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Revenue Recognition: An Introduction for Small Businesses

Jan 21

Revenue Recognition: An Introduction for Small Businesses

How much revenue did your business earn this month? That answer may vary depending on whether you have implemented the new revenue recognition standard or not. If you are looking for investors, a bank loan or even looking to sell your business, the way you record revenue needs to be in line with Generally Accepted Accounting Principles (GAAP) and the new Revenue Recognition Standard. In May 2014, the Financial Accounting Standards Board (FASB), issued Accounting Standards Cod

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A Business Guide to Sending Out 1099s

Dec 16, 2020

A Business Guide to Sending Out 1099s

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

Making a List and Checking It Twice: Everything You Need for a Successful Tax Day

Dec 16, 2020

Making a List and Checking It Twice: Everything You Need for a Successful Tax Day

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

The Best Thing about Sage Intacct Budgeting and Planning? Saying “Goodbye” to Spreadsheet Headaches

Dec 8, 2020

The Best Thing about Sage Intacct Budgeting and Planning? Saying “Goodbye” to Spreadsheet Headaches

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.

Best Accounting Practices for an Online Business

Nov 12, 2020

Best Accounting Practices for an Online Business

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

Nov 6, 2020

Dynamic Allocations

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

Basic Accounting Terms and Acronyms Explained

Oct 29, 2020

Basic Accounting Terms and Acronyms Explained

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

Benefits of QuickBooks for Small Businesses

Oct 15, 2020

Benefits of QuickBooks for Small Businesses

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

5 Essential Benefits to Hiring An Accountant for Your Small Business

Sep 15, 2020

5 Essential Benefits to Hiring An Accountant for Your Small Business

Should you hire an accountant for your small business? Learn 5 essential benefits to hiring an accountant for your business: 1. Bookkeeping Professionals An accountant will source all your documents: receipts, invoices, and other documents that record business activity to post accounting transactions. At the initial stages of your business, it may seem simple to manage your own accounting, however as you advance and grow your business it gets complicated. Preparing source doc