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No business can survive without bookkeeping. Bookkeeping is what collects money from customers, pays bills and employees, and gets new inventory. Unlike doing taxes at the end of the year, bookkeeping is something that needs to be done every day. The best option for business owners who don't have the time or knowledge to do it themselves is outsourced bookkeeping services.
It may be the season of ghosts and goblins, but sales tax obligations last all year, and as many would admit, keeping track of all your sales tax obligations can be quite scary. Once you add in the threat that you could receive a notice of audit at any moment and it may not be just your company at risk, but you personally (due to responsible party laws ), it can be downright terrifying.
Sarah Millar, US Director of Diversity VC and Principal at City Light Capital, joined us for a recent episode of Startup Success. We discussed the ways Diversity VC helps venture Read More. The post Improving Diversity in the Venture Capital Landscape with Diversity VC appeared first on Burkland.
Traditional budgeting and forecasting methods can no longer keep pace with today’s rapidly evolving business environment. Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty. To stay ahead, finance leaders must leverage a future-forward approach—one that leverages real-time data, predictive analytics, and continuous planning to drive smarter financial decisions.
Are you an employer in Oregon? If so, you should familiarize yourself with state-specific taxes, including the statewide Oregon transit tax. This tax applies to all businesses with employees working or living in the state of Oregon. The Oregon statewide transit tax is separate from the TriMet and Lane transit district payroll taxes. Confused yet? […] READ MORE.
When we talk with businesses about sales tax compliance, we eventually get to a discussion about preparing and filing returns. Many times, this starts with “how hard can it be”. “It’s just putting numbers on a form”. However, I encourage businesses to consider the myriad aspects that need to be managed including updating your tax filing calendar, managing sales tax notices, monitoring their nexus thresholds, etc.
QUESTION: We inadvertently allowed an employee to make health FSA salary reductions that exceed the Code’s limit. Will this cause our cafeteria plan to lose its tax-advantaged status? ANSWER: The general rule is that a cafeteria plan will lose its tax-advantaged status if it fails to comply with the annual limit on health FSA salary reductions ($2,750 for plan years beginning in 2020 or 2021).
QUESTION: We inadvertently allowed an employee to make health FSA salary reductions that exceed the Code’s limit. Will this cause our cafeteria plan to lose its tax-advantaged status? ANSWER: The general rule is that a cafeteria plan will lose its tax-advantaged status if it fails to comply with the annual limit on health FSA salary reductions ($2,750 for plan years beginning in 2020 or 2021).
Many people do not invest in the stock market because they think it is gambling and they do not “gamble.” Here are some scenarios to explore to determine if you are a gambler.
Last week, AccountingDepartment.com Co-Founder, Bill Gerber, and Business Development Representative, Shawn Marcum hit the road and attended the Entrepreneurs' Organization (EO) Nerve event in Washington, DC.
4 min read. 141 countries are currently facing torture issues- that's nearly 3/4 of the world. The Torture Abolition and Survivors Support Coalition ( TASSC ) was created to end this global crisis.
Many companies provide to their customers some version of software or access to cloud-hosted software. Even companies that do not offer any software services or dashboard access may be involved in the purchase of software or software services. Software, and particularly cloud-based hosted solutions, does not fit comfortably into the customary sales and use tax tangible personal property versus service dichotomy.
As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R
As a business owner, accounting methods may not rank that high on your list of passions, but understanding cash basis accounting vs. accrual accounting can be vital to your company’s health. . Keeping track of your cash flow can save you time and money, not only helping you during tax season but also helping you to streamline and strategize in every area of your business.
6 min read. Your organization is growing quickly and you have an opening in a leadership position in your company. When you know it's time to hire another employee, how can you determine whether it's better to promote from within and hire someone new for an entry-level position or to fill the leadership role with an external hire?
“Everybody gets so much information all day long that they lose their common sense.” – Gertrude Stein. I always look forward to reading the AICPA PCPS Top Issues Survey results. The PCPS CPA Firm Top Issues Survey gathers insights from practitioners in firms of all sizes to understand the significant issues facing firms across the country. .
Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.
If you have employees, Payroll is a huge part of your business. There are so many aspects of Payroll, it's a full-time job (get it?). It's much more than calculating paychecks. There are benefits and compliance issues when you have employee. There are a variety of Payroll services. Some are deeply integrated into Quickbooks, some are standalone options.
Matthew Bishop’s definition of success is simple and constant. “I’m able to financially take care of my family and have the time I need to spend with them. That’s pretty much it in a nutshell,” he says. While Matt isn’t afraid of six-day work weeks and twelve-hour work days, he enjoys the flexibility of owning his own business.
I have spoken to and mentored many lovely entrepreneurs who have wonderfully innovative ideas for a new business. But, as any business owner can attest to, starting a new business is hard work. Before even thinking about launching, you need to ensure that the business is actually viable. You do this by assessing your market, reviewing potential demand for your product and analyzing the competition.
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
Many businesses are switching to virtual offices, which opens up new challenges and exciting opportunities for accountants and bookkeepers. There are a few essentials you will need to know if you are ready to successfully make the switch to working virtually. Whether you’re just starting out as a bookkeeper, or you’ve been doing bookkeeping for a long time, I want to share my insights and experience on how to work virtually with bookkeeping clients.
Join us for our upcoming webinar 2022 Restaurant Budgeting & Projections: Impact of the Pandemic on Your Bottom Line on Tuesday, November 30th at 10AM PST. During this session, industry expert Derek Johnson will cover the importance of preparing a working budget and projections for the upcoming year with goals that are realistic and attainable, as well as navigating this process amid last year’s struggles with the on-going pandemic.
News Release: IRS updates process for frequently asked questions on new tax legislation and addresses reliance concerns (Oct. 15, 2021); General Overview of Taxpayer Reliance on Guidance Published in the Internal Revenue Bulletin and FAQs (Oct. 15, 2021). News Release. Overview. The IRS has updated its process for issuing guidance in the form of frequently asked questions (FAQs) on newly enacted tax legislation and posted a general overview document clarifying taxpayers’ ability to rely on FAQ g
Financial statement fraud happens is one of the most costly types of fraud. It is a significant problem because people inside and outside the company rely on the information provided in the financial statements. They assess the financial results and make predictions and decisions about the future of the company based on those results. Upper management or company owners are the ones who are usually responsible for financial statement fraud.
Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration. Join expert Joe Wroblewski for a practical and insightful session on how you can build a smarter, more connected tech stack that drives efficiency and long-term success!
Your employees are happy, right? They’re never going to leave you … right? They’re not looking for another Skagit County job … uh … right? You know what the answers are: Maybe , wrong, and I sure hope not. Sooner or later, the advantage will swing back to you, the boss who does the hiring. But until then, the world’s changed and keeping people on the job takes, well, work.
Coronavirus-Related Relief for Retirement Plans and IRAs Questions and Answers (updated Oct. 22, 2021). Available at [link]. The IRS has added two new FAQs to its questions and answers regarding COVID-19 pandemic relief for retirement plans (see our Checkpoint article ). The first considers whether rehiring retired plan participants to fulfill needs related to the COVID-19 pandemic jeopardizes the tax qualification of a pension plan that does not permit in-service distributions.
Each state has its own guidelines for calculating spousal support. Generally, factors which may be considered in determining alimony include: The length of the marriage. The needs of the recipient. The relative earnings of each party. Career sacrifices made to benefit the family (i.e. one parent gave up a career to raise children or one spouse worked so the other could complete a college degree).
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“No act of kindness, no matter how small, is ever wasted.” – Aesop. Have you had a frustration episode recently? Our water softener failed last week. Of course, in our area, we can’t survive without soft water (that’s how we think these days). My husband called our soft water vendor and requested that someone come and repair our water softener.
Field Assistance Bulletin No. 2021-02: Temporary Enforcement Policy on Prohibited Transaction Rules Applicable to Investment Advice Fiduciaries (Oct. 25, 2021). Available at [link]. The DOL has announced a short extension of its temporary nonenforcement policy for investment advice fiduciaries. That policy, set out in Field Assistance Bulletin (FAB) 2018-02 (see our Checkpoint article ) was adopted in 2018 after a panel of the Fifth Circuit Court of Appeals vacated the DOL’s 2016 regulations r
For more than twenty years, Derek Harp has relentlessly pursued new ideas that could impact the world through founding, co-founding, advising and investing in new companies. Near the end of his U.S. Naval service in 1997, he founded his first cybersecurity company, and you could say that was just the beginning as ongoing and everchanging issues are making it difficult to protect the infrastructure of organizations.
Is your finance team bogged down by endless data requests and disorganized spreadsheets during the month-end close? It’s time to consider a better option – automate with ART! SkyStem’s solution works alongside your ERP to transform the close and account reconciliation process and speed up month-end work. Explore SkyStem’s ART - the award-winning account reconciliation automation platform - and receive a $100 Amazon gift card as a thank you for your time.
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