Category
Bookkeeping
4 min read time
These are sometimes assessed in large urban areas (think New York City, San Francisco, etc.). There are 14 states that allow local governments to collect an income tax. If you’re self-employed, however, you’ll need to pay the full 15.3% of FICA taxes due on your salary. FUTA taxes are paid entirely by the employer; there is no employee payment. We’re a highly practical and creative accounting services firm that brings creativity and expertise to s ...
7 min read time
It displays a startup’s revenue subtracted from their expenses and losses. A variety of expenditures can be involved in establishing a business; obtaining equipment or stock, market research, and even staff training can qualify as start-up costs. Startup costs for a new business are categorized as income and listed in a balance sheet’s Equity section. At Ariel Joudai, CPA, we take great pride in providing high quality accounting solutions to our c ...
6 min read time
ContentFigure Out What Types of Bank Accounts You NeedNot Distinguishing Between Revenue and IncomeOptimize Your Reporting with ClioTaxSlayerPCLaw® and Time Matters® – Why Your Law Firm Needs an Annual Maintenance Plan These best practices all come back to one idea — staying organized. You want to pay attention to the ABA’s rules, as not doing so could lead to some severe consequences. Being familiar with this concept gives you an understanding of ...
7 min read time
ContentElements of the Financial Section of a Business PlanHow to use ChatGPT to help build your expense budget:Firm of the FutureStart your 3-day free trial today!What is a financial forecast?Budget planning Use the information you unearthed in researching your business plans, such as statistics from industry associations, data from government sources, and financials from similar businesses. An accountant with experience in your industry can be u ...
8 min read time
ContentCash Flow ProjectionsHow to Create Financial Projections For Your Business (Accurately)Cost of goods sold (COGS)What Are Financial Projections Used for?Financial Projections for Startups and Small BusinessesPRODUCT Software, equipment, sales and marketing, accounting services, legal fees, and all the other costs of doing business need to be included in your expense projections. Starting a small business can be hard enough without struggling ...
6 min read time
ContentAnna DiBella Discusses Old Law vs New Law on Chops Talks Ops PodcastReason #2: The accuracy in Trust Accounting managementLexisNexis and Uptime Legal – a Match Made in the CloudHow to Use Timeslips & QuickBooks in the Cloud in 2023Legal Accounting and BookkeepingWhat are the most common types of billing methods in a law firm? This not only simplifies deposit reconciliation but gives you a strategic way to evaluate your budgets, cash flow, a ...
7 min read time
An unfavorable variance is when a company forecasts for a certain amount of income and does reach it. Say they estimated that there would be $10,000 of profit for the quarter and they only got $7,500. In other words, the company hasn't generated as much profit as it had hoped. This could occur if there were inefficiencies in production or the quality of the materials was such that more needed to be used to meet safety or other standards.In this po ...
7 min read time
Unfavorable variances refer to instances when costs are higher than your budget estimated they would be. As mentioned above, materials, labor, and variable overhead consist of price and quantity/efficiency variances. Fixed overhead, however, includes a volume variance and a budget variance. Then divide that number by the original budgeted amount and multiply by 100 to get the percentage of your variance. For example, let's say that Bob is a colleg ...
11 min read time
ContentWhat Are the Assumptions of the Going Concern Concept?Qualified opinionAmendments under considerationConsideration of the Effects on the Auditor's ReportWhen Does a Company Perform a Going Concern Assessment?Going Concern Assumption: Fundamental Accrual Accounting PrincipleExamples of Going Concern ConceptLiquidation Valuation Method (“Fire Sale”)How a going concern qualification affects a business This revaluation may be used to price the ...
5 min read time
Plan which bills to pay and when and which invoices to collect first. Cash Flow Frog automatically analyzes your data and generates the forecast, and is always up-to-date. Our cash flow planner app takes all the guesswork out of how to grow and how to fund that growth. Cash is king, and to your business running strong, you need the best cash flow tool for planning and analysis. Cash Flow Frog lets you manage cash flow easily and takes just minutes ...