Accounting Archives
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 […]
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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
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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
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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
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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
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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
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How to Manage Cash Flow in a Small Business Cash flow can make or break a business. In fact, a U.S. Bank study found that 82% of failed businesses cited cash flow as a contributing factor to their demise. We don’t want your business to be another statistic. Learning how to manage cash flow in
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Protecting Your Finances: How to Prevent Accounting Fraud Accounting fraud impacts small and large organizations, and it’s estimated that 5% of revenue is lost annually due to fraud. Businesses with less than 100 employees are at higher risk of being a victim of multiple schemes, including: Check tampering Billing schemes Fraudulent wire transfers Inventory theft
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Small businesses often face unique accounting challenges that differ from those of larger businesses. The differences between small business accounting and large business accounting are mainly due to the size, complexity, and regulatory requirements of the business. Small businesses have simpler accounting needs, while large businesses are more complex. Small businesses typically have fewer employees
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