Running a successful business is a huge accomplishment. However, the business itself needs a lot of care and attention to keep it moving in the right direction. One of the biggest mistakes that entrepreneurs make is to ignore the warning signs. It might seem scary to think that your business is on the path to…

It is important to understand the various property tax deductions and credits you can take advantage of. While the IRS says you are not allowed to deduct any property tax that you pay from your taxes (either from state and local taxes), you may be able to qualify for other tax deductions and credits for…

New Year’s is a time for celebration. For many, it’s also a time to reflect on the past year and look towards the next year. It is a time to make resolutions to make next year better than the last. But what about your financial situation? Setting financial resolutions might not be as exciting as…

Tax season is a time of year that can be stressful for many people. It can be a difficult time, and even trigger personal health issues. In fact, a recent survey found that 1 in 6 people have missed work due to personal health issues caused by tax season. With the tax deadline coming up,…

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…