The two most common types of accounting are cash and accrual. They each have their own strengths and weaknesses, which is why many businesses use a combination of the two methods. The basic idea of cash accounting is straightforward: revenue is recorded when money comes in, and expenditures are recorded when money goes out. This […]
Don’t buy an existing business without a business purchase agreement. Learn why this document is so important to protecting your interests.
Acts of fraud, both internal and external, is a growing problem for businesses, with 49 percent of global organizations reporting they experienced economic losses due to fraud, according to a 2018 global study performed by PwC. However, the likely amount of businesses that are victims of fraud is most likely much higher as many businesses, […]
When it comes to choosing options for tax preparation and filing, you can either do them yourself, use TurboTax® or hire an accountant. Fewer people are choosing to do their own taxes, so most likely, the choice comes down to choosing a tax software or a CPA, so which one is the right option for […]
Running a small business means you’re taking on dozens of roles just to keep up with daily operations. Too often, things that aren’t immediately necessary get pushed to the side and forgotten, and this usually includes your bookkeeping. Then, when you need to track down financial information or you hit a slow period with your […]
As COVID-19 continues to spread through North Carolina, keeping people indoors and keeping your business closed or at reduced functionality, you may be having to lay people off or even close your doors. To help you navigate how unemployment insurance is affected by COVID-19 and what it means for your business, our CPAs in Raleigh […]
Your financial statements are key to showing the state and solvency of your business. In the event that you want to take out a loan, go public with your company, or look for investors so you can expand, your financial statements and accounting needs to be reviewed. This gives lenders and investors a clear, accurate […]
As a business owner, you know sales and profits are key to long-term growth and success. However, business cash flow is what gets you through the daily operations and covers you through your lean times so you can pay employees, maintain inventory, and cover emergencies. Converting your sales into accessible cash and minimizing outgoing expenses […]
With COVID-19 forcing business closures and massive unemployment, the U.S. government sought to mitigate the negative financial effects as much as possible by passing a stimulus package for individuals, small businesses, and corporations. The Coronavirus Aid, Relief, and Economic Security (CARES) Act passed the House of Representatives and the Senate, and was signed into law […]
Learn how setting up Quickbooks can help solve your small business accounting challenges. Need help setting up your dashboard and recordkeeping? Our team can help!