Blogging Beyond the Numbers

Should you capitalize or expense your business’ or organization’s latest purchase?  This is a question that should be getting answered for each and every purchase you make.  The answer you decide will have an effect on the usefulness of your financial statements, the size of your record-keeping burden, and how much you pay in taxes. The point of capitalization Making this decision requ...

The Internal Revenue Service has released the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable and medical purposes. [table id=12 /] The standard mileage rate for business use is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the...

Keep an eye on these financial management basics, from invoicing to end-of-year planning  As you run your business, you may be focusing on the things that are more enjoyable, while putting off the tasks that can be tedious, like accounting. But if you want your company to be successful, you have to pay attention to financial management on a regular basis.    Here are fiv...

For your business, you want the very best, but you can’t do everything alone. Still, you don’t always have to put top-class talent directly on the company payroll. Instead, you can make your business stronger by outsourcing jobs that require specific skill sets. Here are five ways you can build a better business with outsourcing:  Outsourcing helps stretch your budget. When you outsource,...

No matter what industry you work in, your company has been likely affected by the COVID-19 pandemic. Many companies, especially in the harder hit industries like tourism and hospitality, are facing cash flow issues. Even if your company’s cash flow has remained steady or you have ample cash reserves on hand, you need a solid strategy to weather this crisis. Outsourced accounting can provide the guidance ...

When you outsource your accounting, you’re forming a connection with someone who can not only handle the books, but also help your company reach its goals. The better your relationship is, the more your company will benefit. Here are 5 tips for making your outsourced accounting relationship successful: 1. Be clear about your expectations. When you outsource your accounting, make your pri...

This cost-effective solution can help grow your business and increase your profits As your business has grown, the hours you have had to spend on bookkeeping have also increased. Though you’d love to get that time back to devote to other tasks, you think that outsourcing your company’s accounting sounds like it might not be cost-effective. But, here’s the reality: working with an accounting firm i...

No matter how long you’ve owned your business, you probably feel comfortable relying on the methods that have served you well in the past, like doing your own bookkeeping. But when it comes to accounting, it pays to outsource. Keeping your own financial records takes a lot of time, especially if you use Excel or other tools that require tedious hours of manual input. Whether you handle your accounting...