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ChatGPT Isn’t Terminator for Accountants…Yet

Going Concern

TurboTax and QuickBooks are full of rudimentary AI features and already have reduced the need for some bookkeepers and tax preparers. The products can sort accounts, predict the other side of a journal entry, and populate a tax form with high accuracy. It confuses like terms, particularly technical accounting terms.

Account 108
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Cash vs. Accrual Accounting

inDinero Accounting

Second, it will modify the timing of your tax liability for earnings and when you can declare expenses. In that case, that payment is now a December expense as far as your accounts are concerned. What Does Accrual Mean in Accounting Terms? Your choice between accrual vs cash will affect your business in several ways.

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ARE ALL ACCOUNTING SERVICES THE SAME?

Basis 365

Although very highly trained, they tend to bill by the hour, discouraging you from speaking to them to avoid surprise invoices and tend to only handle the books for their customers to keep their tax professionals busy. Come tax season, you'll find it hard to get in contact with them regarding your books. WHO CAN ADVISE YOUR BUSINESS?