Opinions expressed by Entrepreneur contributors are their own. As a small business, you don’t want multiple systems taking care of your bookkeeping, invoicing and financial documents. Perhaps you create your invoices in spreadsheets or word-processing documents, eyeball expenses in online banking and maintain your employee records in an HR folder
As more business owners turn to cryptocurrency, accountants need to be proactive to provide these clients with up-to-date information they can use to reach their financial goals. This means asking the right questions, using software to track crypto transactions and the taxes behind them, and being a trusted expert who
Just joining us? Four previous columns spelled out basics like how to submit Form 1040-X (formerly Form 1040X), Amended U.S. Individual Income Tax Return. They also responded to a query from someone I’ll call Sadie, a freelance writer based in New York City, who needs advice on how to submit a 1040-X. Part five
Whether you look forward to two more busy tax seasons or 20, you should start planning today for a practice transition or sale that realizes the true value of your hard work. I have tremendous respect for those of you who’ve weathered the storm and emerged triumphant: We’ve been tested,
The Financial Accounting Standards Board voted to add a project to its technical agenda on accounting for financial instruments with environmental, social and governance-linked features and regulatory credits. During a meeting last Wednesday, FASB discussed the research its staff had done on items to add to its agenda after a
In the legal realm, traditional eDiscovery solutions have become popular to aid in uncovering key relationships and activities through documents, emails and social media activity, but to date the accounting profession lacks a parallel. Not to mention even these legal eDiscovery solutions don’t truly “follow the money” — but rather
As shown in a new case decided by a court of appeals, Aspro, Inc. v. CIR, No. 21-1996, CA-8, 4/26/22, a C corporation can’t disguise dividends as compensation or some other form of deductible payment to its shareholders. Background: In some instances, C corporations prefer to designate payments as amounts for
Over the past four years, practice management software company Karbon has polled 1,000 accounting practices to compile its Practice Excellence Assessment and Scorecard, and the findings are worth noting. Looking at 12 different dimensions of practice (see below), Karbon examined the underlying patterns to construct a framework that distils all
“What comes to mind when you hear the word ‘fintech’?” Michael Ly asked the packed room during his session at the AccountingWEB Live Summit. Several people shouted out answers. “Intuit Quickbooks!” “Xero!” “Automation!” “Innovating!” Although fintech – or financial technology that delivers financial services, such as online banking – has
How well do you know your clients? You might be surprised by the answer. In almost every piece of market research we do, we uncover situations where professional service providers misjudged or misread their clients. But even we were surprised at the impact of market research on a firm’s bottom
