As a small business owner, you have a million questions running through your mind each day—and typically, it’s up to you to answer them! However, having a business accountant comes in handy for those questions you can’t answer on your…
Read MoreUnderstanding the Income 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 MoreCash vs Accrual Accounting
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? Accounting methods are rules and…
Read MoreEnd of the Year Accounting Checklist
End of the Year Accounting Checklist updated from our previous blog posted on December 31, 2015 One of the things that you will need to do for your business at the end of the year is to close the books….
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 MoreReports to Use in QuickBooks
Reports to Use in QuickBooks QuickBooks (QB) is a very user-friendly and customizable accounting software. QB designed the many features to help the user enter all of the various transactions that occur within a business. After entering data, QB offers…
Read MoreUncompensated OT Hours
Uncompensated OT Hours Government contractors with salaried employees could potentially have uncompensated overtime (OT). Uncompensated OT affects Incurred Cost Submissions, Proposed Budget Rates, Indirect Rates, and billing the government. Improper handling of uncompensated OT can result in the contractor most…
Read MoreHow to Keep A Positive Cash Flow Up While Waiting for a Payment
How to Keep A Positive Cash Flow Up While Waiting for a Payment Congratulations! Your company has just been awarded a government contract. You have accomplished the first step toward a successful business. Now the company needs to deliver the…
Read MoreThe Importance of the Income Statement
The Importance of the Income Statement There are four basic financial statements: Balance Sheet, Cash Flow Statement, Income Statement and Statement of Retained Earnings. External users such as investors, creditors, etc. use these statements to gain insight into the financial…
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…
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