Blog Archives
Reading Time: 6 minutes Businesses of all sizes require expert financial management to succeed. Deciding whether to hire an in-house accountant or an accounting consultant can be challenging. In
Reading Time: 4 minutes Year-end financial statements provide a detailed summary of a company’s financial performance. 60% of small business owners review their year-end financial statements for strategic decision-making.
Reading Time: 8 minutes If you’re worried you might have errors in your bookkeeping, or are concerned you might need an expert to take a look, you are not
Reading Time: 5 minutes Bookkeeping involves dealing with a lot of numbers, which is why it is advised to establish routine checks for your accounting books to avoid anomalies.
Reading Time: 4 minutes Accounting clerks and bookkeepers both contribute to the management of a company’s financial records and share the responsibility for documenting, confirming, and reporting business transactions.
Reading Time: 4 minutes It’s always a good idea to conduct random audits of your company’s financial books to make sure that your company’s data is stored in the
Reading Time: 5 minutes The IRS received over $4.1 trillion in tax revenue in 2021. If you don’t pay the full amount owed on your taxes, you will be
Reading Time: 3 minutes People around the world have started to work from home as it is convenient. Small business owners who work from home could significantly reduce their
Reading Time: 4 minutes Any improvement that significantly increases the value of your home and extends its useful life is considered a home improvement. If you tear down your
Reading Time: 6 minutes A financial audit ensures that the financial statements are prepared in accordance with the applicable reporting framework (GAAP). It increases the confidence of the public,
Reading Time: 3 minutes Despite the fact that 70% of small firms are focused on enhancing their financial stability, almost 30% of them still experience negative cash flows as
Reading Time: 5 minutes All companies need to comply with the standard regulations set by the regulatory institutes. For example, financial statements must be made in accordance with the
Reading Time: 5 minutes Employee benefits accounting involves complex documentation, financial planning, and specific rules and regulations to adhere to. We have gathered some general advice to deal with
Reading Time: 5 minutes Most business owners try to use Excel rather than true accounting software like Quickbooks to save costs. However, nearly every business owner reaches a point
Reading Time: 2 minutes The break-even point is defined as a limit when the overall costs and total revenue are equal. In simple terms, when the business is neither
Reading Time: 6 minutes Business owners spend hours attending meetings with the accounting department. Since cash flow is one of the important aspects of any business, every business owner
Reading Time: 5 minutes If you are a Canadian and running an e-commerce business in the U.S., you are subject to pay different taxes depending upon your activity in
Reading Time: 4 minutes People often confuse themselves between payroll and Income tax. Both are employment taxes but differ in various ways. Income tax is paid by employers whereas
Reading Time: 4 minutes The IRS has millions of tax refunds to process, which is why it could take longer than expected to get your refund. The IRS usually
Reading Time: 4 minutes A CPA provides expertise in the financial industry. Businesses often hire them to manage tax planning, financial forecasting, and defending any issues in front of
Reading Time: 3 minutes The short explanation lies in the statement all CPAs are accountants, but not all accountants are CPAs. While it’s easy to get the two confused,
With our expert team, strong code of ethics, clear vision and passion, we strive to meet our clients’ financial goals
For assistance in planning and transferring your US assets to Canada please contact our colleague Phil Hogan, CPA, CA, CPA (CO) at 250-661-9417 or via email at phil@philhogan.com
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