Most people know that CPAs are known for helping people prepare and file taxes. Small business owners who work with CPA firms probably also know that CPAs are in a great position to help with bookkeeping and accounting as well. If you’re new to business (or have...
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Audit vs Review: How to Know the Difference and Which is Right For You
In the last few posts, we’ve been focusing on what it takes to work as a general contractor in the state of Tennessee. (Check out this one on “TN Contractor’s License Renewal Made Easy…” if you’re just getting started.) One of the big steps in that process is...
How to Know When a Reviewed Financial Statement is Better Than an Audit
“Audit” is a word that strikes fear into most small business owners. If it’s from the IRS, it means that the government is taking an extremely careful look into your finances and tax reporting. (Your level of participation in the tax process up to that point will...
3 Ways Nonprofits Can Benefit From Having a Trusted CPA
It’s hard running a nonprofit business. Most days, it’s like you’re part of a band—and you’re the drummer, the lead guitar, the bass guitar, and lead singer (while running sound and lights) all at the same time—and struggling to keep tempo! We understand...
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How to Prep For A Business Audit (And Streamline Your Company)
The mere mention of the word “audit” is enough to cause some business owners to break into a cold sweat. They’ve either been through one before and it wasn’t a pleasant experience or they know that their records are in such a mess that they aren’t prepared for one.In...
Understanding The Basics of Inventory Accounting (A Guide For Small Business)
The goal of any business is to make a profit…usually, as much as possible. To do that, you have to generate revenue. And to do that, you have to move some inventory. This post will help you understand how your inventory accounting impacts your business so you can...
Unraveling Nonprofit Financial Statements To Help Your Organization Do Even More Good
When you run a nonprofit, you have to make every dollar count. Nonprofit financial statements help you stay on top of your income and expenses in a way that shows how you are responsibly using donors’ money. In this post, we’ll unpack what makes nonprofit financial...
The Minumum Acreage For Farm Tax Purposes (And Other Ways To Know If You’re Running A Real Farm)
Do you know the minimum acreage for farm tax purposes? Or what it takes to really be considered a “farm” in the eyes of the government? If you’re not sure, this post is for you. Minimum Acreage For Farm Tax Purposes We recently did a post on “How to Qualify for Farm...
Understanding The New Corporate Transparency Act (And What You Need To Do About It)
The U.S. government has passed legislation that now affects millions of businesses nationwide. If you own a small company, you need to know all about it since failure to comply can result in significant fines and penalties including imprisonment. Effective January 1...