Does Title Insurance Cover Property Line Disputes?   Title insurance can cover property line disputes, but it depends on the specific policy and circumstances. Most policies protect against issues with ownership, liens, prior encumbrances, or judgements against the property.    Some policies cover boundary disputes if a survey error or unknown encroachment causes the issue. However, standard […]

End-to-End Process of Accounts Payable The End-to-End Process of Accounts Payable involves the complete cycle of managing a company’s payments to suppliers. The cycle involves:    The accounts payable (AP) process involves receiving and approving an invoice, securing authorization, and applying payment to a vendor’s account. While businesses may have slight variations in their approach, the […]

Is there a way to extract data from financial statements? Yes, you can extract data from financial statements using the following methods:  Managing financial data efficiently is a growing challenge for businesses, especially with the increasing volume of reports, bank statements, and balance sheets that need to be processed. Extracting key financial information from PDF […]

Journal Entry for Manufacturing Overhead Manufacturing overhead includes all indirect costs related to the production process that cannot be directly assigned to a single work order. These costs may include expenses such as factory utilities, equipment depreciation, supervisor salaries, and maintenance costs. Since these costs are not tied to a specific product or task, they […]

Can You Write Off Construction Costs?  Writing off construction costs depends on the nature of the work and how the property is used. Both the IRS and CRA have specific rules on when and how these costs can be deducted.  In the US, most construction costs for buildings or significant renovations are considered capital expenses, […]

Phantom Equity vs. Profits Interest Phantom Equity and Profits Interest are both ways to offer employees or partners a stake in a company without giving actual ownership.   Phantom stock, also known as phantom equity or shadow shares, is a cash-based compensation plan that mimics actual stock ownership without granting real equity in the company. Employees […]

How to Write Off a Boat as a Business Expense?   You can write off a boat as a business expense, but the IRS and CRA have strict guidelines. The IRS permits deductions for boats as long as they are used for business purposes, and you need to provide detailed records to qualify for deductions.    The […]

Mortgage Restructuring  Mortgage restructuring is when a borrower and a lender can modify the existing mortgage terms. This can involve extending the loan term, changing the payment schedule, or lowering the interest rate.  For instance, a homeowner can negotiate the mortgage term from 15 to 30 years.     The whole idea of mortgage restructuring is to avoid […]

Is coffee a business expense?   Coffee can be considered a business expense if it’s for client meetings, team gatherings, or provided in the office. However, grabbing a coffee on your way to work is not a business expense.    For instance, buying coffee for a client meeting at a café is likely deductible as a business […]

Small Business Restructure Small business restructuring means reorganizing business operations, finances, change of ownership or legal structure to reduce costs or improve overall growth.   Organizational restructuring is all about maximizing efficiency, reducing costs, and adapting to market changes. While restructuring often comes with challenges such as shifts in job roles, staffing reductions, or process overhauls, […]