Cheap Accounting

AUGUST 31, 2023

When do I have to register with HMRC? Should I set up as a Sole Trader or Limited Company? It is worth noting that a sole trader (an unincorporated business structure) has unlimited liability which means that you are personally liable for the debts of the business should it fail. What taxes will I pay?

Start-ups 75

Start-ups Account accountant accounted 75

Ronika Khanna CPA,CA

NOVEMBER 17, 2023

Upwork or Fiverr Short term accommodations e.g. Airbnb Task based platforms e.g. taskrabbit or pet sitting services E-commere selling e.g. ebay, Amazon and affiliate programs Writing/Blogging which generates revenue either by selling articles to publications or via ads on their website Virtual assistants, online surveys, tutoring etc.

Tax 52

Tax E-commerce audit income tax 52

ThomsonReuters

JULY 8, 2021

The DOL, HHS, and the IRS have released the first round of agency guidance on the surprise medical billing requirements of the No Surprises Act (NSA), enacted in December 2020 as part of the Consolidated Appropriations Act, 2021 (see our Checkpoint article ). The agencies request comments on whether other plans should be exempt.

Tax 98

Tax Account accountant accounted 98

Mark Lee

MAY 16, 2023

Certainly, some of the accountants I work with tell me that they struggle to make time to prioritise developing, building and promoting their practice. Trying to do too much yourself as you haven’t invested the time to identify what you could DOA (Delegate, Outsource or Automate) – which should be everything you don’t enjoy doing yourself.

Account 87

Account accountant accounted bookkeeping 87

inDinero Tax Tips

NOVEMBER 4, 2021

Consequences of an audit can involve a bill for unpaid taxes, penalties and fees for improper reporting, or even property seizure in extreme cases. Why am I Being Audited? But if you fail to document your expenses or claim ineligible expenses, you can expect to have to pay the difference back to the IRS. What is an Audit?

audit 98

audit Tax tax return tax preparation 98

Mark Lee

OCTOBER 31, 2023

Although I agree that is pretty outdated now ;-) When people talk about how you must embrace the future or you’re practice will collapse, they are simply trying to scare you and to get you to buy their products or consultancy. We don’t generally pay attention to adverts and sales messages that don’t resonate with us.

tax return 92

tax return bookkeeping bookkeeping software accounting and finance 92

Xero

MAY 10, 2022

As we lead into EOFY, I like to set the scene with my clients by reminding them that current affairs have a wider impact on the economy, and in turn, small businesses. I find clients like to phrase this question in all kinds of ways. As always, it pays to communicate whether these are deductible expenses early on. .

tax return 62

tax return Tax Government Start-ups 62

ThomsonReuters

MARCH 26, 2021

In this next chapter of Small Talk with Heather Walker , I am once again joined by Linda Forde, CPA and owner of The Forde Firm, and Nina Tross, Executive Director of the National Society of Tax Professionals (NSTP). She joined the military to pay for her education, started in a low-level accounts payable job, and worked her way up.

cpa firm 98

cpa firm CPA Non-Profits Start-ups 98

ThomsonReuters

MAY 3, 2023

says that the Treasury Department’s proposal to clarify the tax treatment of on-demand pay arrangements makes it “clear” that the IRS is concerned with the constructive receipt issue of this trending employee benefit. A tax services director in Washington D.C.

Construction 59

Construction tax services Tax payroll 59

Nancy McClelland, LLC

DECEMBER 26, 2023

Here’s an example of a W-9 showing an LLC that is taxed as an S-Corp: This is one of many reasons you should collect Form W-9 from all service vendors before giving them their first check, just to be safe. (Law Legally, no business should be using the non-business versions of these payment types… but in real life, many do.

bookkeeping 52

bookkeeping tax return Non-Profits Tax 52

Nancy McClelland, LLC

DECEMBER 26, 2023

Here’s an example of a W-9 showing an LLC that is taxed as an S-Corp: This is one of many reasons you should collect Form W-9 from all service vendors before giving them their first check, just to be safe. (Law Legally, no business should be using the non-business versions of these payment types… but in real life, many do.

bookkeeping 52

bookkeeping tax return Non-Profits Tax 52

Mark Lee

SEPTEMBER 27, 2022

Lots of accountants I work with used to struggle to charge what they feel they’re worth for the work they do. Sadly I can’t just wave a magic wand to change things. One accountant I mentored told me that he was quite happy with his basic fee quotes. Easy to say, but not so easy to put into practice.

bookkeeping 52

bookkeeping Start-ups Account accountant 52

Ryan Lazanis

SEPTEMBER 1, 2023

Its wide range of accounting features makes Xero a real winner for small businesses and accountants, in fact, I built my entire firm on. 4) Kashoo I like simple. And it’s Canadian, so I must support! Bills & Expense Apps Every business has expenses. Ready to dive in? 3) Wave Accounting Can you beat free?

accounting software 98

accounting software quickbooks Account accountant 98

Ronika Khanna CPA,CA

DECEMBER 7, 2023

While a monthly subscription isn’t free and can add up over time, I usually ask my clients to consider how much their time is worth. Additionally, if you have a number of small holding companies you would need to pay a monthly subscription for each, which can become costly. If you use these links we may earn a commission.

accounting software 52

accounting software quickbooks Account accountant 52

Snyder

JULY 13, 2022

Set up billing. The Etsy onboarding process includes 6 easy steps: Choosing shop preferences Naming your Etsy account Stocking Choosing the payment method Setting up billing Ensuring the security of your store. In this case, I want to sell printable items – a t-shirt with my own design. Set up billing. Contents: 1.

Start-ups 98

Start-ups E-commerce Maine Sales 98

LyfeAccounting

NOVEMBER 13, 2020

?. Imagine you have a 20 dollar bill, and that money is earned by providing a service and as a result, the business has the freedom to spend it, invest it or save it. Why do I need them? They know they have rent to pay. They have to pay their employees. They have to pay their lenders…. How much do they cost?

bookkeeping 52

bookkeeping Account accountant accounted 52

LyfeAccounting

SEPTEMBER 15, 2020

And that decision is around pay. No, I’m not talking about paying your employees. How do you decide how much to pay yourself? And what is the best method to pay yourself? I certainly understand, as I’ve had to make these decisions myself in my own company, which went on to become an Inc. So take a breather.

Tax 52

Tax accounting and finance tax planning CPA 52

LyfeAccounting

JANUARY 19, 2021

And I am close to situations because I have clients who have been affected as well. That’s why in this post, I want to make sure everyone understands what they need to know about getting approved for the new PPP Loan. And I’ve heard that some people say that this rule only applies to companies that are losing money.

payroll 52

payroll Florida tax return accounting and finance 52

Xero

FEBRUARY 5, 2023

I had the opportunity to catch up with CommBank’s General Manager for Working Capital, Elizabeth Huxley, to discuss the rollout of Stream Working Capital, how it can help small businesses facing tougher economic realities and what’s next in the CommBank and Waddle partnership. Credit provided by the Commonwealth Bank of Australia.

accounting and finance 70

accounting and finance Finance Management Consulting Start-ups 70

PYMNTS

NOVEMBER 24, 2020

Even pre-COVID, we were seeing a massive acceleration in this [D2C] space, and I think COVID just kind of lit a fire and had it growing even faster,” said Jason Thomstatter , head of digital commerce for Mars Inc., The answer to this yet-to-be-determined trillion-dollar riddle depends on who you ask. The Three-Tiered Model .

Retail 62

Retail Manufacturing Gambling B2B 62

ThomsonReuters

MAY 19, 2022

Added Pope, “Firms should have a really client-centric approach to their process. I think the best way to stand out is through that client-centric approach, through client service,” Pope said. Client communication is something that most firms think they’ve got figured out. However, that is often not the case. That is key.

Tax 105

Tax tax return accounting and finance accounting firms 105

LyfeAccounting

JANUARY 12, 2021

Today, I will be giving you bookkeeping tips to help you better organize your companies’ finances. I am sure you probably heard the staggering statistic that 9 out of every 10 small businesses fail. That is the unfortunate hard truth of the matter BUT I will say bookkeeping and finances are skills that can all be learned and mastered.

bookkeeping 52

bookkeeping accounting and finance accounting software Finance 52

Mark Lee

MARCH 29, 2022

Many happy of us, and I am still not perfect in this regard, make a number of common mistakes when strangers contact us. We all know the logical reason for this I’m sure. Instead of assuming I make sure to ask questions to learn what people want ‘in their own words’. What about their attitude to reducing their tax bills?

Account 52

Account accountant accounted tax return 52

inDinero Accounting

APRIL 8, 2023

In this blog post, we hack through the weeds to give you the information you’re looking for. A business that operates on a cash basis will record revenue and expenses as it receives cash or pays it out. Brightstar pays you the same month, and you record that $1000 as November revenue. This approach also applies to expenses.

accrual accounting 52

accrual accounting Account accountant accounted 52

LyfeAccounting

OCTOBER 18, 2020

I know, I know. But if I was you, I’d place bookkeeping at the top of my important list as it affects literally everything I just mentioned, which you’ll see why and how by end of this post. Being organized is a skill every business owner should have. You heard that right, not 5, 15 convincing and valid reasons.

bookkeeping 52

bookkeeping financial statements audit accounting and finance 52

LyfeAccounting

JULY 27, 2021

“Should I have multiple LLCs for real estate investing?” Now, we’re not going to talk about how to buy rental properties with an LLC , or reasons why you should or should not because we already made a post on that. ” Let’s talk about it. The biggest reason is going to be separation, right?

Real Estate 52

Real Estate Legal accounting and finance Start-ups 52

Ronika Khanna CPA,CA

APRIL 14, 2022

One of the types of income on which you pay income taxes is what Revenue Canada (CRA) refers to as “income from self-employment” that is essentially the same as income from a small business. If you are planning to outsource, you should find an accountant as soon as possible as they tend to be very busy at this time of year.

Tax 52

Tax tax return business tax accounting and finance 52

LyfeAccounting

OCTOBER 28, 2020

As you can probably tell from the title – 5 year end tax tips, in today’s post, I’ll be going over tax tips and specifically year-end tax tips that will save you on your tax bill! Now I know the pure thought of taxes is not exactly fun. Something everyone should be doing. For IRAs, you can contribute up to $6,000 in 2020.

Tax 40

Tax tax planning accounting and finance tax preparation 40

MineralTree

APRIL 4, 2024

In this blog, we’ll lay out the process for setting up an invoice approval workflow in NetSuite, discuss potential pain points, and recommend a few strategies for improvement. Analytics and reporting You can use NetSuite’s billing dashboard to view data related to invoice approvals, such as the number of invoices currently pending approval.

Approval Workflows 52

Approval Workflows NetSuite AP Automation Technology 52

ThomsonReuters

JULY 6, 2023

With technology that automates traditionally manual tasks related to core tax compliance work, more and more firms are capitalizing on the opportunity to hone in on and better execute long-term strategy by offering value-added accounting advisory services. Let’s take a look at the basics. What is accounting advisory?

Account 88

Account accountant accounted tax return 88

LyfeAccounting

NOVEMBER 2, 2020

?. We’ve got an important post for you today, because we’re going to discuss whether you should pay your employees through as a contractor or as a regular wage. Now I know a lot of guys out there, especially when you’re in the early stages of starting up, are wondering how to bring on their first employees.

payroll tax 52

payroll tax Tax Legal payroll 52

LyfeAccounting

OCTOBER 28, 2020

Their financial mismanagement may result in their failure to make decisions to grow their business, meet financial obligations like paying employees or their rent, miss tax deductions that can save them money, or fail to pay their taxes all together. Look, I get it. How much do you pay that person? What is Accounting?

accounting basics 52

accounting basics CPA Account accountant 52

LyfeAccounting

NOVEMBER 16, 2020

That’s why in this post, I want to help you forget and forgive your PPP loan. For starters, lawmakers have spent the last few months fighting over the next round of relief, including another round of PPP, which has some accountants recommending to their clients that they should hold off on applying for PPP loan forgiveness. PPP Loan.

payroll 52

payroll income tax Tax accounting and finance 52

ThomsonReuters

AUGUST 5, 2021

On August 4, 2021, the IRS released Notice 2021-49 that provides additional guidance regarding claiming the Employee Retention Credit (ERC) for employers who pay qualified wages after June 30, 2021, and before January 1, 2022 [IR 2021-165,?Notice 51(i)(1) that relate to the Work Opportunity Credit. Notice 2021-49]. 280C(a) requires?tracing

tax return 52

tax return payroll Tax income tax 52

LyfeAccounting

AUGUST 4, 2021

In short, you shouldn’t have to pay to get a credit report. . Incorrect account status, delinquencies or derogatory marks (closed when supposed to be open or late 90 days when it should only be late 60 days). When you can’t pay for an item such as a car, the lender has the right to repossess the item aka come get it back from you.

accounting and finance 52

accounting and finance Start-ups Account accountant 52

LyfeAccounting

JULY 8, 2021

You would be immediately separating yourself from someone who is just like “yeah, I can wash your dog.” But fast forward to today, and that company went on to make over $10M dollars throughout the last decade, and is listed as an Inc 5000’s fastest-growing company in 2020. Step 2: Pick the Right Service Business for You.

Start-ups 52

Start-ups Georgia Technology accounting and finance 52

Ryan Lazanis

NOVEMBER 17, 2022

In this blog post, I will discuss 13 of the best accounting CRM software options on the market that you can use today. When choosing a CRM for your firm, these are some of the important features you should consider depending on your needs: Lead management: To see where your leads are coming from and track their progress.

Account 52

Account accountant accounted quickbooks 52