Small business accounting activities differ from those practiced at larger organizations only by a small margin. Small businesses require the same level of due diligence for accounting and bookkeeping practices that are applied in larger, more established businesses. Furthermore, reliable bookkeeping is fundamental to good financial practices. Recording transactions on a daily basis, ensuring accounts

CPA firms typically experience an influx of clients during tax season who all require the same expertise and timing on their tax filings. Year after year, firms juggle client work with trying to maintain their own business development efforts and ongoing operational requirements during this busy period. One solution for addressing this situation is to

Small businesses should not ignore relevant tax deductions.  Tax deductions help businesses lower their taxable income. However, tax deductions differ according to how a business is structured. A sole proprietorship will have different tax deductions than an S corporation or a partnership, even if the differences are marginal. According to the IRS website, tax deductions

For a small business to survive and ascend the growth curve in the current business landscape, it is important to stay abreast of changes and new trends. This is especially true when trying to ensure value-added opportunities for clients, both returning business and new business referrals. With 2018 settling in, this is a good time

As complexity in the tax environment grows, small businesses are facing a dual challenge: Ensuring their tax obligations are successfully fulfilled, and Optimizing exemptions available to them, eventually enhancing business earnings and savings Tax processes automation can be very useful in managing business taxes, especially since automation takes care of accounting figures from the start,

Most decisions in a small business are often driven by the budget or additional money available to invest in the business. Hiring resources is no exception, and the decision to hire a CFO may be deferred on the grounds that it could be too expensive for a small business. However, not having access to a

A CFO’s role is that of a change agent who brings together the capabilities and resources of the business to ensure accountability in areas like performance, operations, etc. A second responsibility that rests with the CFO is that of the agent who brings together key data and information, including strategic plans with the help of

Digital tax workflows will be the norm more than the exception going forward. Businesses that do not capitalize on technology for their accounting risk becoming obsolete for potential clients, particularly those who conduct business primarily in the cloud or in a virtual set-up. Additionally, switching to digital accounting methods not only allows better alignment with

When it comes to increasing efficiency in accounting, technology-driven audits have an advantage in the way they provide deeper insights into the data gathered. According to studies conducted by KPMG where controllers were surveyed, more than 70% of the total number interviewed felt that technology-driven audits provide insights that allow them to conduct a comparative

Avoiding hotel accounting and bookkeeping errors is as much a function of practicing diligence and consistency as it is about competent, even-keeled staff managing it. While no business can claim to have 100% error-free accounting, working to prevent errors from happening is critical. It is also more cost-effective to prevent mistakes from happening in the