Understanding 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…

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Cash 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…

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End 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….

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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…

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ICS 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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Current Ratio vs. Quick Ratio

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…

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How to Maintain FAR 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…

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2018 Tax Changes for Small Businesses

2018 Tax Changes for Small Businesses When it comes to taxes, there have been a lot of rumors and speculations in the past year regarding what will change. At the close of the tax year, it is hard to know…

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