10 Hidden Dentist Tax Deductions You Should Not Miss This Year Have you seen the TV show Extreme Makeover? Don’t worry if you haven’t, as we didn’t either. The main point is that dentist and entrepreneur Dr Bill Dorfman appeared on that show and gained popularity for his dental health advocacy. He quickly became “America’s […]
A Survival Guide to Bookkeeping for Independent Contractors We had a conversation with our new client this week and thought we should tell you his story. Matt (can’t tell the full name) is an independent interior designer. His business grew overnight when one of the celebs became his client. Matt was excited, but he neglected […]
Do you pay sales tax when buying a house? In the US, you don’t pay sales tax when buying a house. In Canada, you do. However, in both countries, you must consider other costs, such as property taxes, transfer taxes, or mortgage costs. It’s important to consider individual US state tax laws. We think Tony […]
QOE Report A QOE Report, aka Quality of Earnings Report, analyzes a company’s financials to check if the business is profitable. For example, a tech startup can show big profits after one project, but a QOE report can suggest that the company isn’t as profitable as it looks. When assessing a company’s financial health, it’s […]
5 Financial Tips for Small Distribution Companies In 2020, OTW Shipping, a small distribution company co-founded by two college students, Nick and Parker, started e-commerce logistics. In the first year, they shipped 120K packages; in the second year, they hit $1 million in revenue. However, like many small distribution companies, they faced many challenges in […]
Accounting Performance Indicators Accounting performance indicators illustrate how the business is performing financially. These indicators are profit margin, return on investment, or cash flow. Understanding APIs is like keeping an eye on your car’s dashboard. You don’t need to know every mechanical detail under the hood—you need to pay attention to the indicators that tell […]
Average Cost vs. Standard Cost Average cost determines the total amount of product purchased in a given period. On the other hand, a standard cost estimates the actual costs of a company’s production process. For example, a small business may set the standard cost of a donut at $5, but the average cost can be $7 […]
Going Broke? Here Are The 8 Best Ways to Avoid Cash Flow Problems In the early 2000s, BlockBuster was at the peak of their business. People were going crazy to rent VHS tapes and DVDs from them. However, in 2007, Netflix went digital, and Blockbuster’s business suffered. Among other problems, BlockBuster was stuck in a […]
Your Family Management Company Needs a CFO (Before It’s Too Late) In 1962, a discount store opened in Rogers, Arkansas. The owner believed in offering lower prices and great customer service. 62 years later, the store has revolutionized the way Americans shop. The store is called Walmart and was opened by Sam Walton. The […]
What are Accounting Gifts? Accounting gifts refer to financial or tangible assets without expecting anything in return. It reminds us of Oprah’s “You get a car! You get a car!” A business owner may give their employee an accounting gift as a bonus. The important part is to keep track of taxes, as some gifts […]
