The importance of the preparation of financial statements is widely overlooked. Many small business owners need their balance sheets and statements of profit and loss simply for compliance purpose. It’s like doing it for the seek of pleasing IRS only. … Read More
Accounting
3 Habits Every Small Business Owner Should Know
Every business owner knows running a business is a full time job. You do not want to waste your valuable time to dig into some old document or catch up the substantiation in case of IRS audit. Run your business … Read More
How We Turned Our Client From Loss to Profit
Case Study – Running a Restaurant A few years ago, my client was excited to inform me he had just bought a Japanese restaurant. It seemed to be a turn-key solution to him. After a few months, he came to … Read More
Why Do Small Businesses Need Financial Statements?
There are few questions more shocking to an accountant than “Why do we need financial statements?” Years of specialization and familiarity lead most accountants to take the answer to this question for granted. Indeed, when asked this question, many accountants … Read More
What Can I Deduct as a Business Expense?
In his days as a lawyer traveling the Eighth Judicial Circuit, Abraham Lincoln once asked an adversary in court, “How many legs does a sheep have?” The man replied, “Four, of course,” Lincoln went on to ask “And if you … Read More
Why Incorporate Your Business
When starting a small business, you have a few choices on how to legally structure it. You can organize your business as a corporation, sole proprietorship, or a partnership. What you ultimately choose will have a significant effect on the … Read More
Accounting Policies and Procedures
Do you know your businesses’ accounting policies and procedures? Are they optimized for your specific type of business, and your operations individual needs? If you were audited tomorrow, would your books stand up to Federal scrutiny? Did you just break … Read More