article thumbnail

4 Accounting Transactions that Use Journal Entries and How to Enter them in QBO

Ronika Khanna CPA,CA

Accounting software has come a long way in the past few years. Although a good bookkeeper can be invaluable, It has become fairly easy for business owners and their support staff to take on the responsibility of entering day to day transactions while they employ accountants for the more complex aspects of their accounting and tax.

article thumbnail

Bookkeeping Fundamentals for Small Business Owners

DuctTapeMarketing

 Services Online Audit. Cloud-based accounting software can provide a whole suite of tools to help business owners get ahead. A growing number of small business owners are outsourcing their bookkeeping to cloud-based companies that wrap around accounting software. Services Online Audit.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

How to Stay on Top of Your Tax Obligations

Ronika Khanna CPA,CA

Revenue Quebec, particularly will often send corporations or individuals assessment for several thousand dollars to scare people into filing their returns. In more extreme circumstances, the tax authorities have the power to freeze your bank accounts or initiate tax audits.

Tax 52
article thumbnail

Finding Your Financial Compass: Why Small Businesses in Los Angeles Thrive with Specialized Tax and Accounting Support

MyIRSRelief

Business Entity Selection and Formation: Choosing the right business structure impacts taxes, liability, and compliance. Tax professionals guide you through the formation process, ensuring you set up your business for success.

Tax 130
article thumbnail

The tortured journey of data: How tax technology speeds up tax compliance, provision, and reporting

ThomsonReuters

Data consolidation challenges One of the greatest challenges facing tax departments is a lack of data integration and automation among systems. Companies use various software platforms (i.e., accounting software, payroll, etc.) Flexible data dimensions to store and perform calculations.

article thumbnail

Are Gifts to customers and business associates deductible expenses?

Ronika Khanna CPA,CA

Sending a diamond bracelet to a customer who has purchased something from you once, will very likely be audited and disallowed. It is best practice to indicate the nature of the business purpose on the receipt for the gift or as a memo in your accounting software.

article thumbnail

What You Should Know After You Have Incorporated

Ronika Khanna CPA,CA

For many small corporations, not much needs to be done, from a tax perspective. at the beginning in terms of accounting, sales tax, or corporate tax, as deadlines are often many months away. However, it is a good idea to set up an accounting system as soon as possible and to find an accountant.

payroll 52