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Accounting

A complete resource for all your accounting needs. Here you can find a range of basic to advanced accounting information, resources, and best practices.

Latest: Advice, Tips and Resources

Article
Cash Flow Management: What Do Credit Cards Have to Do With It?
By Gail Cavanaugh | July 29, 2015

Plus, Controlling Bank Fees and Lowering Risk

Article
Top Tips to Ensure Clients Pay on Time and Increase Your Cash Flow
By Loren Baker | June 15, 2015

Keeping track of cash flow is critical for your business, and we have found the 12 best tips to ensure your customers pay you on time.

Advice
How is a retainer used in social media?
By Alea Orr | 5 Answers | Last Activity on May 14, 2015

I've gone through periods where I've charged clients retainers but I've stopped recently because I am unsure how to allocate the funds of a retainer. Do you charge a retainer and if so, how do you...

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Advice
How do you report partial payments on a cash accounting basis for income taxes?
By Adam Jones | 4 Answers | Last Activity on April 29, 2015

So, I'm working with WaveApps.com which is based on accrual, but I'm running on cash basis. I ran into a question of, if I have a partial payment but I never get paid for the rest, when does it count...

Advice
How broad can you make a business as an LLC to capture all of your side businesses?
By Adam Jones | 3 Answers | Last Activity on April 07, 2015

I run a few different websites and I try to keep things consolidated under one business name/account with the Department of Revenue. The real question is, can I make a "brand" that my websites,...

Advice
How can I keep accounting/books neat and in order without taking up too much time?
By vinny accardi | 13 Answers | Last Activity on April 02, 2015

Looking for some easy and simplified bookkeeping tips. I have limited time to spend in the office and keeping track of everything has been time consuming.

Advice
How can I get paid more promptly?
By Amara Rose | 17 Answers | Last Activity on March 17, 2015

Hi Community ~ I have a client who is a notoriously late payer, always with a "good excuse." The challenge is, I work with the CEO of a startup that is part of a much larger entity, and the CFO...

Advice
What invoicing program can you recommend?
By Stan Radomski | 12 Answers | Last Activity on December 07, 2014

What invoicing programs can you recommend that are cheap, but still look professional? I am currently consulting and need a way to bill my client. I have used Aynax in the past but my monthly trial...

Advice
In an LLC can you do your own accounting, or do you have to use a CPA such as in a corporation?
By Joseph Lypowy | 6 Answers | Last Activity on October 02, 2014

I have been considering converting to a LLC from sole proprietor, and want to know if I have to use an accountant. I have bee doing my own accounting for since I started in 1977.

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Advice
what are the pros and cons of the new sageworks accounting software?
By Keith Olson | 4 Answers | Last Activity on September 22, 2014

i am looking at quickbooks which i know is more mainstream or sageworks. To those that have researched can you answer why you would use sageworks or peachtree over quickbooks?

Advice
How do I get a person off 7 Day terms and on COD? Can I do this and what is the best way?
By Sallie Davies | 13 Answers | Last Activity on September 21, 2014

I supply cakes to cafes and I initially agreed to allow one of the cafes I supply to be on 7 day terms for payment. However, this is not really working for me and i have since decided all places...

Advice
When should a business hire a CPA and when should a business hire a bookkeeper?
By Zack Lombardi | 14 Answers | Last Activity on August 10, 2014

I know that I need accounting help for my business, but I'm not sure where to start. Should I hire a CPA or a bookkeeper? Does it depend on what my specific needs are or the size of my business?...

Advice
As a startup, I just interviewed my friend's very reputable accountant. Should I hire him, or find another that cares more about my business?
By Bryan C. | 23 Answers | Last Activity on July 30, 2014

My friend loved her experience with her accountant, and is adamant that I should hire him. He did well when I interviewed him and seemed very knowledgeable, but didn't seem very passionate about my...

Advice
How does the Cobra health insurance deduction work?
By irina butorina | 6 Answers | Last Activity on July 11, 2014

My friend was laid off last year. Her husband is self-employed. Can the Cobra medical insurance payments paid to her former employer last year be deducted against her husbands self-employment income...

Advice
What are the tax differences between having someone pay my business versus paying me personally?
By Carol Smith | 15 Answers | Last Activity on June 24, 2014

I will be working for someone else for a while, running a couple of dog training classes at her facility. I'll be gaining experience doing this before I set out on my own. For tax purposes, should I...

Advice
I am moving my single-member LLC to another state, what requirements must I fulfill when moving my business?
By Richard Reynolds | 7 Answers | Last Activity on June 21, 2014

I am moving my single-member LLC from Oregon to Washington soon and I was wondering what process I must go about in order to complete the move without undue tax or financial burden. I am moving...

Advice
A Legal/Bookkeeping/Tax Question... Anyone?? :)
By Amy McMahon | 7 Answers | Last Activity on May 09, 2014

Hi Room! :) I am hoping one of you can help me with a situation that is new to me. I have a client that is 100% owner of his S-Corp. He got divorced, and although his wife was not a shareholder, she...

Advice
Client paid via check in late 2013, but I did not deposit it until 2014 ? does it go in 2013 income or 2014 income?
By Julian Rogers | 25 Answers | Last Activity on May 02, 2014

Please advise the correct tax filing practice. Thanks!

Advice
Moving from UK to US and advice needed on setting up a new business please?
By Paul Maplesden | 7 Answers | Last Activity on February 22, 2014

Hi there; I have recently moved form the UK to the US. In the UK, I ran a successful business, setup as a limited company that generated a reasonable income for myself and my wife. Because of the...

Advice
How can I find someone cheap and reliable to help me set up my accounting properly?
By Matt Gilman | 17 Answers | Last Activity on February 05, 2014

We are in full start up mode and the receipts and expenses are starting to pile up. I keep saying I will get to it this weekend, but it is becoming obvious that it isn't happening. I need help, but I...