UPCOMING TAX DEADLINE: SEPTEMBER 15, 2022   |

In late 2020 the IRS announced that it would increase tax audits of small businesses by 50% in 2021. Businesses are still dealing with the consequences of the pandemic and an IRS audit is the last thing business owners want to worry about. To help you avoid red flags we have put together a list of actions that the IRS concentrates on. Consistently filing late Filing late can trigger unwanted attention from the IRS. At CPA by Choice, we recommend that you do not wait until the

As a business owner, understanding your company’s overall financial health is a crucial part of growth and success. The three important financial statements used for reporting a company’s financial performance are the Balance Sheet, the Profit and Loss Statement (P&L) and the Statement of Cash Flows. The Balance Sheet reports a company’s assets, liabilities and shareholders' equity at a specific point in time. It provides a snapshot of what a company owns and owes, as well as

The word “debt” on its own can feel intimidating, it is often associated with fear. According to the American Psychological Association, 64% of Americans cite money as a significant source of stress; they call this debt stress syndrome. It can be argued that no debt is good debt, but for the average person there are purchases that wouldn’t be possible without taking on debt, like a home. Borrowing money does not mean sacrificing financial freedom, debt could actually be one w

AI allows computers to make predictions and adapt how they respond in certain situations. As consumers we come across artificial intelligence (AI) on a daily basis, we can ask Siri or Alexa what the weather will be tomorrow, or your Nest sets your air conditioner to 70 degrees every day at 6pm based on your patterns. We also experience AI when we log into a webpage and a chatbot addresses our customer service needs, and Netflix does a great job suggesting films you may like b

We live in a world where a new iPhone is released every year, and a new social media platform becomes more popular by the time we finally understand the current one. It comes as no surprise that the millennial generation has revolutionized the way businesses use technology nowadays; just imagine what the next generation, Gen Z, will introduce to the modern world in terms of technological advancement. You may be asking yourself, what does this have to do with accounting? Succe

Many business owners share that the thought of having to understand accounting principles in order to run their business successfully can feel overwhelming. At CPA by Choice, we want to provide you confidence that you understand business accounting essentials. Open a business banking account. Once your business is legally registered open a business banking account, this needs to be separate from your personal banking account. Separating business revenue and expenses can help

Outsourcing accounting services bring many benefits to business owners. According to The Outsourcing Institute, businesses choose to outsource to improve their core business focus, to avoid the risk and costs of hiring more employees, and to gain access to outside expertise that they could not afford otherwise. Outsourcing accounting can help your business in the following ways: 1. Reduce Labor Costs Significantly Outsourcing an accounting team is generally less costly than h

It is important that business owners speak and understand the language of accounting in order to communicate at all levels of the organization; whether that is with potential investors, shareholders, the team, and/or clients. Being able to effectively speak about the business finances builds a business owner’s credibility. At CPA by Choice we want to share the meaning of some of the most common accounting terms and acronyms. Accounts Receivable includes money owed by customer

QuickBooks is a financial accounting software program manufactured by Intuit. Created for use by small businesses, the software and online product boasts an assortment of features aimed at helping users manage each of their accounting functions, including accounts payable, accounts receivable, credit card management and financial reporting. QuickBooks was designed to make small business accounting easy to use and accessible in one place. Your business will benefit from using

The Coronavirus (COVID-19) has taken the world by complete surprise. As the virus spreads globally, it affects communities, ecosystems, and financial markets. The focus of most businesses is now to protect employees, understand the risks to their businesses, and minimize disruptions caused by the efforts to contain the spread of the virus. The impact on financial reporting may not be the first thing that comes to mind as a consequence of the outbreak, but there is an importan