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Reading Time: < 1 minuteWhen your profit and loss statement says you didn’t make money—but your cash flow report shows a higher number, it’s usually not a software error.
Reading Time: < 1 minuteWhen you look at your profit and loss statement (sometimes we use shorthand here and call it your P&L), you might assume that “profit” means
Reading Time: 3 minutesAt Akif CPA, we use a five-step framework for Xero bookkeeping cleanup. These are based on our 🔑 5 Key Bookkeeping Checks 🔑, which are the five places in Xero that you will see errors if your books have been setup incorrectly.
Reading Time: < 1 minute1. Profit & Loss & Balance Sheet
2. Chart of Accounts
3. Bank and Credit Card Reconciliations
4. Bank Rules
5. Accounts Receivable & Accounts Payable
Reading Time: 2 minutesAccounts Receivable (AR) and Accounts Payable (AP) reveal whether invoices and bills are being managed properly, and errors here can create mismatches that affect both cash flow and financial reporting.
Reading Time: 2 minutesEven with updates like the 1099-DA’s Box 1i for disallowed wash sale losses, how is the IRS going to see this stuff? The IRS only sees on-ramp exchanges that generate 1099-DA forms.
Reading Time: 2 minutesBank rules automatically categorize transactions, and Xero does a great job with this. We do see clients coming in with issues, though, usually because they don’t understand how bank rules work.
Reading Time: 2 minutesThe new tax law—nicknamed the One Big Beautiful Bill—brings major updates starting in tax year 2025 (filed in 2026).
Reading Time: 2 minutesReconciliation answers a simple question: “Do the transactions in Xero match the bank?”
Reading Time: 2 minutesWork with your CPA to develop a tax strategy: which bracket will you be in, how can you maximize retirement savings, and what filing options do you have.
Reading Time: 2 minutesChart of Accounts is a good spot to check to make sure you’re using Xero correctly. Errors here typically show you where your data is incorrect.
Reading Time: 2 minutesI’m going to give you a simple 5-Step Framework for Crypto Success. These are tested tips we’ve used to save our clients millions!
Reading Time: 2 minutes1: Review Profit & Loss Statement
2: Check the Balance Sheet
3: Use Xero Reports for a Quick Overview
Reading Time: 3 minutesIf you’re here, chances are your accounting software—whether it’s QuickBooks or Xero—is a bit of a mess. Maybe the accounts don’t make sense, maybe you’re
Reading Time: 2 minutesIn today’s case, we will discuss a unique cross-border client situation involving a Canadian citizen relocating to the United States. This person wants to forward their investment accounts, their TFSA, FHSA, RRSP, and crypto.
Reading Time: < 1 minuteSaim Akif here, your Crypto CPA from the Lone Star State, and I’m excited to share a new article we have out on Coindesk that
Reading Time: 3 minutesHello, I’m Mohammad Akif with Akif CPA. As a Texas CPA and a Chartered Accountant in Ontario, I frequently assist Canadians navigating U.S. tax requirements. One of the most complex areas for Canadians moving to the U.S. is understanding how to report their Canadian assets on a U.S. tax return. In this post, I’ll share essential insights and a crucial first-year tax filing tip to help you avoid costly mistakes.
Reading Time: 2 minutesMany Canadians who move to the U.S. wonder if they can file a tax return with their spouse. The answer depends on multiple factors, including residency status, tax forms used, and whether the spouse has a U.S. Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN). Let’s break it down.
Reading Time: 2 minuteshen it comes to tax-advantaged retirement savings, the Roth IRA is a popular choice due to its tax-free growth and withdrawals. But what happens if your income is earned outside the United States? Can you still contribute to a Roth IRA? The answer depends on how you report your foreign income to the IRS.
Reading Time: 5 minutesThis business owner is looking for a new CPA and needs help cleaning up their Quickbooks for multiple LLCs. They want to maximize tax returns, and optimize bookkeeping and operations for the next year.
Reading Time: 3 minutesThis business owner is looking for a new CPA and needs help cleaning up their Quickbooks for multiple LLCs. They want to maximize tax returns, and optimize bookkeeping and operations for the next year.
Our CPAs build an accounting process that is modern, efficient, and has the reporting capabilities you need.
Regular reports ensure you get the oversight you need to be comfortable, without being involved in the day-to-day.
Easily submit any documents remotely through our secure online portal, and we’ll take it from there.
We believe in building strong, long-term client relationships, holding ourselves to a high standard of accountability when it comes to client work, providing excellent communication, and receiving ongoing feedback from our clients.
With unparalleled guidance, cost-saving entity structures, and forecasting built on experience, you’ll get the benefit of CPAs that know the ins and outs of how your industry works.
Get 360° accounting services that offer full support and coverage of every aspect of your business.
We offer everything from granular, data-entry support to high level accounting strategy. Don’t see the service you need listed? Just ask!
Maintain a complete picture of your transaction history and financial health. Our team adheres to strict accounting standards, ensuring accurate and up-to-date books with a financial trail that is straightforward and easy to follow.
Our bookkeeping and accounting reports offer a detailed and accurate look at the complete financial health of your business. From regular reports to real-time insights, our approach to accounting is always data-driven
Unlock the full power of your accounting software with a fully-integrated software setup. Ensure regular and easy instant-generated reports with unquestionable accuracy in every line item
Regular tracking and management combined with inventory audits, evaluations, and reports help you optimize your inventory levels, track performance, and make critical decisions
Get paid on time and stay up to date with vendor payment with invoicing services focused on accuracy, timeliness, and strategy. Our team implements tools and approaches that ensure accounts payable and accounts receivable are in good health
Payroll services from the top down means your business gets the labor reports it needs while your employees and contractors are paid on time. Our team follows regulations and focuses on accuracy, offering well-rounded payroll services to the highest standard.
Get 360° accounting services that offer full support and coverage of every aspect of your business.
We offer everything from granular, data-entry support to high level accounting strategy. Don’t see the service you need listed? Just ask!
