OUR BLOG

Incorrect overhead rates create problems because they do not accurately describe the current overhead of a business

Managing trust accounts means you should understand three-way bank reconciliations. Regardless of whether your state calls it an "IOLTA account" or an "IOLA account," attorneys are responsible for trust/escrow/IOLTA funds. Most bar associations require that the IOLTA account be reconciled three ways. Even if your process is as simple as clicking a button and reviewing the report, it is important to understand the three-way reconciliation. Three-way reconciliation is just chec

Accounting is often considered the language of business. In order to paint a complete picture of a business's past, present, and future performance, it is important to understand and analyze key financial statements such as the balance sheet, income statement, and cash flow statement. Figure out The Four Basic Accounting Financial Statements here! The balance sheet is one of three key financial statements that inform the overall health of your business, including how much deb

According to the IRS, it is a must that all businesses keep basic financial records in order to track gross receipts, purchases, expenses, and other transactions accurately. You can decide the exact nature of your record-keeping system, however, a well-designed small business bookkeeping system will keep your financial information in order, make reporting easier, and scale with your firm as it grows. Cash or Accrual accounting system One of the first decisions you'll have to

There is some steps business owner can take to minimize the risk of getting your tax returns flagged by the IRS for manual processing — a procedure that can cause long delays in getting your tax refund. Before Finalizing your Tax return, Double – Checking for missing or incorrect is a very important step. If you are a small or medium business, there are 5 bookkeeping Items you need to double-check carefully for missing or Incorrect things to make sure your return is really re

WHY ARE YOUR BOOKS A MESS? Every small business owner has the best intentions from the beginning, but heavy responsibilities and busy schedules often lead to important tasks falling to the backburner. One area that is often overlooked is the company's financial tracking. You may have to pay monthly or annual fees for high-quality accounting software programs. However, unless you use it correctly, it will be ineffective. This can lead to a lot of confusion and mistakes. It’s t