Category Archives: Business

Three Benefits of Hiring an Outside Accountant

Accounting is an integral part of virtually every business, large and small. One of the primary decisions business owners must make when a sorting out their accounting needs is whether to directly hire a fulltime or part time accountant, or …

Rescuing the Small Business Owner

Small business owners may talk a good game when describing their accounting skills, but a new survey by Staples found that a mere 45 percent of small business owners are able to define basic accounting principles. Ouch. That means basic …

Market Your Accounting Business Like You Mean It

Your marketing strategies are usually reflective of your business’ growth and your overall success. So why are you putting off what is in your best interest? Marketing must be done with an objective in mind, and your fears and reservations …

How to Part Ways with a Problem Client

If you’re lucky, you’ll spend a career working with dream clients. But if you’re like the vast (and I mean vast) majority of accountants, you will likely find yourself, at one point or another, parting ways with a client or …

How Foreign Companies Accommodate North American Investors

Although financial statements from foreign countries may be difficult to read and interpret, there are ways they attempt to make them more user-friendly to North American investors. There are three main hindrances in understanding a foreign country’s financial statement. These …

Evaluating the Effectiveness of Financial Reporting

The basic financial statements a company produces are not only for internal evaluation, but for the use of external entities like shareholders and creditors. Typically, these external users want to see a company’s balance sheet, income statement, statement of ownership …

The Pros and Cons of Corporations

Ambrose Bierce once famously defined a corporation as “An ingenious device for obtaining individual profit without individual responsibility.” You can put that one in the pro or the con column depending on your personal views, but the steadfast corporation, a …

The Pros and Cons of a Partnership

When starting a business, one must legally define it. How the business is established can bring individual advantages or disadvantages. There are three filing options: proprietorship, partnership, and C corporation. A partnership is a business run by two or more …

Serving the Needs of Internal Operations

The Generally Accepted Accounting Principles (GAAP) have been established to provide a nationwide standard of accounting. Using GAAP reporting supplies financial statements with a consistent structure, making them easily understood and comparable for external entities. The IRS and outside investors …