Key Takeaways − It may be time to hire an accountant if bookkeeping eats your time, feels confusing, or risks mistakes Before you transition, clean up your records, choose accounting software, and document your processes. A smooth handoff includes: organizing data, granting secure access, and setting expectations with your new accountant. The right accountant plus […]
Read More How to Transition From DIY Bookkeeping to a Professional AccountantAccounting Reports Articles
Accounting Reports - Tips, Training, and News
Cost-benefit Analysis: The True Cost of Accounting Errors vs. Hiring a CPA
Key Takeaways − Accounting mistakes can quietly cost you thousands in penalties, lost deductions, and bad decisions. Hiring a CPA costs money, but it can reduce errors, improve tax savings, and give you better financial insight. DIY accounting vs. hiring an accountant isn’t all-or-nothing. You can combine simple software with expert help. For many small […]
Read More Cost-benefit Analysis: The True Cost of Accounting Errors vs. Hiring a CPA
Signs Your Small Business Has Outgrown DIY Accounting
Quick Answer: You’ve likely outgrown DIY accounting when bookkeeping eats your nights and weekends, you’re second-guessing your numbers at tax time, and your books can’t keep up with growth. At that point, it’s time to upgrade your system, your support, or both.
Read More Signs Your Small Business Has Outgrown DIY Accounting
What Is Quick Ratio? Learn How to Swiftly Calculate This Metric
Does your business have enough liquid assets to cover short-term liabilities in a pinch? To find out, you can use the quick ratio. Keep reading to learn the quick ratio definition, how to calculate your ratio, and more.
Read More What Is Quick Ratio? Learn How to Swiftly Calculate This Metric
Check Your Financial Records With a Trial Balance
Are you an accounting wizard? Maybe, maybe not. Regardless, your math needs to add up. And sometimes, even the greatest mathematicians make mistakes. If you make an accounting error, you must find it before it harms your business. That’s where a trial balance comes in.
Read More Check Your Financial Records With a Trial Balance
How to Fill Out a 1099-MISC Form: 1099-MISC Instructions [The Ultimate Guide]
How do you fill out the most recent version of the 1099-MISC form? Learn how to fill out Form 1099-MISC and where to send completed forms.
Read More How to Fill Out a 1099-MISC Form: 1099-MISC Instructions [The Ultimate Guide]
How to Create a Profit and Loss Statement
A profit and loss statement is one of the most important tools you have in your business to determine profitability. Do you know how to create a profit and loss statement?
Read More How to Create a Profit and Loss Statement
Which Financial Statement Is Prepared First?
Your business’s financial statements give you a snapshot of the financial health of your company. Without them, you wouldn’t be able to monitor your revenue, project your future finances, or keep your business on track for success. So which financial statement is prepared first?
Read More Which Financial Statement Is Prepared First?
What Is a Financial Statement? [+ Examples]
Business owners need to have a pulse on their organization’s financial performance and cash flow for decision making and obtaining business financing. You can learn how your business is doing holistically by preparing different financial statements. So, what is a financial statement?
Read More What Is a Financial Statement? [+ Examples]
How to Fill Out a 1099-NEC: Your Complete Guide
Did you make payments to independent contractors during the year? If so, you must use Form 1099-NEC. For accurate reporting of contractor payments, learn how to fill out a 1099-NEC.
Read More How to Fill Out a 1099-NEC: Your Complete Guide