Bookkeeping

An audit starts when the IRS makes initial contact and it continues until a closing letter is issued. A compliance check or compliance check questionnaire also starts when the IRS makes initial contact. Generally, the IRS issues a closing letter at the end of a compliance check, but not at the end of a compliance …

Scope of audits and compliance checks of exempt organizations Internal Revenue Service Read More »

The prefix milli is derived from the Latin mille meaning one thousand and is symbolized as m in the Metric System. Milli denotes a factor of one thousandth (1/1000th) which means that there are 1,000 millimeters in a meter. “Millimeter” is a unit of length that equals one-thousandth of a meter. It is a small …

MM Million Meaning, Examples, Conversion & Notations Read More »

It serves to organize financial data and facilitate reporting, ensuring clarity and consistency in financial management. Moreover, leveraging technology and accounting software tailored for nonprofits can streamline financial processes and improve accuracy. Training staff and volunteers in fundamental accounting principles can further empower organizations to manage their finances effectively. Automation of key processes Regular financial …

Nonprofit accounting: Beginner guide + key financial statements Read More »

It’s essential to consider factors such as budget, scalability, and ease of use when selecting accounting software. Many providers offer free trials or demos, allowing organizations to evaluate their suitability before committing. By investing in the right accounting software, nonprofits can enhance their financial management and focus more on their mission-driven activities. Collaboration with accounting …

Nonprofit Accounting: Essential Principles and Best Practices Read More »

The information in this form will help you fill out your Schedule K-1. If you’ve chosen to be treated as an S corp, you may get Schedule K-1 (Form 1120-S). If you’ve elected to be treated as a C corp, no K-1 will be filed because taxes are paid at a corporate level. The IRS …

What is a K-1 Tax Form and Who Is It For? Lear & Pannepacker, LLP Read More »

Revenue recognition in SaaS companies is a critical aspect of financial reporting that ensures accuracy and compliance with accounting standards. Properly recognizing revenue helps in providing a clear picture of a company’s financial health and performance over time. It also aids stakeholders in making informed decisions based on reliable financial data. Revenue contribution margin recognition …

Guide to SaaS Accounting: Methods and Best Practices Read More »

Get 30% off QuickBooks Time base fee and 15% off employee fee for lifetime (with wholesale billing) or 12 months (with direct billing). With this method, you control the purchase and setup for your clients, and we bill you directly. The inventory management and job costing features are more robust in QuickBooks compared to QuickBooks …

Tax & Accounting Software for Accountants Read More »

Find help articles, video tutorials, and connect with other businesses in our online community. At that stage all numbers are prepared to be submitted and we look for payment prior to actual submission. The final submission normally can take place on the same or following day and we can provide confirmation that submissions have been …

Finding the Right Accountant for Self-Employed Professionals Read More »

This reduction can lead to a more favorable view of the company’s profitability, as it shows that the company is effectively managing its costs. Additionally, the use of contra expense accounts can impact key financial ratios, such as the operating margin and net profit margin, by presenting a more accurate measure of the company’s financial …

Contra Expense Accounts: Understanding the Basics Read More »

It represents how much of the asset’s value has been used up over time. An amortization schedule is a table that chalks out a loan repayment or an intangible asset’s allocation over a specific time. It breaks down each payment or expense into its principal and interest elements and identifies how much each aspect reduces the outstanding …

Meaning of Amortization Expense: Recording and Calculation Examples Read More »