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4 Key Changes To Depreciation Under The TCJA

As the Tax Cuts and Job Act (TCJA) continues to be unraveled by tax professionals, it’s important to review the changes and their implications on business operations and tax strategies. In this article, we’ll highlight TCJA’s changes to first-year bonus depreciation,...

3 Ways A CPA Can Make Your Business Successful

It can often seem unnecessary to hire a certified public accountant (CPA) since bookkeepers and accountants are frequently believed to be the be-all-end-all for a business’ finances. However, there are certain advantages to having a CPA by your side. While we...

3 Myths You Shouldn’t Believe About Accountants

To a business owner, an accountant that helps make sense of business finances can seem like a godsend. Whether you’re just starting your business or are already established, having a great accountant by your side is a sure way to keep your business running smoothly....

3 Ways QuickBooks Apps Can Improve Your Business’ Efficiency

Over 5.6 million businesses use QuickBooks to streamline their business’ accounting. The eye-pleasing interface, streamlined workflows, and powerful automation that QuickBooks provides to these business owners are invaluable, saving them time and money. While...

Client Spotlight: Fresno County Economic Development Corporation (EDC)

We’re excited to highlight Fresno County’s Economic Development Corporation (EDC) as our spotlighted partner this month! For over 30 years, the EDC has promoted business success within Fresno County through strategic partnerships at both the local and national level....

How To Calculate The Pass-Through Deduction For 2018

Formally known as the Section 199A deduction, the “pass-through” deduction allows many sole proprietorships, partnerships, S corporations, trusts, or estates to deduct up to 20 percent of their qualified business income. Taxpayers who are eligible can also deduct up...

Don’t Overlook These 5 Business Deductions As You File for 2018

As the old saying goes, “you gotta spend money to make money”. The topic of expenses and deductions is likely a major part of your meetings and discussions with your CPA (if you don’t have a CPA, read this) in these first months of 2019. In this article, we’ll list...

4-Steps to Choosing the Right Accountant for your Business

Choosing the right accountant to work with your small business may seem like a daunting risky decision, however it really doesn’t have to be when you’re equipped with the right tools to measure their performance. The big question is whether to hire an outside firm...

Get Your QuickBooks Ready for your Accountant

Finalizing your books for the year has already been on your mind since perhaps the beginning of the last quarter of the year. And now you have to have your QuickBooks file ready for your CPA. How can you make it easier for them to prepare your annual financial...

Is it a Requirement for a Small Business to have a CPA?

Accountant Vs. CPA First, it is important to distinguish the difference between a CPA and an Accountant. In general terms, an accountant is a professional who follows specific rules and regulations, including Generally Accepted Accounting Principals (GAAPs), which are...

10 Things to Check As You End 2018

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As you close out the 2018 year, you’re probably readying yourself to begin 2019 with renewed motivation and energy, pursuing greater accomplishments and successes. Before you close out 2018, we’d like to help you avoid future headaches by giving you a short checklist of some important items to ensure you’ve completed before saying goodbye to 2018. Although some of these items may not apply to your business, we hope you’ll find most of these items helpful for you as you turn the page on 2018.

Reconcile bank account balances

Go through the entire year and ensure that you have a difference of zero. Review all uncleared transactions and look especially for duplicate transactions and outdated transactions.

Confirm Accounts Receivable

Run the Aging report for your accounts receivable and ensure that each customer’s balance is outstanding, adjusting as necessary.

Verify Inventory Balances

Compare your physical stock against your inventory report and ensure that all values in the report are reasonable.

Record the cost of major assets

Record the cost of any major assets like vehicles or equipment is recorded in a fixed assets account on your balance sheet. Be prepared to provide a copy of the purchase documents.

Confirm Accounts Payable

Run the A/P Aging report and confirm that each vendor’s balance matches the amount for which you’re liable.

Reconcile Credit Card Balances

Reconcile your credit card balances for 2018, accounting for this upcoming January if your statement has a mid-month end date.

Confirm All Liability Account Balances

For notes payable, loan mortgages, etc. confirm the balances by reconciling them with loan statements.

Review Owner/Shareholder Transactions and Distributions

Ensure that transactions within these areas are either personal funds put into the business or business funds withdrawn for personal use.

Confirm Payroll Reports

In the process of reviewing your annual payroll reports, confirm the total gross wages.

Confirm P&L Transactions

In your Profit & Loss statement, verify that all transactions are in the correct accounts.

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