The end of the year is usually associated with celebrating the good things. However, in the financial world, December 31st is a day of reckoning. A time when you have to review all your investments and tax strategies so you can pay as little tax as possible. This is a blog that will examine some…

Running a business is one of the most exciting things that anyone can do. Entrepreneurship is not for the faint of heart and people who run businesses know this. The challenges of running a business are second to none, especially when it comes to managing the money it makes.  It can get very difficult to…

US accounting and international accounting are both accounting styles that are utilized by business owners and investors. While these two methods may seem similar, they are completely different.  Despite the initiatives by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), major discrepancies linger between accounting methods in the United States…

Small business owners have a lot of things on their plate. From making their product or service to marketing it, they have their hands full. Maintaining the books is often an added responsibility that is tacked on to this already long list. So what’s the difference between accounting and bookkeeping? Bookkeeping is the process of…

Accounting Period is the time frame for which financial statements are prepared. This period may be a year, a quarter, or a month. The length of the period depends on the type of business. Generally, a shorter period is used for a more volatile business and a longer period is used for a more stable…

Accountants are the backbone of any business. They look after the finances of the business, making sure that its financial filings are in order and its taxes are paid.  But when it comes to the day-to-day accounting of a business, a larger business will have its own in-house accountants. SMEs or small and medium-sized businesses…

When it comes to taxation, accountants are the key to your business’s success. They are more than just bookkeepers; they are your business advisors who provide advice and support on tax matters.  This blog showcases the need to work with a skilled accountant who will not only act like a bookkeeper but also serve as…

Income tax is a subject that is confusing and complex for most people. It is also a topic that they don’t like talking about at all.  Some people may like talking about tax. However, most people abhor the subject. This is because it is confusing and complex. Everyone has their own method for dealing with…

Real estate investing is one of the most sought after ways to invest. It is not the only solid investment out there, but in some ways, it is the safest. It is also a very complex and tedious process and can also be very lonely.  A lot of investors find it hard to get the…

Generally, when companies think of liabilities, they think of how they can reduce these. But, liabilities are not always bad. In fact, companies often have liabilities that will work in their favor. In the long run, liabilities can actually make companies stronger. Companies generally have three liabilities: fixed liabilities – which are the debts of…