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The Concept of Internal Control

What is Internal Control? Internal control is a very special phrase in the accounting profession. Tactically, it’s the set of processes that help a company produce accurate data throughout the organization. It follows reporting requirements and laws, and maintain consistency and accuracy in its operations. Strategically, it’s an entirely new way of thinking and doing business. Internal control helps to reduce organizational risk. It is what you put in place to avoid mistakes, intentional Read more [...]
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The New 20% Small Business Deduction

There is a brand new 20% small business deduction that everyone is talking about. In the tax and legal professions, it’s fondly know at Section 199A. Here are some facts about this deduction: The Basics All pass-thru entities, such as Sole Proprietors, S-corporations and Partnerships that qualify may be able to take the 20% small business deduction.  The deduction can be taken against qualified business income from sales/services, rental real estate (not W-2 income) and can help to reduce taxes.  Read more [...]
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Should You Have a Financial Dashboard?

Should You Have a Financial Dashboard? A quick glance is all you need to check your fuel gauge, speed limit, engine temperature, and RPM when you’re driving down the road. Your car’s dashboard is designed to focus you on what’s important and what you need to know to have a safe trip. Your car’s dashboard items, if they applied to business, would be called key performance indicators or KPIs. Unlike a car’s, the KPIs of your business vary depending on your business goals and what’s Read more [...]
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2018 Tax Law Changes for Businesses: Understanding the Tax Cuts and Jobs Act

Understanding the Tax Cuts and Jobs Act For All Businesses Here are some highlights of changes (tax cuts and Jobs Act) that affect all business entities: 100% bonus deduction for assets placed in service after September 27th, 2017.  The old law only allowed 50% deduction. Old law only allowed you to take bonus depreciation on new assets.  The new law allows used property to qualify. Deduction for energy efficient commercial buildings. Credit for renewable diesel fuel. Old law Read more [...]
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Setting Up Products and Services

The products and services your business sells make it unique. The same thing is true of how these items are set up in your accounting software.  Whether you’re using QuickBooks Online or something else, getting your products and services set up right can impact the quality of the information you can get out of your accounting system.  Here are the types of items you can set up in most systems. Inventory item Inventory items are used in retail and wholesale businesses. They are physical items Read more [...]