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In Pursuit of Profit

Experts sharing tips about business, money, taxes...
to support your mission and improve profits.
​See our most recent article below.  

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11/29/2021

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Accounting for Business Charitable Giving

 
business charitable giving
Last year $2.47B was donated to US nonprofit organizations on GivingTuesday, a whopping 19% increase over the previous year. Only time will tell if this year surpasses last year’s record-breaking numbers. But what we know for sure is that on this GivingTuesday both individuals and companies nationwide will give to their favorite nonprofit charities.

As a business owner, you need to be aware of how these charitable contributions will be accounted for on your books not just on GivingTuesday, but year-round.


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8/7/2020

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PPP Loan Accounting

 
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So, you secured a Paycheck Protection Program (PPP) loan from the SBA, now what?

Most businesses do not need help figuring out how to spend this money. However, when it comes to accounting for the loan, plenty of businessowners are confused about how to handle it correctly.
  • Should the loan be counted as income if it will be forgiven, or is it still a liability?
  • How can you reduce your audit risk after receiving the loan?
  • What can the money be used for in your day-to-day operations?
​
You asked, so we are providing a guide to help you navigate the waters. Follow this PPP bookkeeping how-to guide to keep your books clean after receiving your loan:


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12/2/2019

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Which Inaccuracies Do Auditors Find Most Often?

 
Which Inaccuracies Do Auditors Find Most Often?
During an audit, financial inaccuracies are typically uncovered that have broader business implications. Whether these inaccuracies are the result of fraud, mistakes, or ignorance, they can have deleterious effects. Internal audits may unearth problems that negatively affect financial statements and financing attempts, while federal tax audits can identify issues that result in costly fines and penalties.  

Understanding which inaccuracies auditors find most often provides a foundation for self-imposed accountability. Focusing on areas where problems typically exist equips business owners with the information needed to improve financial accuracy and make smarter business decisions.  
​
Furthermore, exercising extra caution around common problem areas protects the integrity of financial reporting, ensuring that the business’ financial position will be accurately represented to potential investors, existing shareholders, and state and federal authorities.  

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11/18/2019

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Should Your Accountant Be Responsible for Bookkeeping?

 
Should Your Accountant Be Responsible for Bookkeeping?
Business owners looking to control expenses will often combine roles under a single job title to reduce headcount demands. 

​This is especially prevalent when it comes to financial positions. 

​Too often bookkeepers are asked to own financial tasks that they are not prepared to take on (like forecasting and tax preparation), while accountants are assigned busy work that they are overqualified for (like entering receipts and issuing checks). 

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7/22/2019

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6 Tips for Organizing Business Receipts

 
6 Tips for Organizing Business Receipts
Many business owners struggle with back-end office organization, especially regarding financial items like business receipts. ​The problem is two-fold: most business owners underestimate the importance of business receipts, and receipts are hard to organize manually.  

While it is advisable to keep all purchase receipts – personal and professional – a desire to reduce paper clutter and make the right choice environmentally has many people skipping the receipt altogether or asking for an emailed copy. 

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5/7/2019

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How Long Should You Keep Business Records?

 
How Long Should You Keep Business Records?
A Business Owner’s Guide to Retaining Tax Returns, Financial Records and Key Documents
​
The sheer volume of paper that accumulates in a business can be overwhelming. Taxes, employees, assets, cash and credit accounts, investments, and accounts payable and receivable all generate a paper trail that can bury daily operations if left unchecked.

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9/11/2018

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Clean Up Your Accounting Records Using These 7 Steps

 
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Business owners deal with a lot of messes every day – back room inventory overflows, scheduling problems, and invoicing errors, just to name a few. Messes cause headaches, late nights, and if left unchecked, they can ruin a business. Unfortunately, the nature of running a small business inevitably leads to some messiness.

However, accounting records should never be one of these messes.​

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8/14/2018

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Typical Bank Reconciliation Problems for Small Businesses

 
BANK RECONCILIATION PROBLEMS
Bank reconciliations are rarely simple. Typically, accounts do not instantly reconcile, requiring at least some degree of investigative work to determine where discrepancies are originating from and which financial entries need to be booked to keep records aligned. In other cases, lingering reconciliation issues can identify the need for different business partnership payment terms, banking options, or withdrawal protections.

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8/8/2018

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What do you Need to Reconcile a Bank Statement?

 
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At its most basic level, a bank reconciliation only requires two items – what is being reconciled and what it is being reconciled against.
​
Since bank reconciliations are account-specific, this requires obtaining current records of cash totals that should be present for a single account only. 

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7/31/2018

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How Often Should you do a Bank Reconciliation?

 
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The most common question we hear is “What is a bank reconciliation?” followed immediately by “How often do I need to do a bank reconciliation?”
​
Overstretched bookkeepers and accountants as well as owners and employees wearing many hats tend to de-prioritize the need for regular bank reconciliations because the process can be time consuming. 

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