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Understanding Fund Accounting: The Backbone of Nonprofit Finances

GrowthForceBlog

Key Takeaways Why Fund Accounting Is Crucial for Nonprofit Organizations: In nonprofit organizations, the goal and rules of accounting differ from the for-profit world. Nonprofit organizations aim to use almost all of their resources to further their mission in the.

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When Venture Capital Flies High, Accounting Services Crash Hard

AccountingDepartment

In this post, we explore the hidden pitfalls of relying on venture capital-funded accounting services and why they may not be the sustainable choice they seem to be. On the surface, these services may appear attractive due to their low costs and initial benefits.

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Seven Signs You Need a Better Fund Accounting System

GrowthForceBlog

With so much difficulty facing nonprofit leaders, struggling to keep up with the bookkeeping and accounting tasks of the back office doesn't need to be added to the list of struggles.

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Nonprofit Fund Accounting vs. For-Profit Accounting: How Do They Differ?

GrowthForceBlog

You can't run a profitable business or a viable nonprofit without a good bookkeeping and accounting system designed to support financial health and operations. 6 min read March 19th, 2024 In both the nonprofit and for-profit sectors, financial management is essential to success.

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Mutual Fund Buy-Sell Tax Pitfalls

RogerRossmeisl

Surprise sales You may already have made taxable “sales” of part of your mutual fund investment without knowing it. One way this can happen is if your mutual fund allows you to write checks against your fund investment.

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Interesting Niches under a COVID Cloud

BuildYourFirm

Accounting for Public Relations and Online Marketing Agencies. Accounting for Film Production. Accounting for Hedge Funds. Accounting for Cannabis (as more states change legislation). Accounting for Defense Contracting (federal spending on defense filtering down to smaller contractors).

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The golden rules to avoid a massive tax bill as a sole trader

Reckon

Once you’ve established separate business and personal accounts, it’s wise to then open a second business account – a simple business transaction account with the sole purpose of storing and paying anticipated taxes. Call this your tax fund account. You shall not draw funds from this account except to pay taxes.

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