Typically, material errors would lead to incorrect decision making by the user on the basis of the financial statements that contain such errors. Many errors of principle will be detected before a company issues its final financial statements at the end of a reporting period. Errors may be found in the final review of reporting…

Our mission is to help entrepreneurs and businesses focus on success by providing great accounting and bookkeeping service and advice, no matter where you are. If you’re looking for long-term growth solutions, our team offers business advisory and CFO services to help bookkeeping for small seattle businesses small business owners make strategic financial decisions. With…

A cash disbursement journal is a method of recording all cash flows for your business. This is a very simplistic example but would show how transactions are recorded. Both the cash amount has to be recorded under the cash credit account and the same amount has to be debited from a corresponding account. Depending on…

One of the major discussion topics I see in my Facebook group (and all over the internet where bookkeepers hang out) is whether to charge a flat fee or by-the-hour for services. This is true for all kinds of accounting and bookkeeping services, but when it comes to QuickBooks clean up work, it’s a really…

Once you fill in the blanks to create a customer record, for example, you never have to look up their ZIP code again. When you need to reference a customer in a transaction, they appear in a list. TrulySmall Accounting comes from the same company behind Kashoo, which we’ve reviewed for many years. QuickBooks Enterprise…

Now that the cost of outsourcing is less than the pay of one financial executive, many companies are beginning to outsource their finance and accounting operations more frequently. Cutting overhead and getting better financial leadership is critical to the success of all companies. By understanding where the industry is currently and where it is moving,…

You need to apply for the ITIN together with your return and send it to the ITIN operations center. I’m not going to spend much time getting into these, since they don’t apply to most people. But if you want to learn more, read page 10 of IRS Publication 1915. Choose whether you’re applying or…