When it comes to expense reporting, having rigorous financial controls is critical to operating a profitable business. You should monitor expenditures incurred by employees on behalf of the company. This enables your organization to track spending, control costs and maintain accurate financial records.
Any recordkeeping system that suits you and your company and clearly shows your income and expenses is OK with the IRS. It's the business you're in that affects the type of records you need to keep for federal tax purposes.
Posted in Accounting & Outsourcing
Whether hiring contractors, buying equipment, or paying vendors, many businesses struggle with the procurement process. Here are some tips for streamlining your company’s purchase order (PO) approval process.
Posted in Accounting & Outsourcing
Accurate bookkeeping is essential to operating a successful small business. The problems created by inadequate bookkeeping practices can have significant, long-lasting consequences. Here are four common pitfalls — and how to avoid them with the right knowledge and tools.
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Why It's Important to Get Your Company's Financials Done on Time

Posted by Melissa Motley, CPA on Mar 06, 2024
Have you completed your company’s year-end financial statements yet? Most calendar-year entities issue their year-end financials by March of the following year. Lenders and investors may think the worst if a company’s financial reports aren’t submitted in a timely manner. Here are three assumptions your stakeholders could make when your financial statements are late.
Posted in Accounting & Outsourcing
Solid Financial Reporting Can Help Attract Debt and Equity Financing

Posted by Melissa Motley, CPA on Feb 08, 2024
Financial reporting plays a key role when a business needs funds for continued operations and strategic investment opportunities. Lenders and investors will generally want to review your company’s financial statements before they give it money. Timely, reliable reports can increase the odds that a bank will approve your company’s loan application and equity investors will provide capital.
Posted in Accounting & Outsourcing
Tips for QuickBooks Users: 5 Mistakes to Avoid During Bank Reconciliation

Posted by Chris Earnest on Jan 04, 2024
Reconciling bank accounts is critical to ensuring the accuracy of your company’s accounting records. The primary purpose of a bank reconciliation is to confirm that the transactions recorded in your bank statement match those shown in your accounting records.
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As year-end nears, many businesses and nonprofits are planning for 2024. QuickBooks® provides budget and forecast features to help management make financial predictions, as well as assess “what if” scenarios to help make more informed business decisions. Here’s how you can use these tools for your year-end financial planning.
Posted in Accounting & Outsourcing
Does your company struggle to close its books at the end of each month? The month-end close requires accounting personnel to round up data from across the organization. This process can strain internal resources, potentially leading to delayed financial reporting, errors, and even fraud. Here are some simple ways to streamline your company’s monthly closing process.
Posted in Accounting & Outsourcing
Shareholder advances: Debt or equity?
From time to time, owners of closely held businesses might need to advance their companies' money to bridge a temporary downturn or provide funds for an expansion or another major purchase. How should those advances be classified under U.S. Generally Accepted Accounting Principles (GAAP)? Depending on the facts and circumstances of the transaction, an advance may be reported as debt or additional paid-in capital.
Posted in Accounting & Outsourcing