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A Comprehensive Guide to Building an Optimal Accounting System

Basis 365

In the complex world of business, a robust accounting system supports the foundation of financial clarity and control. Whether you're a small startup or a seasoned enterprise, building an optimal accounting system requires careful planning, strategic technology integration, and unwavering commitment to financial discipline.

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Managing sales tax: Are businesses satisfied with the additional effort?

TaxConnex

Our third annual survey of financial professionals across accounting, manufacturing, construction, software and technology, retail/eCommerce, telecom and others showed that many industries face sales tax challenges and that financial leaders continue to lean on internal resources to get the job done.

Sales 130
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Voting Opens for 2024 Readers’ Choice Awards

CPA Practice

From online tax and accounting systems, practice management, document automation and workflow tools, to apps for collaboration, mobile productivity and research. Each year, readers get the opportunity to show their support for the programs, hardware, services, and other technologies they use and trust.

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What's new in May for state sales and use taxes

TaxConnex

What’s new in May for state sales and use taxes. There’s always something changing in the world of tax, especially sales tax. Exempting groceries from sales tax as American families struggle with inflation and other economic woes is politically tempting. million in taxes a year on the sale of groceries.

Sales 192
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Regular Bookkeeping vs Construction Company Bookkeeping: What’s the Difference?

Steve Feinberg

Every business needs a strong bookkeeping system at its core to account for the everyday variables that make a business profitable— taxes and fees , payroll, expenses, etc. Let’s take a look at some of the major differences between regular bookkeeping vs construction bookkeeping. Contract Length. Overhead Costs.

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What You Need to Know About the DEA’s Plan to Reschedule Cannabis – A Focus on Taxation

Withum

Most notably, Internal Revenue Code (IRC) Section 280E, which has been the culprit of imposing onerous effective tax rates on industry operators, will no longer apply after such rescheduling to a Schedule III substance under the CSA. A credit is a dollar-for-dollar reduction against taxes owed. What are qualified research expenses?

Legal 119
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The 5 Most Common Small Business Accounting Mistakes

VetCPA

For example, you may need to: categorize your assets and liabilities correctly, have a monthly accounts review, or establish a new bookkeeping system. A sound bookkeeping and accounting system is the only way to know how your business performs. You refuse to outsource your accounting needs.