Home > Accounting and Tax Guide > Accounting Basics

Accounting and Tax Guide: Accounting Basics

Benefits of Outsourcing Payroll Services

If you are a small business owner and managing payroll services on your own, it may seem like an easy task. However, many demands come along with managing payroll services. Some of the demands include staying up to date with the tax deposit rules and payroll laws and filing state and federal-mandated forms on time to ensure you do not miss any deadline and get penalized for your act.  Outsourcing payroll services to a reputed firm like Padgett Business... ❯❯❯

2024 BOI Reporting Requirements: Your Most Common Questions Answered!

Feeling a bit perplexed by the requirements surrounding BOI reports and their implications for your business? You're not alone. As per the CTA Act, effective January 31, businesses are now mandated to submit the Beneficial Ownership Information (BOI) report to FinCNE. Failure to adhere to this could result in facing civil and criminal penalties. We've been fielding numerous questions from clients and acquaintances alike about BOI reports. Are you... ❯❯❯

Benefits of Online Business Banking

Benefits of Online Business BankingThe banking world has significantly evolved from traditional brick-and-mortar branches to digital platforms, revolutionizing how companies manage their finances. This shift towards online banking is particularly beneficial for small businesses in today’s fast-paced digital economy, offering convenience and efficiency that were previously unattainable. How can online banking help your organization? What should you look for when choosing the best bank for... ❯❯❯

S-Corporations and Partnerships Need to Know This About Form 7004

There are several reasons why it may be necessary to request a business tax extension with the IRS using Form 7004. You might require additional time to manage your business affairs during the busy tax season or find yourself lacking the necessary documentation by your original due date. A tax extension can provide the extra time needed to properly prepare and file your tax returns. Why is filing an extension a better option? Getting an extension is a... ❯❯❯

Top reasons to hire accounting services for your small business

There are many things to manage in a small business, such as day-to-day operations and customer service to increase revenue. Even if all of the stuff takes up your time, it is simple to neglect the financial well-being of your company. This is a grave error. You will eventually need to engage a specialist accountant if you want to manage and expand your firm without allowing financial affairs to get out of hand. The Bureau of Labor Statistics estimates... ❯❯❯

Demystifying Professional Accounting and CPA Services: Unveiling the Value Behind the Numbers

Demystifying Professional Accounting and CPA Services: Unveiling the Value Behind the NumbersAccounting and Certified Public Accountant (CPA) services often find themselves shrouded in a veil of complexity and mystery for many individuals and businesses. While numbers and financial statements may seem intimidating, demystifying professional accounting firms and CPA services is essential for recognizing the invaluable role they play in financial management, compliance, and strategic decision-making. Understanding Professional Accounting At its... ❯❯❯

Public Sector Financial Reporting

Financial reporting plays a pivotal role in the public sector, serving as a cornerstone of transparency and accountability. Unlike the private sector, where financial reporting primarily aims to inform investors, public sector financial reporting focuses on providing a clear picture of how public resources are managed and utilized. This difference underlines the unique challenges and standards governing public sector accounting and financial reporting. ... ❯❯❯

Cost Segregation and Land Value Considerations

By Eric Wallace, CPA Tangible Property Tax Methods In order to calculate depreciation for income tax purposes, taxpayers must use the correct method (ex: straight-line, accelerated) and proper recovery period (i.e. depreciable life) for each asset or property owned. Real property, whether purchased or constructed, often consists of numerous IRS asset types with different depreciable lives. Real property is typically separated into individual components... ❯❯❯

From Concept to Reality: Steps to Launching Your Own Accounting Firm

From Concept to Reality: Steps to Launching Your Own Accounting FirmEmbarking on the journey of starting your own accounting firm is a rewarding venture that demands careful planning, dedication, and a strategic approach. Whether you are a seasoned accountant looking to break free from the constraints of employment or a fresh graduate with entrepreneurial ambitions, here's a comprehensive guide to help you navigate the steps to successfully launch your own accounting business. Develop a Solid Business Plan Every... ❯❯❯

Behind the Numbers: Unveiling the Role of Accounting Firms in Business Success

In today's busy business world, every choice a company makes directly affects how successful it is. Businesses have lots of jobs like handling money, making more profit, and following tax rules. These can be too much without the right help. Here, accounting companies help out. These companies are very important in helping businesses reach their dreams and make way for long-term success. Let's look more closely at the very helpful things accounting... ❯❯❯

5 Tips for Accounting Firms to Gain New Clients in 2024

It’s only a few weeks until 2024. Have you made a resolution yet? We know nothing excites accounting firm owners more than growing their business and client base. How about making this your resolution for the new year: gaining new clients and exploring new avenues for your business? Irrespective of the size of the company, every accounting firm looks forward to acquiring new clients and providing them with the best of services. But one of the major... ❯❯❯

The Core Responsibilities of a Chartered Professional Accounting Firm

The Core Responsibilities of a Chartered Professional Accounting FirmWhen you're running a business, you have plenty of responsibilities to juggle at once. From finances to employees to marketing, it can be tough to keep everything straight. That's where a chartered professional accounting (CPA) firm comes in. These professionals have the experience, expertise, and tools to help you manage your finances and stay up-to-date on regulatory changes. But what does a CPA firm really do? In this blog post, we'll outline the core... ❯❯❯

Accounting Number vs Routing Number

Accounting Number vs Routing Number‍ Navigating the world of banking and finance can sometimes feel like deciphering complex codes. One such code involves understanding the difference between an accounting number and a routing number. While these terms may sound similar, they serve distinct purposes. What is an Accounting Number? An accounting number is a unique identifier assigned to each account within a financial institution. It helps differentiate one account from another, enabling... ❯❯❯

The Essential Guide to Accounting, Tax, and the Value of a CPA

As a small business owner, you're likely wearing multiple hats to ensure the smooth operation of your enterprise. While managing various aspects of your business, the role of an accountant might seem challenging and time-consuming. But understanding the significance of accounting and tax services, along with the value a Certified Public Accountant (CPA) can bring to your business, is crucial. This blog post will guide you through the essential aspects of... ❯❯❯

Top Five Benefits of Accounting Services in Small Business

Whether you are a small or large business, accounting and financial functions are complex yet important. Although you may enlist the services of an in-house accounting expert, outsourcing accounting services is a cost-effective option. Reliable accounting services for small businesses may give you time as well as peace of mind by dealing with financial and accounting functions so you can get more time to concentrate on the development of your company.... ❯❯❯

6 Key Inquiries to Make when Hiring a Tax Accountant

When it comes time to find a tax accountant, you want someone who can not only help you save money and prevent possible IRS trouble but also provide vital information for your business. Although we often think of accountants as number crunchers, an intelligent accountant is capable of much more than that. A practical accountant will explain to you what the figures indicate. Decide which accountant is the greatest fit for you and your company by doing... ❯❯❯

6 Reasons to Outsource Your Business's Accounting Services

6 Reasons to Outsource Your Business's Accounting ServicesOne of the most critical aspects of running a successful business is keeping track of finances. Financial management, however, can be a complex and ever-evolving process that requires expertise and experience. Fortunately, outsourcing accounting services has become an increasingly popular option for businesses that want to maintain their financial health without investing in an in-house accounting team. If you're like most business owners, you're... ❯❯❯

The Transformative Benefits of Automating Accounting and Finance Workflows

In today's digital age, automation has revolutionized numerous industries, transforming manual processes into streamlined, efficient workflows. Accounting and finance departments, traditionally burdened with repetitive tasks and time-consuming data entry, have not been immune to the impact of automation. By embracing automation, organizations can unlock a range of compelling benefits that empower them to achieve efficiency, accuracy, and strategic... ❯❯❯

Maximizing Efficiency and Accuracy in Accounting: The Role of Technology

Yesterday’s business models are evolving as today’s technology advances. For example, software tools and other technologies can streamline and automate accounting processes, resulting in greater efficiency and accuracy. According to a 2020 survey of CFOs, 90% of finance functions will be fully automated within five years. Stay tuned as we explore three ways technology transforms the accounting profession and how businesses can benefit from it. The Role... ❯❯❯

8 Steps to Becoming an Accountant

8 Steps to Becoming an AccountantBecoming an accountant is a great way to start a career in the finance industry. It can be a rewarding and lucrative job, but it does require some dedication and hard work. Although the path to this booming and useful career is not always straightforward, there are a few primary and standard steps to take to reach success in this industry. So, here are 7 steps you should take to become an accountant. Step 1: Get Educated Earning at least a bachelor’s... ❯❯❯