The 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…

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Maintaining 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…

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Allowable Travel Costs

Allowable Travel Costs Federal Acquisition Regulations (FAR) If a government contractor incurs business travel costs, then all the costs should be fully allowable, right? Not necessarily, the Defense Contract Audit Agency (DCAA) provides guidance on allowable travel expenses in the…

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Can 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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Are CPA’s Solely Tax Gurus?

Are CPA’s Solely Tax Gurus? The simple answer is no.  Certified Public Accountants (CPA) are much more than just tax gurus. These professional accountants are trusted business advisors whose services are only limited by the expertise and experience of each…

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Why a Small Business Should Have a CPA

Why a Small Business and Start-up Companies Should Have a CPA Accountants can assist with all stages of your small business.   Most entrepreneurs don’t realize the value a CPA can add to their business; accountants are not just for preparing…

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Overhead versus G&A Indirect Costs

Overhead versus G&A Indirect Costs Is there an important difference between a general and administrative (G&A) expense and an overhead (OH) expense?  Do these indirect costs really matter?  The answer is yes if you want to remain a government contractor…

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