Withum

MAY 2, 2024

In a landmark move, the Drug Enforcement Administration (DEA) announced on April 30, 2024, that it will initiate the process of rescheduling cannabis from Schedule I to Schedule III under the Controlled Substances Act (CSA), effectively recognizing its medical value and opening the door for more research and legal access.

Legal 119

Legal Construction Tax Manufacturing 119

Snyder

NOVEMBER 14, 2022

The first four months of every calendar year are the time when accountants are at their busiest. From January to April, there are few things that accountants do besides tax filing. This is what makes busy seasons so stressful for accountants. What is tax season like for accountants? Contents: 1.

Account 98

Account accountant accounted Tax 98

Ryan Lazanis

JULY 21, 2022

Does your firm use an accounting engagement letter when signing on a new client? In this article, you’re going to learn about: What an accounting engagement letter for your firm is. Accounting Engagement Letter: What Is It? Sure, terms and conditions are great to mitigate risk in a legal sense. Items to put in yours.

Account 98

Account accountant accounted bookkeeping 98

Ryan Lazanis

SEPTEMBER 1, 2023

If you want to see the best cloud accounting software apps all in one place, then you’ll LOVE this ultimate list. In it, I’ll be sharing 147 of the best cloud accounting software apps on the market. Each item in the list will contain a brief description and will focus on how you can level up your accounting automation.

accounting software 98

accounting software quickbooks Account accountant 98

Snyder

JUNE 20, 2022

Although Shopify is a popular e-commerce platform and CMS, Shopify accounting tools are fairly limited. To execute more complex tasks such as filing compliant tax returns, you will need an integrated e-commerce accountancy app. What is the importance of accounting for e-commerce businesses? Tailoring Your Shopify Integration.

E-commerce 52

E-commerce Account accountant accounted 52

Anders CPA

JANUARY 8, 2024

But lawyers don’t create firms because they love balance sheets, data entry and double-entry accounting. But at a certain point, they’ll grow to a size where they can’t get any further on their own — or they realize that they need more than just the latest version of some law firm accounting software. What Are Law Firm Metrics?

Account 52

Account accountant accounted Non-Profits 52

Anders CPA

JANUARY 8, 2024

But lawyers don’t create firms because they love balance sheets, data entry and double-entry accounting. But at a certain point, they’ll grow to a size where they can’t get any further on their own — or they realize that they need more than just the latest version of some law firm accounting software. What Are Law Firm Metrics?

Account 52

Account accountant accounted Non-Profits 52

Withum

FEBRUARY 6, 2023

Quality of Tax Data ; general improvements to enhance the reliability of information and timeliness of closing out accounting periods. Benefits of a Modernized ERP System As you prepare for this tax season, are you utilizing reliable and agile accounting/ERP software ? Lessen the external auditor’s (e.g.,

tax preparation 78

tax preparation business tax Tax general ledger 78

Ryan Lazanis

APRIL 20, 2022

Finding the right accounting niches is a tried, tested, and true way to quickly grow your firm. 10 great examples of accounting niches. What is an Accounting Niche? Accounting services are no exception (so long as you can communicate the benefits and value of said services). Disadvantages of Accounting Niches.

Real Estate 98

Real Estate Account accountant accounted 98

Going Concern

DECEMBER 8, 2023

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. Peak W-2: What’s It Take to Be the Accountant to the Stars?

cpas 107

cpas Account accountant accounted 107

xendoo

JUNE 11, 2022

If you’re managing a business—and your books—you’ve probably had to learn what is accounts payable vs. accounts receivable. . Accounts payable and accounts receivable are two different sides of the same coin. Without a deep understanding of your accounts payable and receivable, you could face costly setbacks.

accounts payable 71

accounts payable Account accountant accounted 71

inDinero Accounting

JULY 2, 2021

Automated accounting saves time on, well, counting, and sorting, comparing, and categorizing data. Instead, automating such tasks enables accounting professionals to focus on building scenarios, testing for desired outcomes, and advising business decisions with richer insight. Automating accounting affects your business.

Technology 67

Technology Account accountant accounted 67

Accounting Seed

JULY 21, 2022

Target maximum revenue, growth, and profit with this in-depth startup accounting guide. If you fail to set up a robust and scalable accounting system from day one, your business will suffer from financial errors, poor planning, growing pains, and a high potential for failure. Challenges For Early-Stage Startups.

accrual accounting 52

accrual accounting Account accountant accounted 52

Ryan Lazanis

APRIL 10, 2022

In this guide, I’m going to outline what the future of accounting looks like for accounting firms and how to best prepare for it in 2022. So if you’re looking to improve your firm in 2022 and keep yourself on the cutting edge of accounting, you’ll love this new guide. Future of Accounting Table of Contents.

Account 111

Account accountant accounted Technology 111

Anders CPA

JULY 6, 2022

One of those being the accounting involved in combining businesses. To help simplify purchase accounting for business combinations involving private companies, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-18 back in December 2014.

Account 105

Account accountant accounted financial statements 105

xendoo

JUNE 25, 2021

Accounting plays a major role in staying organized, managing taxes, and making smart decisions in any business. . Why accounting is important for real estate businesses. For more information, check out this post on how to choose the right software to simplify your real estate accounting. . Outsource accounting services.

Real Estate 98

Real Estate Account accountant accounted 98

SMBAccountant

NOVEMBER 17, 2021

You would post the net pay to a labor expense account and the payroll taxes to a payroll expense account. Including the child support deduction in a lump sum payroll expense can also lead to legal issues. Reimbursement expenses need to be posted to the expense account that properly reflects the expense. Many do nothing.

payroll 130

payroll payroll tax income tax Expense Reimbursements 130

xendoo

JUNE 13, 2022

Every business should have a chart of accounts. We’ll explain everything you need to know and include an example chart of accounts below. Note, if you use Xendoo for your accounting , we can set up and maintain your chart of accounts for you. . What Is the Chart of Accounts? Chart of Accounts Types.

Account 64

Account accountant accounted quickbooks 64

xendoo

MARCH 16, 2022

As you try to figure out which need to prioritize in your new venture, it is crucial that you first learn how to set up accounting for a new business. While it might seem mundane, good accounting is integral to the success of any business. We will take you through the essentials of setting up your accounting for a new business.

accrual accounting 52

accrual accounting Account accountant accounted 52

TaxConnex

MARCH 7, 2023

Slightly more than that (86%) used internal staff and resources; or an existing accounting system or integrated third-party sales tax software to manage jurisdictional notices and communication, and 81% used integrated third-party sales tax software when calculating sales tax.

Sales 130

Sales Retail Tax tax return 130

Dent Moses

JANUARY 18, 2024

Segregation of Duties In simplest terms, segregation of duties means no single employee should have too much authority and responsibility over finance and accounting functions. The individual responsible for receiving accounts receivable payments should not also have the responsibility to approve or record write-offs or AR adjustments.

accounting and finance 52

accounting and finance payroll financial statements Legal 52

Basis 365

APRIL 20, 2022

eCommerce Accounting 101 One of the hardest parts of starting up an online business is determining how to maintain your accounting. All of those items, plus many more need to be accounted for and have accurate records. You can be personally held responsible for the legal and financial debts of your business.

accounting and finance 87

accounting and finance accounting system Tax audit 87

Withum

NOVEMBER 30, 2023

1099 MISC (Miscellaneous) reports miscellaneous payments such as rent, prizes and awards, other income, medical and health payments, legal settlements, crop insurance proceeds, and fish boating process of $600 or more. First, you want to familiarize yourself with the standard 1099 forms that most companies must file.

Start-ups 126

Start-ups Tax Legal accounting system 126

Airbase

NOVEMBER 15, 2023

Accounts payable (AP) refers to the series of steps that companies take to pay their bills. It requires the safe handling and recording of funds transferring from the company’s bank account to suppliers and vendors. The importance and evolution of accounts payable. Traditional benefits of accounts payable automation.

AP Automation 130

AP Automation Technology accounts payable Accounts Payable Automation 130

Accounting Seed

NOVEMBER 23, 2022

You’re constantly entering sales figures in accounts receivable (AR), invoicing customers, remembering whether they’ve paid, contacting them if they haven’t, and adjusting AR when they settle up. One solution is accounts receivable automation. What are Accounts Receivable? This is known as balancing your accounts/books.

Account 52

Account accountant accounted accrual accounting 52

Snyder

JUNE 20, 2022

However, delegating doesn’t mean staying out of the loop completely, especially when it comes to business finances, primarily accounting. Accounting is the language of numbers. What is small business accounting? Basic steps in accounting for small businesses. Open a business bank account. Contents: 1.

accounting basics 52

accounting basics general ledger Account accountant 52

Airbase

NOVEMBER 29, 2023

Implementing accounts payable best practices can help your organization reduce risk, save time and money, foster strong vendor relationships, and create a better spend culture. You can better identify the best AP automation solution for your organization by following accounts payable best practices. 6) Seamless system integration.

AP Automation 130

AP Automation Technology accounts payable AP Processes 130

Snyder

DECEMBER 6, 2022

Unlike other types of business accounting, real estate accounting focuses specifically on the financial aspects of real estate transactions and can provide valuable insight into the financial health of a real estate business. What is real estate accounting? How to choose the best estate accounting software. Contents: 1.

Real Estate 52

Real Estate accounting software Account accountant 52

Withum

NOVEMBER 2, 2023

Staffing businesses operating in multiple states face intricate tax and labor laws, reporting requirements and legal obligations. Proper payroll management helps ensure compliance with these regulations, avoiding legal issues and potential fines.

payroll 59

payroll Legal CPA accounting system 59

Accounting Seed

MARCH 29, 2023

Topics Billing & revenue Payables & expenses General ledger Financial reporting Project accounting Multi-company Multi-currency Taxation Orders & inventory Billing & revenue Account / Customer Textbook Definition Customer master record used to record billing addresses, payment terms, etc.

general ledger 59

general ledger Non-Profits accounts payable Manufacturing 59

TaxConnex

JUNE 9, 2022

States’ sales taxes account for almost 30% of state tax revenue, but most sales taxes are imposed on narrow and still-narrowing bases, according to a new report from the Tax Foundation. Opponents promise legal challenges. It claimed that these services were exempt as accounting services and as customization of software.

Sales 192

Sales Tax Colorado Massachusetts 192

Ronika Khanna CPA,CA

SEPTEMBER 22, 2023

In addition to creating your core product or service , you also need to have a working knowledge of numerous other facets of business including marketing, IT, accounting and operations. This is especially true with respect to the more technical aspects of business such as accounting and tax. Starting a business is hard work.

Tax 98

Tax income tax tax return accounting and finance 98

Accounting Insight

MAY 22, 2023

Everyone, including payroll and accountancy professionals, love to take a break. Businesses are not legally obligated to give bank holidays off, and indeed many still operate on bank holidays, particularly in the hospitality, tourism, and retail sectors, when long weekends can be very busy. But not all workers work 40 hours a week.

payroll 59

payroll Legal Hospitality accounting system 59

inDinero Tax Tips

FEBRUARY 22, 2023

For an executive or business owner, keeping up to date with accounting regulations is low on the to-do list. However, you should make an exception for “Accounting Standards Codification Topic 606: Revenue from Contracts with Customer” often referred to as ‘ASC 606’ or ‘FASB ASC 606’ What Is ASC 606? Is ASC 606 Part of GAAP?

international accounting standards 98

international accounting standards accounting principles accounting standards Account 98

FraudFiles

DECEMBER 10, 2020

Management and legal counsel need to increase their fraud knowledge in order to best identify fraud. Looking behind the financial statements and into the detailed accounting records can yield valuable information about the potential for fraud. Bank accounts that remain unreconciled for long periods of time are immediately suspect.

Non-Profits 52

Non-Profits Legal financial statements accounting system 52

Shay CPA

SEPTEMBER 13, 2023

They’re in the weeds with your accounting systems, overseeing everything from balancing your books to maintaining tax compliance. A controller will almost always be a certified public accountant (CPA). That certification ensures that they’re up to date on best practices like Generally Accepted Accounting Principles (GAAP).

accounting and finance 52

accounting and finance CPA accounting principles Finance 52

Withum

MARCH 6, 2023

The most common measurement standards include Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS) and GAAP as historically applied by the seller. Accounting systems are built around a month-end close. Measurement is not limited to the value of the entire company.

accounting principles 52

accounting principles Legal accounting system Start-ups 52