Working capital is the difference between a company’s current assets and its current liabilities. Current assets include cash, inventory, receivables, and other assets which are expected to be turned into cash within one (1) year. Current liabilities include accounts payable, loans…
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Accounting Firm: Finding The One
Each year, as your business grows, management of accounting tasks gets trickier. Business priorities shift, whether due to outside factors or your own needs. Sometimes, it can feel like a great weight to handle everything on your own. When this…
Read MoreIncome Statement
Understanding the Income Statement The income statement is one of the basic financial statements that disclose the financial performance of a company. Profit and loss statement (P&L), statement of income, and statement of earnings are other names for the income…
Read MoreAccrual Accounting Vs. Cash
Cash vs Accrual Accounting You have finally taken the leap and started the business you have always dreamt about. However, now you must make one more tough decision: what accounting method should your business follow: cash or accrual accounting? Accounting…
Read MoreBusiness Owners: Accounting Checklist
End of the Year Accounting Checklist One of the things that you will need to do for your business at the end of the year is to close the books. If you have been keeping them up-to-date using generally accepted…
Read MoreQBO Still Not for Government Contracts
QuickBooks Online Still Not for Government Contracts Technology is moving at warp speed and this holds true for accounting software as well. For the last 20+ years, QuickBooks Desktop has been the go-to accounting software for small businesses, including government…
Read MoreICS Schedules Explained
ICS Schedules Explained Have you seen all the schedules on an Incurred Cost Submission (ICS)?! The ICS seems to never end. Why are there so many schedules and what do they do? Before explaining all these schedules, a quick review…
Read MoreLiquidity Ratios: Current vs. Quick Ratios
Current Ratio vs. Quick Ratio Liquidity ratios are an important tool used to measure how efficiently a company can pay off its debt. The most common liquidity ratios used are the current and the quick ratio. These ratios help investors…
Read MoreFAR Compliance in QB
How to Maintain FAR Compliance in QB One of the areas of concern to government contractors is meeting the requirements for bookkeeping under Federal Acquisition Regulations (FAR). While the Defense Contract Audit Agency (DCAA) does NOT approve or recommend any…
Read MoreTax Changes in 2018 That Will Impact You
Tax Changes in 2018 That Will Impact You There have been a lot of rumors and speculations in the past year regarding potential tax changes. At the close of the tax year, it is hard to know what is fact…
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