How Are Digital Tax Solutions a Quick Fix for Any Small Business? In 2017, Airbnb faced tax challenges as it expanded globally. Operating in different countries, Airbnb had to manage tax data for thousands of hosts and bookings. If the company tried to do all of this manually, we and you would be laughing. But […]
What is AOP in Finance? AOP, aka Annual Operating Plan, is a business roadmap for a year. It outlines expenses and expected revenues for the year. For example, if your small business aims to increase sales by 30%, the AOP will detail marketing, hiring, or any other spending you will do in one year. It […]
Yellow Book Audit Vs Single Audit A Yellow Book Audit is a specialized audit designed to assess the financial statements of an organization while also evaluating its internal controls and compliance with funding requirements and generally accepted accounting principles (GAAP). Unlike a standard financial audit, a Yellow Book Audit is conducted under both Generally Accepted […]
Why Is Government Contract Accounting Easier Than It Sounds? SpaceX won its first NASA contract in 2008. Many wondered how a private company could manage the complicated web of government contracts, especially when it comes to finance and accounting. Government contracts are notorious for their complexities. They aren’t your regular business deals, as they come […]
How Can CPG Accounting Keep Your Products Flying off the Shelves? In the 1980s, Coca-Cola faced one of its biggest challenges. They decided to introduce “New Coke,” a newer version of its classic. The brand thought it could revolutionize the beverage market; however, it backfired. While the consumers weren’t happy, Coca-Cola’s accounting team managed the […]
What Happens to Cash When Selling a Business? When selling a business, the cash stays with the seller unless negotiated otherwise. Cash is not considered an asset but part of the sale proceeds. Suppose you sell your restaurant and keep the $50,000 in the business bank account. That $50k goes to you. It might seem […]
Buying Into an Existing Business as a Partner When you buy into an existing business, you purchase a share of ownership in an established business. This way, you become a partner and receive profits based on your ownership percentage. For example, you buy an existing coffee shop with 30% ownership. If the monthly profits are $100k, […]
Why Every Business Should Keep an Interim Controller on Speed Dial? Jonna owns an e-commerce store that makes six figures in profits. We have known Jonna since he started his business in his bedroom. He managed to break all the barriers and become a successful entrepreneur. We know Jonna because he approached us when he […]
Difference Between CPA and CFO Think of a CPA and a CFO as two different kinds of financial doctors for your business. A CPA is like your general physician, focused on diagnosing tax issues, keeping financial records in check, and ensuring you don’t overpay the IRS. A CFO, on the other hand, is more like […]
Burn Rate Explained in 100 Words Burn rate is the speed at which a company, especially an early-stage startup, burns through its cash reserves while trying to reach profitability. Think of it as a countdown timer; the faster your company spends money without generating enough revenue, the sooner the timer runs out. Investors and founders […]
