This dedicated accounting blog is a spinoff of financial news outlet Bloomberg. It organizes all of the latest developments that have to do with the world of professional finance, including tax laws and emerging technology such as the blockchain. To help you find the best of the best, we’ve cultivated a list of the top 50 accounting blogs in no particular order. To make sure you don’t face this dispiriting experience, we have put together a list of best accounting blogs you should be reading.
Say you’re comparing two departments, but they record the same transactions in different ways. The working accountant is compliant with GAAP rules and regulations. The Generally Accepted Accounting Principles (GAAP) are a blueprint for accounting across sectors and industries in the U.S.
Accounting Assists you in Keeping Track of your Loans or Debts
You’ll only have one account to monitor for bookkeeping and tax purposes, and your personal income and expenses won’t get entangled with your business ones. Believe me — only having to look at one set of bank statements is a lifesaver during tax season. These 15 terms will create the foundation on which you’ll build your knowledge of business accounting. While https://accounting-services.net/blog/ some of these terms might not apply to your business right now, it’s important to develop a holistic understanding of the subject in case you expand or move into another type of business. Here are the documents and calculations we recommend picking up, even if you work with a professional, consulting agency, or have hired a certified public accountant (CPA).
- If you need to accomplish an accounting task without having any prior knowledge, 5 Minute Bookkeeping has you covered.
- Here are some of the most common types of accounting services available in the market.
- Additionally, the site reviews account management software, tax preparation tools, practice consulting services, cloud technology integration support, and more.
- Although his primary field of study is law, Paul L. Caron has a lot to say about the state of our taxes.
This is where accountants and accounting software’s such as Deskera can help. Most businesses function on a different level than the federal, state, and municipal governments. Due to the magnitude of their activities and the public nature of their finances, different accounting rules are required at times. Recordkeeping includes taxes, general ledger, bank reconciliations, billing records, and payroll records.
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No two blogs are created equal, and these accounting and finance-related blogs are no exception. The list of blogs mentioned above offers all-around knowledge of financial and tax-related topics. Additionally, most of these blogs have integrated COVID-19 resources to keep you up-to-date with recent changes in the industry at such times. AICPA (American Institute of CPAs) Insights is undoubtedly among the most well-known accounting blog. It features posts from AICPA staff, accounting experts, thought leaders on a variety of topics such as CPA practices, Tax, Cybersecurity, Personal Financial Planning, and Technology.
Cash Flow Statement
If you limit your accounting to material transactions you can save time for your business. At the same time, you want to make sure that financial information that’s important to stakeholders is easy to access and review. It says to base your accounting on how the business runs now, not how you hope it will run in the future. Even if a company plans to make big changes in the future, that shouldn’t change its value today. This sounds straightforward, but accounting can impact both internal and external opinions. Because of this, many publicly-traded companies report both GAAP and non-GAAP income.
AICPA Insights
If the nature of your business is seasonal, you can tailor different factors like the frequency of your evaluation to this cycle. For instance, you might require more reviews of your accounting process during high season, and fewer during slower months. The best way to do so is to educate yourself on your business’s tax obligations, keep accurate records, and set aside revenue (or pay ahead in quarterly taxes). It’s another important account term that refers to the day-to-day recording, categorizing, and reconciling of transactions. Basically, bookkeeping keeps you from spending and making money without tracking it.
Patriot Software for Small Business
If a business’s annual revenue exceeds $5 million, it’s required to use the accrual method. The accrual method recognizes revenue and expenses on the day the transaction takes place, regardless of whether or not it’s been received or paid. This method is more commonly used as it more accurately depicts the performance of a business over time. Technically, you should be doing it every day, but we all know life can get in the way. Ideally, you should complete your bookkeeping every month so you can keep a thumb on the pulse of your income, expenses, and overall business performance. Look for a bank that has a local branch as well as robust online banking.
Bookkeeping Pro Services
It’s an important facet of any successful business, and accounting is no different. Readers should expect in-depth posts breaking down complicated tax laws, informed advice on certain business practices, and high-quality editorial articles pontificating upon current trends. If you’ve used Quickbooks before, then you’ll be familiar with Intuit. This companion blog serves as a helpful guide for anyone who uses their accounting software, but it also provides interesting insight into the financial industry from a unique perspective.