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Although it might be complex and challenging, launching a small business can be an exhilarating and fulfilling experience. It’s critical to avoid typical blunders that many small business owners make if you want to improve your chances of success.
Financial accounting and managerial accounting are part of the profession’s four biggest branches, along with tax accounting and auditing. Despite numerous parallels in method and usage, substantial distinctions exist, mostly around compliance, accounting standards, and target audiences.
Depreciation is a known a method of accounting that spreads the expense of a tangible or physical item over its useful life. Depreciation represents how much of an asset’s value has been depleted over time.
Do you want to live a fulfilling life that allows you to be your best self? While it may come as a surprise, a solid financial foundation is essential to the journey.
The ability to manage a company’s finances is critical to its success. While almost every firm must keep a close eye on its assets, liabilities, income, and cash flow, these accounting processes are essential for small to mid-sized organizations as they scale.
Most business owners know the value of a business budget in managing spending and making plans. Still, your budget assumes even more significance in the current economically hard climate.
A stock, also known as equity, is a financial instrument that reflects ownership of a portion of the issuing firm. Shares are units of stock that entitle the owner to a percentage of the corporation’s assets and income equal to the amount of stock they possess.
Payroll fraud is the leading cause of employee theft and accounting fraud, affecting 27% of all organizations. It occurs twice as frequently in small firms with less than 100 employees as in large organizations.
Most Common Crypto Scams and Frauds Scams involving cryptocurrency can take numerous forms. Scammers, like bankers, want your cryptocurrency and will go to any length to obtain it. To secure your crypto assets, it's essential to understand when and how you're being...
Benefits of Outsourcing Payroll Payroll is the compensation a company must pay its employees for a specified period or on a specific day. It is typically administered by a company's accounting or human resources department. Payroll for a small firm may be handled...
Financial forecasting affects strategic decisions and policy by analyzing historical, current, and future fiscal data and conditions. A financial forecast is a framework for estimating past, current, and future financial conditions. An income statement is the most typical financial forecasting; nevertheless, all three are anticipated in a full financial forecast.
Business expenses are costs incurred in the course of doing business. Every business, from the smallest corner store to the most significant conglomerate, records these expenses for tax purposes throughout the year. To calculate taxable net income, subtract business expenses from revenue.
Small and medium-sized businesses are eager to expand but frequently need help understanding the fundamental requirements. One such thing is bookkeeping, which, if addressed, will ensure your business operation is maintained. Small and medium-sized businesses are eager to expand but frequently need help understanding the fundamental requirements. One such thing is bookkeeping, which, if addressed, will ensure your business operation is maintained.
Retirement income and the US tax code are both complex topics in their own right. When you combine them, it’s easy to become overwhelmed. Something as seemingly little as which accounts a retiree withdraws from initially — and in what amounts — can significantly impact their tax bill throughout retirement and the success or durability of their retirement funds.
Every family business owner should make a comprehensive succession plan and have it reviewed by a skilled legal, accounting, and banking team to ensure everything is in place for a seamless transfer to the next generation.
However, in practice, many business owners still need formal succession plans or other strategies for passing their company on to the next generation.
Anyone who has ever launched a business recognizes the value of networking with other business owners. Developing a solid business network is essential for your success. On the other hand, mixing personal and corporate costs is a prescription for disaster.
Separating your business and personal funds is essential whether you’re just starting as a new business owner or need to rethink your business structure.
Starting your medical practice is both exhilarating and terrifying. You like to do things your way; your business structure is significant to you. When used correctly, the advantages of a solid business structure are enormous. Your business structure will manage operations, streamline processes to ensure effective and efficient practice and assist you in making critical business decisions.
Maintaining control of your cash flow is essential to successfully managing a small business. Most of businesses fail because of poor cash management. Your company’s ability to generate cash is vital to its survival and success. With it, you can finance an expansion of your business, obtain a line of credit, pay staff, or purchase inventory.
A key component of your financial planning should be your retirement spending. To have a worry-free retirement, learning how to maximize your assets is crucial. This in-depth manual will cover all you need to know about retirement spending, from figuring out your costs to extending the life of your money.
The IRS considers cryptocurrency to be property. This means that cryptocurrency income and capital gains are taxable, while cryptocurrency losses may be tax deductible. Crypto sales, conversions, payments, and income must be reported to the IRS and, where appropriate, state tax authorities in the United States, and each of these transactions has different tax ramifications.
The IRS may levy various tax penalties if you fail to meet your obligations as a taxpayer. When you miss a deadline or fail to pay your tax on time, the IRS will automatically levy some penalties. This is a civil tax penalty. On the other hand, criminal tax penalties are only imposed if the IRS believes you knowingly broke the law by committing tax fraud or evasion.
Investing in Cryptocurrency has gained in popularity in recent years. The importance of safeguarding these assets has grown in tandem with the value of cryptocurrencies. It is critical to take the required steps to avoid losing your crypto assets to fraudsters or hackers.
You’ve spent your entire working life putting money down for retirement. While saving is vital, managing your retirement resources may be even more crucial. After all, your savings often become your income—transitioning from a saving perspective to a spending mindset can be challenging for many people.
Every company is vulnerable to fraud. This is mainly due to many types of fraud. Cybercriminals modify their tactics as quickly as cyber-security companies develop new products and services. It is impossible to defend against all types of attacks.
Unfortunately, fraud can take many different forms. Some may appear evident, while others are difficult to spot, particularly for the inexperienced eye. And it can sometimes come from within your organization.
Accounting and bookkeeping are critical to establishing sound foundations for any organization, regardless of size or sector. You can only reasonably understand the business’s finances or where it stands in terms of tax liability if you have healthy and precise bookkeeping and accounting practices.
E-commerce accounting is recording, arranging, and managing all financial data and transactions related to an e-commerce company’s operations. Consider it a subclass of small business accounting primarily designed to meet the needs of an e-commerce supplier.
Succession planning is creating talent to replace executives, leaders, and other key personnel who leave the organization, are fired, retire, or die. It applies to all businesses in both the for-profit and not-for-profit sectors.
Even in well-organized accounting departments, errors still occur. Despite everyone’s best efforts, mistakes can—and often do—find their way into accounting procedures and cause all kinds of trouble. A reversed entry can result in an unnoticeable error to casual readers, whereas a transposed digit can visibly throw debits and credits out of balance. Because of this, it’s crucial to have a strategy to identify, reduce, and correct errors.
The Importance of Bookkeeping Businesses require capital to purchase raw supplies, pay personnel, fund marketing efforts, improve technology, and do other critical things. Good bookkeepers are essential for properly managing cash flow in the organization. Small firms...
According to reports, 33% of organizations face an increase in fraud each year. Internal problems like undetected asset theft and embezzlement might expose your company to further financial reporting fraud, resulting in IRS involvement and possible revenue loss.
Fraud in small businesses is a costly, escalating epidemic. The need to safeguard your company from fraud, whether it is committed by staff, vendors, or unidentified people, is an unwelcome reality for small business owners.
What Exactly Is a Thrift Savings Plan? TSPs are retirement investment programs available only to federal employees and uniformed military members, including the Ready Reserve. It is a defined-contribution (DC) plan that provides government employees many of the same...
A company’s failure can be disastrous for its employees, creditors, and suppliers, especially its founders and directors. If you have incorporated your business, you can rest assured that your personal assets will not be jeopardized. However, you will almost certainly have invested significant amounts of your money in the business, and if it fails, all of that will be lost.
With rising interest rates and record food and energy prices, a recession in 2023 may be difficult to avert. Preparing for the realities of such a downturn, which may include fewer job possibilities as the economy tightens, continued layoffs, and continued stock market volatility, is a vital step toward weathering whatever hardships lie ahead.
Planning your estate prepares you for traumatic situations like death and disability. Planning can help you avoid unpleasant scenarios, even if thinking about them is never fun. With a well-designed estate plan, you and your family may experience less suffering and better financial consequences than if you hadn’t had one.
Bitcoin has developed as a store of value over the past ten years and has undergone updates to enhance its transaction processing capabilities. Many companies now accept Bitcoin (BTC) as a form of payment, offline and online.
Various goods and services can now be purchased using bitcoin and other cryptocurrencies.
The amount of your income will determine whether you should pay taxes on your Social Security benefits, which are generally taxable at the federal level.
Because their combined income from other sources and Social Security puts them above the extremely low thresholds for taxes to kick in, most people who receive Social Security benefits should pay income tax on half or even 85% of that money.
You must be forward-thinking and realistic about your plans to avoid the worst retirement mistakes. Sadly, it needs to be more complex to make poor financial decisions when preparing for retirement. 40% of non-retired adults believe their retirement savings are following the right course, according to the Federal Reserve. However, only some of the 60% who believe they are behind schedule consciously intended to ruin or underfund their retirement.
While few people enjoy budgeting, the importance of the task is still maintained. A budget allows you to plan for expenses and provides insight into your spending habits, allowing you to curb overspending more easily.
By creating a monthly budget, you can figure out where your money goes, allowing you to set aside money for your goals, such as retirement savings.
Dealing with an Inherited Business It is a great honor to inherit a family business. However, when there is a leadership void or a failure to plan for estate taxes, the risks of such a legacy can quickly outweigh the rewards. Business owners are often so focused on...
You can divide your budget into three categories—needs, wants, and financial goals—by using the 50/30/20 general rule. It’s more of a general guideline to help you create a sound financial budget than a firm rule.
The crypto tax rules remain somewhat complicated. The IRS states that crypto may be subject to income or capital gains taxes, depending on how you use it.
If there is a gain or loss from the sale, trade, or disposal of cryptocurrency, taxes must be paid. You pay taxes on the payment like other assets if you sell or trade the cryptocurrency for a profit. The same holds for non-fungible tokens; any capital gain or loss must be reported for tax purposes.
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