Revenue should be recognized when it is earned, not necessarily when cash is received. This distinction is critical for businesses using the accrual basis of accounting, as opposed to the cash basis of accounting, where revenue is recorded when payment is received.

Profit and cash flow. Two standard metrics that every business owner is familiar with, right? You’d be surprised. While folks typically have a general sense of what profit and cash flow are, they don’t always grasp the details and nuanced differences. 

A 401(k) isn’t just for big corporations – it’s a game-changer for small businesses too. Here’s why.

Every now and then, a client comes to us and tells us that they’re thinking about taking their accounting in-house.

Sometimes it is the right move. Sometimes it isn’t. What we try to do in these instances is help our client look at this decision from all angles. Here’s what to consider.

Generosity is a great company culture trait. But when it touches money, business owners need to be thoughtful about how they go about it. Not doing so will almost certainly lead to financial headaches in the new year. Here’s what we suggest our clients think about when they’re dolling out year-end bonuses.

Your payroll service almost certainly has a 401(k) administration product and having those two things managed by the same provider seems like it would make a lot of sense. But here’s the truth about bundling.

Internal controls are policies and procedures that companies use to ensure the accuracy and reliability of their accounting and financial information. They also help to prevent fraud and promote accountability. Sounds like something all organizations would have, right?  You’d think so.

To truly know where your business stands at the two-thirds pole of 2024 and to optimize the rest of the year, we’ve compiled a few immediate to-dos.

There are two methods of accounting: cash basis and accrual basis. Most bookkeepers and accountants are familiar with both. Surprisingly, many business owners are not. Here’s an overview of each, what makes them different, and how organizations can best use both.

Sometimes a business has an internal or external accounting resource that has largely been doing the same thing over and over. For years. They’re processing paper, ensuring basic accuracy, and getting paid. Rinse and repeat. While that may sound fine, it isn’t. Not for a modern, growing business.

In 2023, we spent a ton of effort refining and formalizing internal systems. 2024 is the year we’ve committed to telling our story.