Each year, as your business grows, management of accounting tasks gets trickier. Business priorities shift, whether due to outside factors or your own needs. Sometimes, it can feel like a great weight to handle everything on your own. When this…
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Your small business is chugging along. You’re making sales, securing contracts, and keeping up with your day-to-day management. What you probably make less time for is reviewing your accounting reports. Of course, most business owners prefer to spend their time…
Read MoreAs a small business owner, you have a million questions running through your mind each day—and typically, it’s up to you to answer them! However, having a business accountant comes in handy for those questions you can’t answer on your…
Read MoreUnderstanding the Income Statement The income statement is one of the basic financial statements that disclose the financial performance of a company. Profit and loss statement (P&L), statement of income, and statement of earnings are other names for the income…
Read MoreCash vs Accrual Accounting You have finally taken the leap and started the business you have always dreamt about. However, now you must make one more tough decision: what accounting method should your business follow: cash or accrual accounting? Accounting…
Read MoreEnd of the Year Accounting Checklist One of the things that you will need to do for your business at the end of the year is to close the books. If you have been keeping them up-to-date using generally accepted…
Read MoreQuickBooks Online Still Not for Government Contracts Technology is moving at warp speed and this holds true for accounting software as well. For the last 20+ years, QuickBooks Desktop has been the go-to accounting software for small businesses, including government…
Read MoreReports to Use in QuickBooks QuickBooks (QB) is a very user-friendly and customizable accounting software. QB designed the many features to help the user enter all of the various transactions that occur within a business. After entering data, QB offers…
Read MoreUncompensated OT Hours Government contractors with salaried employees could potentially have uncompensated overtime (OT). Uncompensated OT affects Incurred Cost Submissions, Proposed Budget Rates, Indirect Rates, and billing the government. Improper handling of uncompensated OT can result in the contractor most…
Read MoreHow to Keep A Positive Cash Flow Up While Waiting for a Payment Congratulations! Your company has just been awarded a government contract. You have accomplished the first step toward a successful business. Now the company needs to deliver the…
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