Access to professional accounting services and advice can add significant value to your business. An accountant will source all your documents: receipts, invoices, and other documents that record business activity to post accounting transactions.Preparing source documents for all client transactions, operations, and other business events is only possible with a qualified accountant. In addition, accounting professionals are prepared with the tax law knowledge for your busines
Accountants and Bookkeepers are both professionals who provide financial support, they are both a foundation to ensure that you have the finances to keep your business running. It is important to know the difference between the two so that your business is meeting its accounting needs. Education and Training A person may become a bookkeeper with on-the-job training and without a formal college degree. Skills such as attention to detail, good communication skills, and accuracy
In the last year there have been a number of changes and updates regarding the 1099-Misc Form, these changes will impact businesses who work with independent contractors and freelancers. The Internal Revenue Service (IRS) is re-introducing form 1099-NEC, Non-employee compensation, we have not seen this form since 1982 when the movie E.T. was released. The change does not remove the old form 1099-MISC, instead the form will be filed starting in January 2021 to report payments
At CPA by Choice we want you to be prepared for the 2021 tax season. Some things will differ from your prior return, for example in an effort to encourage Americans to donate money to charity during the coronavirus pandemic, the CARES Act enabled taxpayers to deduct up to $300 in monetary donations in 2020 – even if they take the standard deduction. There are other changes for the 2021 tax season, we will ensure that the credits, deductions, and contribution limits available
Saying “Goodbye!” to spreadsheet headaches and busy work is indeed a benefit that Sage Intacct Budgeting and Planning provides, but there is so much more to enjoy. Sage Intacct Budgeting and Planning (SIBP) empowers our customers in four important ways. Plan – You can focus on strategic plans that exploit business opportunity and sidestep risks. Report – Easily compare current performance versus plans and drill-down to budget details from your reports quickly and accurately.
Entrepreneurs are constantly looking for business opportunities. The world wide web has made it accessible for many entrepreneurs to either start a business or expand their business to the e-commerce world. Online businesses can be appealing to entrepreneurs for many reasons, including working remotely, but are you ensuring that you are following the accounting principles and regulations for your business? Here are some best practices for your online business: 1) Get an accou
Dynamic Allocations Organizations using Sage Intacct continue to find new ways to automate previously manual process and divert the time savings to more impactful, strategic activities. Sage Intacct Dynamic Allocations module offers even more automation, efficiency, accuracy and time savings. If you have complex, or cross-entity, allocations, you may be spending days or even weeks each month calculating, verifying, and trouble-shooting allocation. That’s precious time that co
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