS Final Regs on Expensing Property

Final changes which will be effective January 1, 2014, have been made to the IRS’ temporary 2011 de minis expensing (cap policy). Now is the time to begin reading up on how these changes will affect your company (here on…

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Federal Contractors DCAA Compliance Checklist

This is the typical process that federal contractors adhere to in order to become and remain compliant with DCAA/DCMA requirements. 1. Complete the Pre-award Survey of Prospective Contractor Accounting System Checklist. a. This survey is a checklist of the DCAA…

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Unallowable Costs

Wouldn’t it be nice to bill everything to the government?  Many government contractors incur several expenses but all expenses are not billable to the government. These costs are referred to as unallowable cost. The government will not reimburse them as…

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