In Pursuit of Profit - Blog - ASP

2/23/2020

The Pros and Cons of Having a Bookkeeping Service Contract

The Pros and Cons of Having a Bookkeeping Service Contract

Business owners looking to outsource ongoing bookkeeping and accounting functions may not be prepared to sign a contract. However, in an increasingly litigious culture, contracts are becoming more prevalent across all professional services, especially in B2B settings.

While freelance bookkeepers may or may not require a signed contract to perform their duties, a certified accountant or an accounting firm likely will.

2/10/2020

What Should You Expect in an Accounting Engagement Letter?

What Should You Expect in an Accounting Engagement Letter?

When business owners hire third-party accounting firms to manage their finances, they may be provided with an engagement letter. This type of document is new to many business owners, especially those that are outsourcing financial functions for the first time.

Essentially, an accounting engagement letter is an agreement to provide services to a client. The agreement describes the business relationship and sets expectations for both parties in a way that is less formal than a traditional contract.

7/18/2018

Record Keeping Requirements for Washington State

Good records will help you monitor the progress of your business, prepare your financial statements, identify sources of income, keep track of deductible expenses, keep track of your basis in property, prepare your tax returns, and support items reported on your tax returns.

6/18/2018

4 Ways to Use Non-Disclosure Agreements (NDA) to Protect Your Small Business

NON-DISCLOSURE AGREEMENTS

Once reserved for large corporations and technology pioneers, non-disclosure agreements (NDAs) are becoming more common across all business types, sizes, and industries.

In an era where business trust is at an all-time low, even among fellow companies, businesses are using NDAs both internally and externally to protect their interests. Daliah Saper, intellectual property attorney explains,

6/11/2018

Economic Census Surveys Due June 12 – Why You?

2017 economic census

The Economic Census is the U.S. Government's official five-year measure of American business and the economy. It is conducted by the U.S. Census Bureau, and response is required by law. The survey will be delivered to the estimated 4 million businesses (small, medium and large) across the country. Information collected includes: company’s physical location; primary business activity; sales, receipts, or revenue; employment and payroll; and industry-specific questions.

5/17/2018

Salary or Draw? How to Pay Yourself as a Business Owner

As a business owner, tough decisions abound at every turn, including the question of how (and how much) to get paid. While there are numerous compensation options available, business owners typically choose to either pay themselves a salary or draw money out of the business as compensation.

4/2/2018

Your Employees Need Help with The Recent Tax Law Changes – Here’s How

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The employer writes the paychecks and, as a result is often blamed for ‘bad news’ when employees get a surprise about taxes.

This often happens when employees work multiple jobs, have multiple income homes, changes in dependents or marriage, or simply a misunderstanding about what the tax talk means.

3/26/2018

Oregon Payroll Tax Basics, Tax Forms and Requirements

Payroll often influences business owners and managers to minimize recruiting because they believe hiring an employee complicates business and increases risks.

It's not a wonder considering the ever changing paperwork requirements, laws, forms, payroll tax rates and deadlines.

2/12/2018

The Impact of the Washington State Family Leave Act

Washington State recently passed a parental-leave law. Nearly all employees, private and public sector, who work for employers with more than 50 employees in Washington will be eligible to receive up to 12 weeks of paid time off for the birth/placement of a child, for the employee’s own serious health condition, or to care for a family member with a serious health condition.

1/14/2018

Ten Tips for Choosing a Tax Preparer

It’s the time of the year you are likely to choose a tax preparer to help file a tax return. It is difficult to know who is trustworthy and who keeps up the latest tax laws. Regardless of who prepares the reports and files the return, you are the taxpayer and responsible for all information on your income tax return.

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