Managing your business finances can be overwhelming and time-consuming. Unfortunately, some entrepreneurs would rather struggle to balance their books of accounts than have an accountant help them. This is because they probably don't know that poor financial management skills can kill a business within the first few months. An account is an important asset in any business. They do more than just balancing equations and filing taxes. Maybe if they had a thorough understanding of an accountant's duties, they would not be adamant about hiring them.
16 March 2021
Working from home in your own business means handling your own accounting, taxes, and financial duties you may have. The financial items an employer would normally handle, are now in your hands. For some who work at home, keeping the books is fairly easy. However, there are some cases where handling the books yourself may be too overwhelming. This is especially true if your business experiences ups and downs in inventory or in client orders during certain seasons.
22 December 2020
Are you considering buying an existing business and merging it with your own? Mergers and acquisitions are some of the most complex business transactions any owner can undertake. They have many moving parts and require diligent supervision and planning. One area of planning that's essential is that of business financial planning. Here are a few key reasons. 1. You'll Have Upfront Purchase Costs The cost of buying or merging with a business may be a little (if the other business isn't doing well, for instance) or it may be significant.
29 September 2020
Has your accountant talked about capital assets yet? Many business owners own important capital assets but may not fully understand how these affect the business's finances. To help you maximize the utilization of your capital asses and minimize expenses, here are a few key things to know about this concept. What Is a Capital Asset? A business has many different types of assets, which are generally divided into two categories: capital and ordinary.
9 July 2020
Does your business operate by taking on long-term contracts? If so, among the many other business challenges you face, you must also decide how to recognize and report the income and expenses related to these contracts. What are your options? And how can you decide between them? To help you get started, here is a brief guide to the most common means of accounting for long-term contracts. 1. Completed Contract Method
27 November 2019
As a business owner, you must deal with some income tax concepts that most Americans don't have. One of these is capital gains. Capital gains can greatly affect your income tax bill, both positively and negatively. And they are one way to boost your company's bottom line. How? Here is a short guide to business capital gains. What are Capital Gains and Losses? Capital gains are the profits a business makes off the sale of an asset or investment.
5 September 2019
QuickBooks is an accounting software on the market that is ideal for businesses and individuals alike. Despite the popularity of QuickBooks, its utility is often overlooked. There are lots of tricks for saving time when using this popular book. #1 Add Attachments to Records You can easily add attachments to records. This can make it easier to keep track of things. You can add attachments when you send out notes to vendors.
7 May 2019