Creating a manageable workflow and process is a great way to firm up your firm. Managing your workflow, and outlining a detailed set of steps for each process, can benefit both you and your clients. What is Workflow Management? Workflow refers to a detailed set of steps to accomplish a task that are not only […]

Have you recently opened a business or want to work for one? From the smallest mom-and-pop stores to big name chains, every business needs a bookkeeper. Whether you just want to stay on top of your finances or you have a business that's large enough to require filing with the Canada Revenue Agency, understanding what's [...]

In October 2018, Chartered Professional Accountants of Canada (CPA Canada) held a National Conference to discuss the coming changes to the world of finance and the challenges these changes could present for some practicing accountants. The adoption of blockchain technologies, artificial intelligence, and even the new gig economy all came into play – as did […]

Do you want to convert your financial data from QuickBooks Desktop, Microsoft Accounting Office, Sage, or any other software solution to QuickBooks Online? Start your conversion today with QuickBooks converting tools. QuickBooks Online helps you locate important financial data and transfer the data at no cost. If you manage your company or clients' books of [...]

Are you an accounting pro in need of effective ways to increase your client base? Or, do you want to replace some of your lost accounting clients or ditch old marketing techniques for new channels to get a steady pipeline of clients? Implementing proactive strategies and investing resources in technology and marketing turns prospects into […]

As the modern world evolves, it’s important your accounting firm stays current. One of the best ways to accomplish this is by embracing new technologies. It is expected that hiring of new accounting graduates from universities could drop by as much as 50% by 2020 thanks to technological advances, such as cloud accounting. These advances […]

Having receipts already organized is a fantastic way to start the tax season, but keeping track of them can be a challenge. For that reason, it’s a good idea to show your clients how to manage receipts using software. Automating receipt management cuts down on errors, allows for real-time updates, and streamlines the recordkeeping process. […]

Are you considering the addition of nonprofit bookkeeping to your firm's list of services? If you are already providing services to for-profit corporations, then adding accounting services for charities and other nonprofits is just a matter of understanding the basic differences and associated paperwork these specialized corporations need in order to maintain their compliance with [...]

Get ready, accountants- the 2019 tax season is coming. The first day to file is Feb. 28, and most tax payments are due by April 30. As your firm gets ready for the busiest season of the year, it’s a good idea to learn about new tax laws in Canada. Canada Tax Changes in 2019 […]

The Big Four accounting firms, Deloitte Touche Tohmatsu Limited (Deloitte), PricewaterhouseCoopers (PwC), Ernst & Young (EY), and Klynveld Peat Marwick Goerdeler (KPMG) are increasing revenue through their consulting services. These firms dominate the Canadian consulting market, with a 4.9 percent growth rate in 2017, and as of 2018, they accounted for $1.5 billion of a […]

To stay ahead of the curve and maintain client satisfaction, today’s firms must use technology that automates and properly manages their practices–but how do you find the right technology stack? Also, if you’re comfortable with your current stack, how can you embrace some of today’s new technology? If what you’ve been using to manage your […]

Are you an accounting pro ready to master presentation skills that drive business, or in search of a tool to help you effectively deliver financial data to your colleagues and bosses? Microsoft PowerPoint (PPT) is your go-to choice for creating powerful and professional financial presentations. But simply being aware of PPT isn’t enough to render […]

Many accountants seem to shy away from social media, perhaps because they prefer to avoid the limelight as a way to protect their clients’ privacy. Increasingly, though, accountants are turning to social media platforms to market their firms, research rivals, and check out prospective hires. A smart social media marketing strategy lets you connect with […]

In the world of accounting, the importance of hiring top talent can’t be overstated. After all, your team is the heart and soul of your firm. In today’s competitive market, hiring employees who have the hard and soft skills needed to help your business grow isn’t always easy. Fortunately, hiring and retaining top talent is […]

As a professional accountant, you want to keep your business growing. But how do you add more clients without becoming overwhelmed? And how do you acquire new clients as quickly as possible? One way is to add consulting to the repertory of services you offer. As a consultant, you diversify your customer base, which stands […]

Take a look at your accounting firm’s employees and clients — do they rely on their mobile phones? Probably, especially during the busy tax season. You can take advantage of this constant mobile availability by integrating apps into your workflow. That way, you can save time and get more done. App Store Finds That Keep […]

When a potential customer needs to find an accounting firm in your area, what do they do? Chances are, they turn to Google. They search for firms nearby, read reviews, and look at photos to get a sense of your business. If they’re comfortable with your company, they get in touch. But first, they have […]

For many accountants, working on a freelance basis is a dream come true. Flexible hours, easy mobility, and low starting costs allow freelance accountants to work in a way that feels natural to them. These days, with more online tools at your disposal than ever, starting a freelance accounting business has never been easier. What […]

Do you provide accounting support to employers in Canada? If so, the Canada Pension Plan (CPP) is a hot topic. After all, when someone is self-employed, or if they’re an employer hiring their first employee, figuring out the CPP is essential. When you have a thorough understanding of employers’ obligations, it’s easier to advise them […]

As an accountant, you most likely learned your craft using spreadsheets, namely Microsoft’s Excel program. Maybe you have a love/hate relationship with the software. When it does what you need it to, you’re in love – but when it doesn’t, you’re screaming at the universe, “Why now?” because one incorrect or transposed entry can have […]

If you overhear your colleagues talk about cross-selling, you might want to get in on the conversation. Accountants across the nation are using this sales and marketing technique, creating win-win scenarios for firms and their clients. This technique offers a great advantage, because you can grow your accounting firm by cross-selling existing clients. Numerous opportunities […]

As an accountant, numbers are your bread and butter, and as a business owner, it's likely that one of your most important numbers is the number of clients you have. With the right tools and information, you can implement an effective client retention strategy that enables your practice to grow without even increasing the number [...]

Your firm’s reputation rests squarely on the shoulders of your employees and how they interact with your clients. Is your employee training program effective in preparing them for that responsibility? Designing a training program for employees works best when you consider the specific needs of your employees individually and your firm as a whole, and […]

If your firm has been serving businesses for a few years, it might be time to take a look at your vision, values and mission statements. What makes your firm unique and sets it apart from others? It’s possible that your overall values haven’t changed. Perhaps with growth, you’ve noticed some of the previous terms […]

Has the thought of selling your accounting practice ever crossed your mind? Whether you’re ready to retire, pursue a career change, or simply increase your personal bottom line, selling a business is an exciting prospect. It can also be a long, complicated process, especially if you’re not quite sure how to sell a business. Approach […]

If you’re hoping to grow your accounting business, employee engagement could be your secret weapon. When employees are actively engaged with their jobs, they tend to be happier, more productive, and more likely to stick around — all things that help your company thrive. Not sure where to start? Try taking your cues from the […]

Are you interested in boosting your accounting firm’s bottom line and building trust with your clients? One way to do this is to adopt value pricing. Sure, some situations require hourly billing, fixed fees, or contingency fees, but in many cases, you might find that value based pricing is a win-win situation for both your […]

Learn your responsibilities if your client asks you to perform a financial statement audit. Discover what your role as an auditor is regarding fraud within financial statements under International Standards on Auditing 240. This includes what to do if you find fraud, how to communicate it, and what to document.

Review when Canadians may face the U.S. estate tax on their U.S. assets. Find out how to calculate a credit that helps your clients avoid this tax. Read about strategies that can help your clients shield their assets from the estate tax when the credit expires or the exemption threshold changes.

Look at how the International Financial Reporting Standards affect the cannabis industry. Learn how the biological assets rule may make cannabis companies look more profitable than they really are, and review what investors need to do when making decisions about whether to buy cannabis-related stocks.

Find out what your business clients need to know about undergoing a GST/HST audit by the CRA, and learn how you as their accountant can help make the process easier. To better prepare your clients, understand the purpose of a GST/HST audit, and what types of issues the CRA auditor could be looking for during a visit.

Find out how data analytics can help to improve the financial statement audit process and provide your clients with a more insightful overview of their business’ financial health. Discover how you, as an accountant, can delve deeper into your client’s financial statements to deliver a more nuanced report.

Understand how a performance-based compensation plan can help to improve employee engagement and productivity at your firm. Learn different strategies and tips for implementing an effective performance-based pay structure in your accounting firm, including simple ways to calculate annual bonuses.

Learn about lapping fraud, an accounting term for a form of accounts receivable theft committed by a bookkeeper or someone acting in that capacity, as well as how lapping schemes usually work, and how you can advise your clients on controls to prevent lapping from occurring in their businesses.

Help your clients land the First-Time Home Buyers Rebate if they’ve purchased or moved into a newly constructed home. Learn what types of homes are eligible, how much of a rebate your client can get, how to calculate their rebate, and how long they have to claim the rebate until it expires.

Learn how accountants can help their clients who are self-employed physicians with offices in their homes save money at tax time by claiming home office deductions on their professional income tax return. Discover what types of expenses qualify as legitimate office-related expenses in the opinion of the CRA.

Learn how to explain the Newfoundland and Labrador Income Supplement for low-income individuals, couples, seniors, and people who are disabled, and the Seniors Benefit that’s available to seniors over the age of 65 and live in either Newfoundland or Labrador on the last day of the tax year.

Uncover what unappropriated retained earnings are and how to find them on the balance sheet. Learn what the balance consists of, what sort of restrictions your clients face when figuring out how to spend this money, and what sort of decisions this general ledger account can help your client make.

Learn what the statement of activities is and why your clients must have one prepared. Discover what sorts of activities are included and what timeframe is covered. Also, you’ll find out who uses the statement of activities and what external parties often require the statement to be prepared.

Discover the benefits of helping your client set up a rolling budget. Learn the process of adding onto the original plans and why this is more advantageous than traditional budgeting methods. Find out the benefits, such as alleviating your client of stress, being more flexible, and holding greater accountability.

Learn about how simple linear regression can help you advise better business decisions. This includes discovering how to perform the regression analysis, what each variable in the equation means, and how to use it when analyzing your client’s revenue, expenses, and other business performance.

Learn what specific types of expenses make up selling, general, and administrative costs. Discover how they’re reported on the income statement, how reporting them incorrectly can lead to incorrect business decisions, and how SG&A expenses can be reduced as your client’s business grows and merges with others.

Learn how to overcome common pitfalls of allocating SG&A costs. Even though these costs can’t be directly traced to the products your client makes, there are ways to change the percentage-of-sales or cost-of-sales allocation methods so the information used for pricing or business expansion is more accurate.

Learn what goes into sustainability accounting and providing a sustainability attestation for a business client. Understand the factors that may help or hinder a client’s claims about the sustainability of its business, including detailed reporting and common misstatements, so you can make the right call.

Master the month-end closing process by helping your client create a close schedule, standardize its processes, and cross-train its staff. In addition, learn the benefits of distributing workloads in certain ways as well as evaluating the month-end close process after the period has ended.

Learn what it means to enter into an accounting or business death spiral. This common pitfall arising from allocating costs incorrectly can lead to massive mistakes including cutting profitable product lines. Find out multiple steps you can take to help your client avoid the death spiral altogether.

Check out how to account for gift cards when you do double-entry bookkeeping. Learn how to note gift card sales and redemption in your client’s books. Review some provincial and federal gift card rules, and find out what happens when your clients give gift cards to their employees as bonuses or gifts.

Learn how to calculate a few functions of the time value of money, why the time value of money is important, and under which circumstances the time value of money concept is not useful. Discover how to calculate both the present value of a lump sum as well as the future value of a lump sum payment.

Learn the definition of the three-way match system for making payments to vendors, the purpose of this system, how it can save your clients money and yourself time during audits, and how utilizing technologies such as databases, scanners and barcodes streamline this process and makes it less labour-intensive.

Learn what discontinued operations means as an accounting term, why this definition is important to small business owners and accountants who prepare financial statements, and how International Financial Reporting Standards regarding discontinued operations differ from Generally Accepted Accounting Principles.

Uncover how to calculate the payback reciprocal. Learn how this calculation relates to the payback period, when it’s useful to use, and how to evaluate your findings. Also, find out the drawbacks of the analysis technique including time value of money, cash flow consistency, and the length of your project.

Discover a few things to keep in mind if your client approaches you with a request to perform a sustainability audit. This includes setting expectations by defining the scope, learning what your client wants and needs, determining what sorts of materials to be researched, and how to address any misstatements.

Understand the meaning and purpose of the conservatism principle. Learn why it’s better to overstate expenses and understate revenue, even if it means your client’s financial records aren’t exactly right. This includes when conservatism should come into play, how it impacts decisions, and who the principle impacts.

Look at a few administrative tasks you may be able to automate. Get tips on how to save time by automating different tasks so you can focus on the rest of your accounting business.

Look at who handles the accounting for an accountant. Identify key situations where you may need to hire an outside accountant to help you, even though you are a professional accountant yourself.

Learn what salvage value is and why it’s an important idea in the calculation of an asset’s deprecation over time. Discover two common methods for deciding on an asset’s salvage value.

Think seriously about earning your CPA and becoming one of Canada’s most respected business professionals. CPAs are always in demand, usually well-paid, and often thrilled with how cool their job can be. Make the CPA part of your career planning early, and go all the way to the top.

Learn how, as technology continues its fast move forward, accounting is evolving to more of a consulting profession. Discover the main reasons this is happening and why you as an accountant should adapt as soon as possible.

Generate higher lifetime revenues per customer and create predictable cash flows for your accounting firm by switching to a recurring revenue business model. Learn tips for implementing this model smoothly.

Check out the definition of standard, actual, and budgeted costs in production. Learn how to use these costs together to create budgets and track processes. Get tips on explaining these ideas with easy-to-understand language for your clients.

Check out Quebec’s refundable tax credit for labour expenses incurred while creating multimedia tiles. See which types of titles qualify and learn how to help your clients apply for this valuable credit.

Learn how administrative overhead or nonmanufacturing costs differ from direct manufacturing costs, and how small business owners and their accountants need to understand these expenses when setting selling prices and preparing reports.

Look at tips for helping your clients become cash flow positive. Help them boost cash flow by improving receivables management, increasing sales, and lowering costs.

Accountants are bound by a set of rules, usually called professional ethics, that help define the appropriate relationship between them and their clients. Of all the rules you have to follow in your practice, avoiding a conflict of interest is probably the number-one concern, at least as far as your clients go. Conflicts of this […]

Look at the deadlines for receiving same-day receipts from the Ontario Securities Commission. Review the different deadlines for prospectuses related to initial public offerings and bought deals.

The International Accounting Standards Board (IASB) spells out the reporting requirements for joint arrangements in IFRS 11, a section of the international tax code that received a narrow-scope update in December 2017. The amended standards, which go into effect in January 2019 but may be applied right away if desired, specify how a company with […]

As an incentive to embark on innovative projects, your clients in Prince Edward Island may receive a refundable labour rebate for salaries and wages paid for certain projects. Projects for the Innovation and Development Labour Rebate are typically short term, as only one year of labour expenses is eligible for the credit. If a project […]

The Canada Revenue Agency (CRA) allows businesses to deduct a huge range of expenses on their tax returns, and if your clients want to keep their tax liability as low as possible, they need to claim all their eligible expenses. At the same time, your clients also need to ensure they only claim truly deductible [...]

The government of Ontario encourages businesses to provide students and young workers with on-the-job experience through the Co-operative Education Tax Credit. This credit provides an incentive for accountants and accounting firms that want to attract fresh talent while potentially reducing their overall annual tax payment. Integrating new workers with recent educational credentials into your accounting […]

If your client is looking to secure funding, help it meet the requirements for the Prince Edward Island Share Purchase Tax Credit. By being an eligible business, your client can entice investors with a tax rebate based on the investor’s level of funding. As long as the potential investor is at least 19 years old […]

When your client purchases an investment property, the cost of the property is a capital expense, meaning your client has to write it off incrementally over several years. As a general rule of thumb, major repairs such as replacing the heating, ventilation, and air conditioning system are considered capital expenses as well, while minor repairs […]

In December 2017, the International Accounting Standards Board updated several sections of its IFRS regulations, making narrow-scope amendments to four sections of the code. One such section, IFRS 3, which regards business combinations, received an update that takes effect in January 2019, though businesses may apply the new rules early if desired. If you have […]

Attention to detail is an important aspect of accounting, but not every cost or profit can be calculated down to the second decimal point. There are many times when an accountant has to make an immediate decision based on an estimate of future costs or profits that are subject to variables. These types of decisions […]

What Is Allowance for Doubtful Accounts An allowance for doubtful accounts is a general ledger account used to record potential bad debts. The reason you use the account is the matching principle. This principle refers to recording expenses in the same time period as the revenue earned as a result of the expenses. The accrual [...]

Risk-adjusted return on capital, also know as RAROC, is a common way to calculate the return capital employed in a business. Finance theory states that higher-risk projects have the potential to provide higher returns while lower-risk projects typically provide lower investment returns. Business owners, investors, and accountants can use RAROC to compare or help value […]

One of the early decisions your client must make is the selection of an accounting system to keep track of money going into and out of the business. There are two choices: the cash method and the accrual method. Under the cash method, cash revenue is recorded when the cash is received and expenses when […]

Accountants are, in many ways, something like doctors or lawyers when it comes to their clients’ need for confidentiality. This is never more true than when you’re called upon to evaluate a client’s assets, only to find that a significant fraction of the company’s value lies in trade secrets. Trade secrets are the intangible assets […]

If you do tax prep for business clients, they may give you a jumbled pile of receipts or unsorted expense records at tax time. To make tax prep easier for everyone involved, you may want to give your clients a few basic organizational tips. In particular, you may want to consider tools to help them […]

Asset classes are depreciation categories used by the Canada Revenue Agency. When you report capital expenses on a business tax return, the amount of the claim varies based on the class of the asset. Asset classes are also referred to as capital cost allowance classes or depreciation classes, and you need to understand these classes […]

Financial Performance Data is an accumulation of financial information spanning companies across industries. Statistics Canada extracts revenue, expense, and financial ratio data from tax returns of incorporated and unincorporated companies. This information is then processed into various reports that analyze select revenue/expense items, balance sheets, financial ratios, and profitable versus nonprofitable businesses. These reports provide […]

When companies anticipate an upcoming expenditure that’s outside of normal operating expenses, they can set aside cash for this purpose in a restricted cash account. Restricted cash accounts can cover irregular expenses and capital investments, such as settling a lawsuit, purchasing equipment, or paying out a dividend. A company may set up a special bank […]

The government of Saskatchewan may occasionally decide to audit your business or your clients. Typically, these audits focus on sales tax collection and remittance, but in some cases, businesses and individuals may face an audit related to sales tax due on items they purchased. Generally, after an audit in Saskatchewan, the Collections and Enforcement Section […]

As you start your career as an accountant, you need more than just the right credentials and knowledge on how to crunch numbers. You also need soft skills such as a firm handshake, the ability to make eye contact, and strong communication skills. These soft skills are essential when looking for jobs and when trying […]

Working capital is the measure of a business’ current assets minus its current liabilities. Generally, it’s used to determine a company’s short-term financial health and efficiency in using resources. Too much working capital and it’s likely the business isn’t investing enough of its excess assets. A negative working capital signals short-term financial stress. When using […]

Effective Jan. 1, 2018, Ontario is lowering the provincial income tax on small businesses from 4.5 percent to 3.5 percent. The shift is part of a government plan to help small businesses handle an increase to minimum wage. On the first day of 2018, the minimum wage in Ontario will increase from $11.60 to $14 […]

In a technology-driven world, the old image of an accountant as an introverted number-cruncher is fading fast. Software and apps now perform many of the tasks formerly done by accountants, making it necessary for those in the profession to update their skills. Future accountants will need to be multidisciplinary experts, capable of high-level analysis as […]

Based on information from 2009, Canada takes longer to resolve tax objections than any of the other G7 countries. Generally, Canada takes 276 days to work through disputes, nearly four times the G7 average of 70 days. While you cannot speed up matters on the government’s end, there are numerous steps you can take to […]

When people think about accountants, they often narrowly focus on the number crunching aspect of these professionals, but accountants have a lot of other skills. In particular, many accountants have a strong tendency toward leadership. Feel like a natural born leader? There are numerous ways to use that attribute in your career. Accountants: Natural Leaders […]

Buying an accounting franchise is one of the options available if you're looking to start your own accounting business. The other primary option is blazing a trail with your own startup accounting firm. Choosing to pursue either one of these entrepreneurial paths requires a major financial investment and is likely to determine the nature of [...]

Rather than hitching their wagon to a full-time permanent job, many accounting professionals are looking for flexibility. Some don’t want to go into an office at all, and — thanks to the rise of cloud computing — remote accounting positions are becoming more popular. Throughout Canada, employers are offering a variety of flexible and remote […]

Provide clients of your accounting practice with a valuable service by assisting them in properly managing the latest payment and reporting requirements for GST/HST on pensions. GST and HST are the terms for “goods and services tax” and “harmonized sales tax”, respectively. Because the most recent changes to GST/HST regulations are rather complicated, you can […]

Blockchain is an emerging technology that’s poised to permanently change many industries, including accounting. It’s a digital, decentralized transaction ledger, available to the public, that uses mathematics and cryptography to verify continual transactions. Due to its structure, blockchain eliminates the need for middlemen in transactions, and in most cases, removes the need for “trust” to […]

If you want to improve your client volume during slow months, put your downtime to good use by obtaining credentials in the field of forensic accounting. This expanding field offers a great career path if you want to add to your knowledge and skills, make important contacts, and give your firm a boost during seasonal [...]

More and more companies are accepting lower profit margins in return for a positive impact on the world. Corporate social responsibility is the practice of operating a business while simultaneously attempting to impact the environment and community. Specifically, companies enact corporate social responsibility to positively impact social, environmental, cultural, and ethical spheres during the course […]

Ontario’s minimum wage rose from $11.60 to $14 per hour in 2018. In January 2019, the rate increases to $15 per hour. Politicians, economists, small business owners, and analysts are all speculating on how the increase in minimum wage may affect small businesses in particular. How Does Minimum Wage Affect Small Businesses? A shift in […]

The Canada Revenue Agency is serious about source deductions. The late payment penalties are severe, and if you or your clients remit the wrong amount, it’s important to know how to correct these errors. Source deductions consist of Employment Insurance premiums, Canada Pension Plan contributions, and income taxes withheld from employee’s paycheques as well as […]

Small business owners often weigh every decision carefully, especially when that decision comes with a price. Because of the costs, some entrepreneurs may wonder if they should hire a bookkeeper to help handle the financial aspects of the business. Outsourcing accounting for small business books comes with plenty of benefits, from freeing up the owner’s […]

Finding a niche market for your accounting firm can help you focus your workload, create a thriving practice, and potentially command higher fees. Concentrating your efforts on a niche market lets you get to know that segment well so you can offer the best possible services and set yourself apart as an expert. Assessing the […]

Landing clients can be one of your biggest challenges as an accountant, and sometimes, it helps to set yourself apart from the crowd as a specialist. If you live in an area with a lot of ranchers or farmers, or if you’re thinking about relocating to the country, you may want to provide specialized services […]

A financial controller is a financial analyst in a very senior position who acts as a sort of de facto boss of all things money-related at a company. Usually trained as a CPA, financial controllers have advanced degrees and many years of experience in budgeting, analysis, tax law, and the like. Large companies or government [...]

Businesses borrow money for all sorts of reasons. Small companies borrow to upgrade their equipment or to expand their operations. Bigger companies may keep a revolving credit line for their expenses, or they may borrow lots of money to jump on a promising investment. To do this, they often hire a credit analyst to look […]

If you’re in school preparing for a career in accounting, you may want to take advantage of the numerous resources available to help accounting students. A wide range of podcasts, books, and magazines can help you through college and as you start your career. With so many forms of media available in the Internet age, […]

Obtaining your designation as a Chartered Professional Accountant (CPA) is an important step in your accounting career. If you're already working with an accounting firm, both you and your company stand to benefit when you get your CPA designation. Why Should Your Employer Pay Your CPA Certification Costs? Your employer can benefit from sponsoring your [...]

With the increasing use of Bitcoin and other cryptocurrencies, understanding blockchain technology is becoming crucial for accountants looking to land tech-savvy clients. Blockchain technology is becoming useful for more than just securing cryptocurrency transactions. Chartered professional accountants (CPAs) should also know about its applications in financial planning, record-keeping, and even tax audits. What is Blockchain? […]

Are you an accountant with your own practice? If you’re just starting out, there are a few tricks of the trade you need under your belt to be a savvy entrepreneur. You can increase your chances of success by developing a strong idea of your target market and by carefully managing your company’s finances. It […]

When you run your own accounting firm, you often walk a thin line between putting in the hours you need to succeed and becoming a workaholic. Working nonstop seems like the fast way to success, but crossing the line into workaholic territory can take a toll on your health and the efficiency of your business. […]

When you’ve built a successful accounting business, it’s only natural that you want it to continue growing and prospering even after you retire. Choosing and grooming a successor to replace you takes time and planning, so it’s best to begin the process well before you’re ready to step aside as the head of your accounting […]

Although small businesses may think they don’t need complex reports, there are many essential takeaways from financial statements. These statements offer information that may increase profitability and help with future expansion. As you work with your clients, help them understand how they can use these reports to provide more insight into how their company is […]

A contingent liability is an expense your company may or may not have to pay. The expense or liability is contingent on something that hasn't happened yet but that might happen. In many cases, the situation is out of your control. If you use accrual based accounting, you should include these expenses in your financial [...]

Shareholder’s equity is whatever money is left in a company after all assets are sold and debts are paid. The residual value of your business is your equity balance. This balance represents the financial stake you and your business partners have contributed to your company. The figure is useful in financial analysis. Many financial ratios […]