Year End Finances – Who Needs to See Your Business Financial Data?

Year End Finances - Who Needs to See Your Business Financial Data?

A business should produce accounting information, in the way of the year end financial statements and other financial data, because there are various groups of individuals who require this information so as to make decisions. The needs and objectives of these groups are often different, so what might be useful information for one group may be of no use to another. Read more

Is it Time to Upgrade Your Restaurant Accounting Software?

Is it Time to Upgrade Your Restaurant Accounting Software?

Accounting software is one of those pesky items that companies seem to upgrade every year. You buy the latest version and a year later the accounting software company starts harassing you about upgrading to a newer version. On top of it all, they want you to pay for the upgrade. This article will help restaurant owners decide when it’s time to upgrade.

The truth is, in most cases, you don’t need to upgrade your restaurant accounting software every year; contrary to what your software provider may be telling you. Read more

Business Mileage Tips by a CPA

Business Mileage Tips by a CPA

Business Mileage needs to be recorded at the end of each day and needs to start after the first appointment. Detailed logs are necessary in case of an IRS audit. Mileage is reimbursed at $0.55 per mile so a small error can equal large penalties. Many business owners log over 20,000 business miles a year and this tends to be one of the top 5 deductions for small businesses. Read more

Debt Collection Scams – A Warning

Debt Collection Scams - A Warning

Many of you may already be aware of these types of scams, but I want to share this anyway…..

Unfortunately, over the years, I accumulated some debt (that I am not proud of) and have been paying off gradually, however, I had received a few calls from so-called debt collection companies that somehow acquired certain bits of personal information (i.e. Read more

How High Is Your Accounting Special Journal IQ? Find Out With This Quick Journals Quiz!

How High Is Your Accounting Special Journal IQ? Find Out With This Quick Journals Quiz!

    Part of the accounting cycle is making entries to various journals such as payroll, receivable and payable journals. To be an expert, one must know what to debit and what to credit when posting day-to-day business transactions or at month end, your trial balance will not balance.

    Bright Hub wants to test your special journals IQ so here, we’ve made up a quiz full of various accounting scenarios where we offer you an example and you tell us what are the debits and credits and to which accounts. Read more

How Inflation Affects the Market and Book Value of Assets

How Inflation Affects the Market and Book Value of Assets

    Calculating Inflation

    Financial statements provided by a company are nothing more than historical documents that indicate the financial position of the company at some time in the past. Fast-changing market conditions, investor opinions, and the value of currency all alter the financial position of a corporation. Read more

Bookkeeping – How to Keep it Organized

Bookkeeping - How to Keep it Organized

With the beginning of the 2011 tax season upon us, you probably want to start thinking about your finances. But depending on your experience this last year, this may be the most important time to be thinking about getting your finances in order.

As an accounting firm, one of the most important things we like to emphasize is being organized with your company finances. Read more