ThomsonReuters

DECEMBER 19, 2023

What renewable energy tax incentives does the IRS offer for individuals vs. businesses? For accountants, understanding renewable energy tax credits and how they relate to individuals and businesses is essential in helping clients maximize their tax benefits. Jump to: How do renewable energy tax credits work?

Tax 110

Tax accounting and finance Manufacturing income tax 110

Xero

AUGUST 29, 2023

This guest blog post was written by the team at financial management app, Expensify. Finding the right balance between automation and compliance in any business process can be challenging. For example, when it comes to managing expenses, manual expense tracking and paper-based processes can lead to errors, delays, and inefficiencies.

Approval Workflows 84

Approval Workflows general ledger audit Expense Management 84

Acterys

JULY 12, 2023

In the dynamic world of finance, where strategic decisions shape the course of businesses, mastering vertical analysis can help you simplify your statement, make critical financial decisions, and understand the underlying composition and trends that drive your business’ financial performance. What is vertical analysis?

financial statements 130

financial statements accounting and finance accounts payable Sales 130

ThomsonReuters

FEBRUARY 8, 2024

Jump to: What are the main accounting assumptions? Going concern assumption: A closer look How do common accounting assumptions relate to GAAP? Staying up to date with GAAP standards Running an efficient and successful business isn’t easy. What are the main accounting assumptions?

Account 96

Account accountant accounted accounting principles 96

ThomsonReuters

AUGUST 25, 2023

What is the purpose of making a provision for depreciation? What is the depreciation guidance for corporate alternative minimum tax? Having a clear understanding of corporation tax depreciation can help accounting professionals better serve their clients. In short, depreciation can result in a reduction in corporate taxes.

corporation tax 98

corporation tax Tax income tax financial statements 98

CPA Practice

NOVEMBER 14, 2023

13-15, more than 2,500 accountants learned about many new product and feature innovations that will help them serve their clients through the QuickBooks Online ecosystem. Our 2023 event doubled down on how AI-driven innovations can help accountants and the small businesses they serve gain insights to make more informed business decisions.

quickbooks 119

quickbooks E-commerce Approval Workflows Account 119

Xero

DECEMBER 1, 2023

Here’s a guide outlining what the announcement means for your practice and clients. HMRC research and evaluation of MTD for VAT has shown that the system can reduce errors, save businesses time, and help them get their taxes right. Note – your clients will still be able to use three-line accounts with the new MTD rules in place.

Tax 88

Tax income tax bookkeeping accounting software 88

ThomsonReuters

MARCH 8, 2024

As busy accountants, it’s easy to get stuck in survival mode. How can you build your service offerings to better serve your clients and grow your CPA firm through accountability? Accounting firms face an array of challenges, such as new technologies, increased client demands, legislative changes, and staffing constraints.

cpa firm 96

cpa firm CPA Technology Tax 96

ThomsonReuters

SEPTEMBER 30, 2022

The IRS has announced the special per diem rates that can be used to substantiate the amount of business expenses incurred for travel away from home on or after October 1, 2022. The amount deemed substantiated will be the lesser of the allowance actually paid or the applicable per diem rate for the same set of expenses.

Expense Reimbursements 93

Expense Reimbursements Transportation Tax Account 93

CPA Practice

OCTOBER 4, 2023

For most small and midsize businesses (SMBs), tracking expenses is a necessary – and likely painful – task. Given recent economic fluctuations, it’s understandable that many SMBs are looking for simple, efficient ways to better understand what is happening with their expenses.

Spend Management 59

Spend Management Expense Management Account accountant 59

ThomsonReuters

JANUARY 5, 2023

The IRS has announced the optional 2023 standard mileage rates for business, medical, and other uses of an automobile, and the 2023 vehicle values that limit the application of certain rules for valuing an automobile’s use. For 2023, the business standard mileage rate is 65.5 gas and oil) that are deductible as business expenses.

Transportation 104

Transportation Tax Account accountant 104

Inform Accounting

APRIL 11, 2023

There are costs to running a business, and whilst electricity, gas and water seem like obvious expenses to a traditional brick and mortar business, there are other costs such as motor expenses that may not seem as clear cut. The rates for the mileage are highlighted later in this blog.

tax return 52

tax return Tax accounting software Government 52

ThomsonReuters

MARCH 5, 2024

tax system, including provisions affecting both individuals and businesses. As these provisions approach their expiration date, it’s important for businesses to prepare accordingly. According to the IRS, this includes changes in deductions, expensing, tax credits, and other items that affect businesses and individuals.

Tax 98

Tax payroll Expense Reimbursements Gaming 98

Basis 365

APRIL 3, 2023

As an e-commerce business owner, it's essential to understand your financials and where your money is going. One of the most significant expenses for any Shopify store is the fees charged by the platform. Are Shopify Fees COGS or Operating Expenses? This fee is based on your chosen plan and can range from $9 to $299 monthly.

E-commerce 102

E-commerce financial statements Sales Account 102

ThomsonReuters

AUGUST 25, 2023

Jump to: What is book depreciation? What is tax depreciation? What are the differences between book and tax depreciation? What is accelerated depreciation? What is book-to-tax reconciliation? What is book depreciation? For example, a business owner buys a new piece of machinery for business use.

Tax 52

Tax tax return accounting principles Account 52

ThomsonReuters

AUGUST 25, 2023

What is the standard mileage rate? Managing vehicle tax depreciation with software Running a successful small business is hard work and expensive. One tax savings that some business clients may not be familiar with is vehicle tax depreciation. Jump to: Can you deduct vehicle depreciation on taxes?

Tax 52

Tax Account accountant accounted 52

Xero

OCTOBER 1, 2023

As a small business or advisor working with sensitive personal and financial information every day, the stakes are high. If your business or practice experienced a data breach, it could have a serious impact on your livelihood. What are they looking for? They don’t care what they damage they do, or who they hurt along the way.

Start-ups 111

Start-ups Account accountant accounted 111

ThomsonReuters

FEBRUARY 1, 2024

Jump to: What are the GAAP accounting rules? What are the main principles of the GAAP framework? What are the key differences between GAAP and IFRS? What are the GAAP rules for capitalization of costs? What are the main consolidation models under GAAP? So, what are the GAAP accounting rules?

Non-Profits 52

Non-Profits accounting standards Maine accounting and finance 52

ThomsonReuters

AUGUST 24, 2023

Jump to: What is tax depreciation? What is bonus depreciation? How to calculate tax depreciation What are the tax depreciation methods? What is MACRS? What is tax depreciation? In short, tax depreciation is the depreciation expense that can be reported by a business for a given reporting period.

Tax 87

Tax business tax tax return Account 87

ThomsonReuters

MAY 17, 2022

For example, freelancers who make money from Etsy businesses or driving for Uber should have been paying taxes on net business income all along. Separating nontaxable personal amounts received (money from personal loans or money received as a gift) from gig work income is a helpful first step towards tracking a side gig business.

Tax 105

Tax tax return income tax Start-ups 105

CPA Practice

APRIL 24, 2023

When it comes to choosing the next step, automating your company’s AP processes can be a game-changer by allowing your finance team to focus on work that makes an impact for the business. Attendees will walk away from the session with tips to improve their AP processes and address economic, staffing, and business continuity challenges.

Technology 80

Technology AP Processes Indiana CPA 80

Accounting Insight

AUGUST 15, 2023

As a finance professional, your employees’ business travel often presents a complex challenge due to the numerous policies and industry standards governing a crucial aspect: travel expenses. In this blog, we’ll provide you with a helpful guide about reimbursable travel expenses.

Travel Expense Management 52

Travel Expense Management Expense Management Transportation accounting and finance 52

Cheap Accounting

AUGUST 31, 2023

The one downside is dealing with the bureaucracy and regulation that running a business brings. Whatever the size or structure of your business dealing with your accounts and tax returns comes with the territory. As soon as you start to trade or operate your business you’ll need to register with HMRC.

Start-ups 75

Start-ups Account accountant accounted 75

ThomsonReuters

JANUARY 8, 2024

Automation of routine tasks One of the most significant ways AI has revolutionized the tax and accounting profession is through the automation of routine tasks. This not only enhances the efficiency of tax and accounting processes but also improves the overall quality of financial reporting.

Tax 101

Tax Account accountant accounted 101

Withum

APRIL 19, 2022

Understanding the Business Value of Microsoft’s Low-Code/No-Code Tools. If you’re also wondering, “What are the Power Platform fundamentals and what I can I do with the Power Platform at my organization?” this blog is for you. First, some basics – what is Power Platform? Power Platform Licensing. ” Read More.

Technology 105

Technology Expense Reimbursements Start-ups accounting and finance 105

ThomsonReuters

DECEMBER 22, 2021

The IRS has announced the 2022 standard mileage rates for business, medical, and other uses of an automobile, and the 2022 vehicle values that limit the application of certain rules for valuing an automobile’s use. For 2022, the business standard mileage rate is 58.5 gas and oil) that are deductible as business expenses.

Transportation 98

Transportation Tax Account accountant 98

Inform Accounting

OCTOBER 27, 2022

But what if we told you there are several strategies you can adopt to help reduce the amount of tax you pay? Hire an accountant First and foremost, we strongly recommend hiring an accountant. Instead, let the experts oversee your books so you can spend your time streamlining your business and generating profits.

Tax 52

Tax income tax Account accountant 52

inDinero Tax Tips

NOVEMBER 4, 2021

Even if your books are perfectly accounted for, an IRS audit letter will fill anyone with a sense of dread. However, most businesses are unprepared and need IRS tax audit help. Having proper documentation of all your income and expenses is the easiest way to pass an audit. What is an Audit? Why am I Being Audited?

audit 98

audit Tax tax return tax preparation 98

ThomsonReuters

OCTOBER 4, 2023

Jump to: How many accounting firms use AI? How do smaller accounting firms use AI? In today’s fast-paced business world, ignoring technology is not an option, and the field of accounting is no exception. How many accounting firms use AI? How do the Big 4 use artificial intelligence? For now, not many.

accounting firms 111

accounting firms Account accountant accounted 111

xendoo

AUGUST 24, 2021

Businesses are created because business owners have a passion that needs to be pursued. Yet, every business owner faces the unique challenge of figuring out how to pay themselves. In this blog post, we will walk you through paying yourself as a sole proprietor! . Where to Begin? Tax filing is simplified too!

Tax 95

Tax bookkeeping tax return bookkeeping services 95

Ronika Khanna CPA,CA

NOVEMBER 17, 2023

What is the Gig Economy? Additionally, CRA has become much more sophisticated in identifying those who are earning more income that they are reporting via lifestyle audits, site visits and review of social media accounts. Receipts, bills etc for expenses. Receipts, bills etc for expenses.

Tax 52

Tax E-commerce audit income tax 52

ThomsonReuters

MARCH 1, 2024

How a corporate tax software can help filing S corporation taxes Setting up your business as an S corporation (S corp) provides several tax advantages that are not available to owners of C corporations (C corp) or Limited Liability Companies (LLCs). What IRS tax forms do S corps file? Jump to: How are S corporations taxed?

corporation tax 52

corporation tax Tax tax return income tax 52

MineralTree

DECEMBER 7, 2023

For accounts payable (AP) teams, vendor payments are the cornerstone of business relationships. This blog will dive into the key differences between some of today’s most prevalent options for business payments: ACH vs. virtual cards vs checks. Moreover, certain payment methods offer greater security than others.

AP Automation 79

AP Automation accounts payable AP Processes accounting and finance 79

Ronika Khanna CPA,CA

SEPTEMBER 1, 2023

As an accountant and financial consultant , I am often presented with the task of organizing and analysing data into a format that allows for greater insight into my clients businesses. You can refer to my article on whether you should use a spreadsheet or accounting software. See below for more details.

accounting software 72

accounting software accounting and finance tax return Start-ups 72

SchoolofBookkeeping

FEBRUARY 26, 2024

QuickBooks Online is a popular accounting software for small businesses and it provides a range of bill pay options. One of the most important features for business owners is the ability to pay bills electronically, which can save time and reduce errors. In this blog, we will explore each of these options in more detail.

quickbooks 52

quickbooks Bill Payment Platform Expense Reimbursements Approval Workflows 52

Acterys

FEBRUARY 7, 2023

No matter what your business looks like at present, it is essential to establish a successful inventory plan and management strategy to ensure the success of your business. A data model (such as a star schema) visually connects the main data assets of your business and creates relationships between different data points.

Maine 130

Maine Sales Manufacturing audit 130

Ryan Lazanis

APRIL 4, 2022

Do you want to know how to start a bookkeeping business or accounting firm in 2022? In fact, these are the very steps that I followed to help take my heavily bookkeeping-focused accounting business from scratch to sale in only 5 years. In this guide, you’ll learn: How to set up a strategic business plan.

bookkeeping 98

bookkeeping bookkeeping services accounting firms Technology 98