While “fetching” might be what some trained dogs can do, accounting systems are getting into the act too. This relatively new feature is called “receipt fetching,”. It’s when an app can retrieve documents directly from the vendors that you do business with so you don’t have to
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Accounting software continues to evolve decade after decade. It started out as one big massive complicated set of programs that only large companies could afford. Cloud accounting is the modern solution. Today’s accounting systems are designed to meet the core requirements for many businesses. Enter apps. Apps
Read more →The income statement of any business is probably the most important report of all. It is a snapshot of the financial performance of your business over a period of time, such as a month or year. You might also hear it called the Profit and Loss Statement, or P&L.
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The field of accounting has its own vocabulary, which can sound like a foreign language to some people. Your financial savvy will increase by learning a few new accounting terms. You’ll be “speaking accounting-ese” in no time, and you’ll become a smarter entrepreneur too. Trial balance A trial balance
Read more →Tax time is probably not your favorite time of year, especially if you have to pay the government your hard-earned dollars. Here are five tips on how we can make it just a bit less painful. 1. Have patience. Practicing patience will go a long
Read more →For small businesses formed as an S Corporation and with plenty of profits, reasonable compensation is a term you may want to be familiar with. S Corporations Many small businesses have organized as an S Corporation form of entity. The S Corp election allows a business owner
Read more →When should you involve an accountant in your small business? Simply put, all business owners should consider getting an accountant involved before they even launch their business. Having an accountant involved from the beginning will help alleviate, or avoid, headaches and make sure you
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Traditional accounting is failing small businesses in three key ways: Too many small businesses are break even. A break even business typically means that these businesses are only two weeks of collections away from being insolvent. Approximately 23 million out of 28 million of
Read more →Seven Small Business Risks You Might Not Know You’re Taking Running a small business is often about taking and managing risks. Market risks are normal but business and tax risks are another thing altogether. Most business and tax-related risks can be managed as long you know about
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