Flat rate vs. Hourly rate accounting. This can be a difficult choice for clients when they are looking for a new bookkeeper or accountant for their accounting maintenance. As a client, you will want to make sure your accountant doesn't overcharge you, and an hourly rate implies that you are getting exactly what you pay for. For decades hourly rate accounting has been the standard by which the Accounting Industry has built itself. However, is it really the most cost effective? There may be more drawbacks than benefits.

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You don’t need to be an accountant to have heard about the Balance Sheet and P&L. If you don't have an accounting background, just know that these two reports are the foundation to understanding a company’s health. Each report on its own provides important information about a company's financial status. When used together, they create a complete picture of the company’s operations and value. Here's just a few basics:

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Debits and credits can be confusing, especially to business owners and bookkeeping staff who do not have a formal background in accounting. Debits and credits are fundamental elements of “double-entry” bookkeeping and exist within every accounting system. Here are a few basics….

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Let’s be real, many business owners dread tax time. It can be a time of reckoning for procrastination, with a fear of owing a substantial amount of moola to the tax agencies. While facing reality can be hard, the sooner you face it the better your outcome can be…

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So let’s say you want to hire someone to help you out with some odds and ends with your business…Should you pay them as an Independent Contractor or as an Employee?

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What is an accountant? Webster’s Dictionary describes it as: “one who is skilled in the practice of accounting or who is in charge of public or private accounts.” (1) The most recognized accountant is a CPA (Certified Public Accountant), but there are other professionals that fall within the broad “accountant” designation. Before hiring a new accounting professional, make sure you know what level of service you need. Here are a few common types of accountant roles, and a generalized description of each:

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As we wrap up the third quarter, here are a couple of tasks you will want to start on to avoid crunch time at year-end.

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In the last article, we reviewed some of the overlooked accounting tasks. These included: matching the books to the prior year tax return, payroll reconciliations, properly categorizing assets, and accruing depreciation/amortization. Please refer back to that article if you need assistance with those items.

Here’s a few more tasks to stay on top of:

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Whether you are doing Full Cycle Accounting or just Monthly Accounting Reviews, having a standardized checklist is a must if you don’t want anything to fall through the cracks. Some tasks are obvious, such as making sure all transactions are recorded, bank account reconciliations, principal and interest postings, and providing financial reports. However, many accounting tasks get overlooked by disorganization, preparing books on a time-crunch, and sometimes simply, inexperience.

Here are some of the most overlooked accounting tasks:

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"Does your company operate on a Cash or Accrual Basis?"... ::crickets:: Many successful business owners cannot answer this question about their own company, but it is an important thing to know. Understanding your company's reporting position can help owners interpret their financials better. So what is the difference anyway? Here's a short and sweet breakdown:

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