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Guides & Articles on Accounting Firms
Keeping Up with Tax Law Changes
Federal and state governments alter tax laws often, so don't fall behind
By W. Eric Martin
No matter how hard you struggle to keep up with the latest changes in small business tax law, there's always something new to learn. Lawmakers just can't resist changing tax laws on a regular basis. Little wonder. Since there are dozens of different taxes that apply to a small business, there's plenty of opportunity for changes. By tracking these changes you can: Stay...
Setting up an Accounts Payable System
Know what you owe to guard cash and prevent overpayments
By Frances Sharpe
Part of keeping your business financially fit means managing all of the bills you owe – a.k.a. your accounts payable (A/P). A/P takes into account every single purchase your company makes, including office supplies, merchandise and equipment. Setting up a solid A/P system will help you keep track of these expenses, verify that you're paying the correct amount and simplify...
Bookkeepers
How to find, hire and make the best use of bookkeepers
By Frances Sharpe
Bookkeeping may sound like a yawner when compared to the excitement of sales, the creativity of marketing and the thrill of harnessing new technology. But this time-honored activity remains one of the most crucial of all business tasks. Giving it the attention it deserves will contribute to your continued success. Hiring a professional bookkeeper to handle your books can do far mo...
Analyzing a Balance Sheet
This key document can help you evaluate a company's health
By Tom Nutile
A balance sheet, also known as a statement of financial position or statement of financial condition, is a report that shows all the items owned or controlled by a company, the ownership interest in the company, and the debts the firm has incurred. Knowing how to analyze a balance sheet is essential, whether you're considering acquiring a firm or just trying to strengthen and t...
Business Tax Deductions
Maximize your tax savings by deducting all eligible business expenses
By John Riddle
Small business owners generally loathe tax time. But if you take all of the business deductions allowable, you can usually lower your tax bill significantly. Recording and reporting deductions doesn't have to be drudge work. With a solid grasp of the expenses you can legally deduct and with a little help from tax software or a tax professional, you can: Reduce the time spent ca...
Hiring a Tax Consultant
Professional tax advice can help set your mind at ease
By W. Eric Martin
Digging into tax matters is like pulling tissues out of a box — each paper you grab has another one connected to it, and before you know it, you're up to your knees in paper and feeling sicker than ever. While some business tax situations are straightforward, at other times you're better off relying on an expert for advice and know-how. A good tax consultant can: He...
Calculating Payroll Taxes
Strategies to make sure your payroll tax numbers add up
By Irwin Speizer
If you hire employees in your business, you'll also need to collect payroll taxes and remit them to the correct government agencies. It's not an option. Failure to correctly collect and file the full range of required payroll taxes has tripped up many small business owners, subjecting them to government audits and fines. Before you hire your first employee, make sure you kn...
Calculating and Charging Sales Tax
Collecting sales taxes can be complicated. Here's the help you need.
By Kay Bell
Consumers complain about sales taxes, but they are an even bigger headache for businesses who must calculate and remit these funds on a broad range of products – in some areas services as well – to a dizzying array of government entities. Even if there is no state levy, you may find that cities, counties or special taxing jurisdictions (e.g., lodging, transportation are...
Avoiding an IRS Audit
Tax tips to help keep the tax man out of your business
By Irwin Speizer
Of all the ways you can be unpleasantly surprised in your business, few measure up to notice of an IRS tax audit. Only about 1 to 2 percent of all returns get audited each year, but that still means a million or more tax filers can expect the IRS to review their returns. While there's no sure-fire way to keep the IRS at bay, there are strategies you can take to reduce your audi...
Creating a Basic Budget
Establishing a realistic financial plan can be a blueprint for success
By Irwin Speizer
One of the oldest sayings in business is that you have to spend money to make money. But you have to spend your money wisely. And that's where budgeting comes into play. A basic budget tries to anticipate your spending needs and forecasts your sales and other revenue. A budget helps you predict when money comes in and goes out so you can better manage your cash flow. It's...
Choosing the Right Accounting Services
Manage your finances to maximize your bottom line
By Irwin Speizer
Minding the books is time-consuming and detail-oriented work and, unless you love doing it, you'd just as soon hand off to someone else. The trick is putting your sensitive financial information in the right hands. Common accounting tasks include: Entering and updating daily account ledgers. Running and maintaining computer accounting systems. Performing periodic audits and che...
Setting up a Basic Bookkeeping System
The key is choosing a system that you can easily maintain and understand
By Tom Nutile
A bookkeeping system is essential for any business, no matter how small. You have several options in setting up a basic bookkeeping system. The five basics of a bookkeeping system are: Check register that records each check, much like a personal checking account. Cash-receipts account that tracks incoming money. Sales journal that shows each business transaction, what business...
Home Office Tax Deduction
It takes careful calculation of office space and costs to meet the rules
By Kay Bell
One of the best tax breaks available is the home-office write-off – if you file your claim correctly. Be sure you: Understand the rules or Uncle Sam will make you pay Keep good records and calculate carefully Don't just ignore depreciation or you'll regret it later ...
Improving Your Collections
Better invoices, dunning letters and agencies can help you collect more cash
By Daniel Kehrer
In today's troubled economy, late or unpaid invoices are a fact of life for any business that doesn't collect in full upfront. But there's much a business can do to head off trouble before it starts, or to speed up payments. The key is to create a clear collections process at your business. It starts by making smart credit-granting decisions in the first place. "Bu...
Sarbanes-Oxley Act Compliance
Even small private corporations must comply with certain regulations
By Tom Nutile
The federal Sarbanes Oxley Act was established in 2002 in the wake of the corporate financial scandals at Enron and other large companies. The SOX act requires companies to set up standardized financial reporting protocols, checks and balances. Top management also must certify the integrity and accuracy of the financial statements. Here are some policies and procedures the act re...
Tax-Saving Strategies
How to find and use all of the tax deductions your business is due
By Daniel Kehrer
In business, you have to spend money in order to make money. And the more deductible expenses you have, the less you pay in taxes. The trick is in recognizing what's an allowable business deduction and what's not — and in keeping the right records. Deductions are only as good as the records you keep to back them up. Any expense you forget to deduct, or lose because yo...
Calculating Your Business Cash Flow
Keep tabs on the money fueling your business
By Mark Ingebretsen
Cash flow is a measure of the amount of money your company makes and spends during a given period and is frequently used as a barometer of your company's health and worth. Accurately calculating your company's cash flow is vital in determining if your company has enough money to operate. Understanding your cash flow lets you evaluate: Borrowing needs The timing of new hi...
Reducing Your Business Property Taxes
Strategies to help you stop overpaying and start saving
By Gary Stern
Many complex issues can affect your business property taxes. If you're like most small business owners, you probably don't have the manpower or the expertise to keep track of all those issues. As a result, you may be overpaying on your business property taxes — to the tune of thousands of dollars per year. Fortunately there are several simple steps you can take to red...
Finding State and Local Tax Information
State and local tax departments want their cut of your business, too.
By Kay Bell
If you thought your biggest tax worry was the Internal Revenue Service, think again.Every state has a revenue department with myriad areas in which it collects a portion of your business' money. The corporate income tax is just the beginning. There are sales taxes, franchise taxes, property taxes and then a variety that could affect you depending upon your particular business (...
Cash or Accrual Accounting
How to decide which accounting method best fits your needs
By Kay Bell
Cash-based accounting recognizes income when the money is received. Accrual-based accounting recognizes income when goods are shipped or services rendered. For expenses, under the cash method, an expense is recognized when you pay it. Under the accrual method, the cost is recognized when your company is obligated to pay it. For accounting purposes, most businesses opt for the acc...
Finding a Great Accountant
Features that separate average accountants from great ones
By Steven Hastert
Good CPAs are easy to find, but if you’re really serious about building a great business it’s worth the extra effort to find a great CPA. Great CPA’s all have the following qualities: Have a wealth of business experience. Experience with other businesses in your sector is even better. Think strategically about your business options. They should offer sugg...
Accounting Decisions for a New Business
Here are the Accounting Decisions You Need to Make When Starting a New Business.
By Steven Hastert
Starting a new business is exciting, but in that excitement are a lot of decisions to be made. Out of all them all, the financial backbone of your business needs to be seriously taken into consideration. A large part of that are the accounting decisions you will need to make....
Fraudulent wholesalers and suppliers
How to detect fraudulent wholesalers and suppliers
By easytrade
Andrew, a local Liverpool stationer decided to locate a wholesaler for some fancy school bags and other stationery. The new school season has just begun and Andrew anticipates good sales this season. He searches the Internet and locates a wholesaler who, according to Andrew, is offering quality products at throwaway price. Andrew immediately contacts him and the entire deal is ...
Accounting Magazine Journals
Stay up-to-date on news that affects your business with accounting journals
By Melissa Haveman
Accounting publications are a must have for anyone working in the industry. Accounting magazines provide a number of benefits to CPAs and others in the industry that will save you time and money. An accounting magazine can keep you up-to-date on industry news and changing regulations.You can learn tips and ideas from an accounting journal that will help your business.Accountant jou...
Accounting Information Resources
Support your financial staff with an accounting reference library.
By Heather Topham Wood
When setting up the accounting department of your small business, you want to gather as much information as possible. A comprehensive list of accounting information resources can provide you with all of the texts and reference documents that you need to make your accounting services run smoothly. You should have the ability to customize the accounting references that you choose to ...
