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Topics to Discuss with Your Business Accountant
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 own. According to the SBA, only...
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...
Accrual 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 methods are...
Business 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 accounting principles throughout the preceding months,...
QBO 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...
QuickBooks: Reports to Use
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 the user a...
Uncompensated 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...
Cash Flow: Keeping It Positive
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 contract requirements....
Income Statement: The Importance
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...