Accounting

Revenue Recognition for SaaS: Challenges and Best Practices The U.S. has 9,100 SaaS companies, and this number is likely to continue rising. Software-as-a-service is a hot commodity because it eliminates the need for hosting and scaling for consumers or businesses, and the subscription model is very popular. But there’s a problem for new entities: revenue […]

101 Guide to Accounting for IT Companies Information Technology (IT) is one of the fastest-growing industries in the United States, with more than 585,000 tech companies operating in the country. While these companies are known for their rapid growth, they also face a number of challenges when it comes to accounting.  Understanding these challenges, following

Getting Started: Accounting for Law Firms If you’re opening your own law firm, one of the first things you’ll need to focus on – apart from your services – is how you’ll manage your finances. Practicing law is your passion, but at the end of the day, your firm is still a business.  Managing your

A Guide to the DOL’s 2024 Independent Contractor Rule Do you hire independent contractors? If so, the Department of Labor has released what they call the “final” independent contractor rule. Misclassification remains one of the accounting mistakes that we recommend you avoid because, with these professionals making up 45% of the workforce, it’s very easy

How Professional Accounting Software Setup Can Safeguard Your Business An estimated 98% of businesses are small businesses. With lower revenue and tighter budgets, many small business owners take on the task of handling their own bookkeeping. But here’s the challenge: handling bookkeeping the old-fashioned way is time-consuming and error-prone. Accounting software can help you manage

Reconciliation in Accounting and Its Role in Business Management Reconciliation in accounting is a crucial business task that verifies your financials. The Association of Certified Fraud Examiners Financial reports that 9% of all reported fraud cases involve financial statements. If you’re not reconciling your accounts properly – or at all – your business is at

2024 January Accounting Checklist for SMBs The start of a new year is an exciting period for SMBs. It’s a time for planning, setting goals, and gearing up for the year ahead. But it’s also important for accounting and reviewing your financial position. We’re going to cover some of the basic items your list should

2024 IRS Numbers Every year the IRS comes out with updated numbers. Rather than having you sift through all of them, we have put together a blog that details out a few numbers you should be aware of. Here are the updated 2024 IRS numbers. Personal Tax Changes The standard deduction deduction is $14,600 for

Closing the Books: A Year End Bookkeeping Checklist The end of the year is a busy time for your business from an accounting perspective. Along with closing the books, you need to prepare for the next year and maybe do a little catch up bookkeeping.  You have a lot on your plate already. It’s easy