If you use a double-entry bookkeeping system, you know that every account you debit requires you to credit the corresponding account, and vice versa. But what happens when the transaction affects more than two accounts? It’s time to create a compound journal entry. A compound journal entry may sound fancy, but it’s actually a pretty […]
Markup vs. Margin Chart: How to Calculate Margin and Markup
Business owners often confuse margin and markup. Both figures help you set prices and measure productivity. But, a margin vs. markup chart shows that the two terms reflect profit differently. It’s important to know the difference between margins and markups in accounting. Read on to learn about markup vs. margin. And, don’t forget to check […]
What Is a Cash Reserve?
According to a recent study, 60% of Americans don’t have enough money to cover an unexpected $1,000 expense. What about your business? Do you have enough money tucked away to deal with a sudden expense? If not, you need to give your cash reserve some love. Cash reserves for business can help you cover larger, […]
3 Reasons Your Small Business Should Go Cashless
The debate continues, but there’s plenty to be said for prioritizing mobile payments. October 29, 2019 4 min read Opinions expressed by Entrepreneur contributors are their own. When was the last time you paid cash for something? Personally, it’s rare for me to even carry it these days. And with the rise of new mobile and […]
Wolters Kluwer is #AuditorProud
This year, #AuditorProud day was on Thursday, September 26th. During this primarily social event, auditors from all over the place went to town expressing the value and fun of the audit profession. Thank you to the Center for Audit Quality, a non-profit affiliate of the AICPA, for creating this day. You have successfully provided a […]
The Rise of Account-Based Marketing
How you can save time and money compared to traditional outbound sales efforts. September 24, 2019 4 min read Opinions expressed by Entrepreneur contributors are their own. I’ve witnessed many evolutions in marketing best practices, from the rise of digital- and social media-marketing to automation technologies replacing human tasks. And now there’s a new trend that is […]
Can you rely on your audit tool?
Quality is foundational in everything we need to do as a CPA to be the trusted advisor for clients. That really begs the question, can you really rely on the tools that you use for your audits? This is an important question to ask. If fact, there are two aspects to consider – the content and […]
FASB Proposes Debt Guidance
The FASB proposes debt guidance for public comment. This proposal is intended to improve guidance used to determine whether debt should be classified as a current or noncurrent liability in a classified balance sheet. Stakeholders are encouraged to review and comment on the proposed ASU by October 28, 2019. In January 2017, the FASB proposed debt guidance, which contained […]
Filing Taxes By Extended Deadline-What Have We Learned Since April 15?
The Internal Revenue Service (IRS) predicts that more taxpayers than ever before have chosen to wait to file their 2018 individual tax returns until the October 15, 2019 extended deadline. This is thought to be due to the many changes brought about by the Tax Cuts and Jobs Act and the continuing flow of guidance […]
The ‘no touch’ tax return
The idea of a ‘no touch’ tax return is here, and the reality of it is right around the corner. Furthermore, while you ponder that thought, there are ways to incorporate software in order to accomplish that ‘no touch’ tax return goal. This blog is based on the session, Moving Closer to the No Touch […]