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Accounting Process

Multidimensional Tracking

When you hear “multidimensional tracking” you might think about complex databases and crunching numbers, or perhaps you are a little on the eccentric side and your mind wanders to the wormholes of the universe. Since our purpose is to explain how this tracking method can boost your accounting proficiency and provide you with more insight…

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Accounting for prepaid expenses

Many businesses make prepayments for various reasons throughout the year. A common example is prepayments made for insurance.  So how do you properly record them in your books?   While many taxpayers may be using the cash method of accounting we recommend businesses us the accrual method for their books and managing their business.  As the name…

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Bank feeds are a time saving feature for entrepreneurs

For decades, bookkeeping has been a headache for entrepreneurs who have just started their own businesses. Bookkeeping has typically required a decent accounting background to fully understand accounting terms in order to correctly book business sales and expenses. Fortunately, the process has become easier for today’s entrepreneurs due to the bank feed features offered by most updated bookkeeping…

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Cash is King; A King Needs Guards

I was recently dining with a group of Cannabis Business Entrepreneurs, and while leaving the restaurant, straight cash was falling from one of these Entrepreneur’s pockets.  As I picked it up and handed it to them, my thoughts immediately jumped to cash controls. There are few businesses these days that maintain a giant balance of…

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3 Reasons to care about accounting in your business

All of my reasons boil down to supporting growth.  Whether you’re a startup CEO bootstrapping your business into existence or a thriving business focused on continual growth, accounting is probably not the sexiest part of your strategy.  If your business model is relatively simple and your primarily self funded, then all-star accounting shouldn’t be a priority.…

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Properly Documenting Vehicle Expenses

Many entrepreneurs are using vehicles in their businesses.  The cost of vehicles are deductible if used in a business.  The problem is making sure you have adequate documentation.  An example of what can happen is found in a tax court case (TC-Memo 2014-76).  In this case, the IRS went all out against a small business owner…

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