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 MoreIncome 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 financial…
Read MoreNew Revenue Recognition Standards
New Revenue Recognition Standards Are Now REAL For nonpublic companies, the new revenue recognition standards that the Financial Accounting Standards Board (FASB) implemented are now a reality. FASB 606, Revenue from Contracts with Customers, is effective for fiscal years beginning…
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 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…
Read MoreS Corp Shareholders: Section 199A Qualified Business Income
What does Section 199A Qualified Business Income mean for S Corp Shareholders? There have been a lot of changes and uncertainties with the 2018 corporate tax changes. Since an S Corporation (S Corp) is a pass through entity, the corporation…
Read MoreThe Balance Sheet
The Balance Sheet The balance sheet is important because it’s essentially a company’s statement of financial position at a specific date. Investors, creditors, and other businesses use it to: calculate financial ratios, determine how much money the company has and…
Read MoreMaintaining Payroll
Maintaining Payroll The beginning of the year is behind us, but we still have a lot to look forward to. For one thing it means learning from last year’s mistakes and starting fresh. Chiefly, the payroll process is one area…
Read MoreShoebox Accounting: Reasons to Computerize
Getting Away from ‘Shoebox Accounting’ (Reasons to Computerize) In the business world, time means money. Accounting systems, or lack there of, can be extremely costly especially for businesses that use ‘shoebox accounting’. The colloquial term refers to the practice or habit…
Read MoreCan a Business Fully Deduct a “Luxury” Vehicle?
Can a Business Fully Deduct a “Luxury” Vehicle? The Internal Revenue Service provides criterion and regularly updated tables as guides for business vehicle deductions. The deductibility of a vehicle used for business purposes is subject to various limitations and rules. The examples…
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