News & Advice

If you are audited by the IRS and do not have receipts or sufficient documentation to support your claimed deductions or income, it can lead to various consequences, including: Disallowed Deductions: Without…

Keeping track of your business payments is essential for financial management and maintaining accurate records. Here are steps and tips to help you effectively track business payments: Choose a Record-Keeping System: Decide…

Maintaining a clear separation between personal and business accounts is important for several reasons, as commingling funds can pose various risks and complications. Here are some of the risks associated with mixing…

The typical work hours for accountants can vary depending on factors such as the specific industry, the size of the firm, the time of year, and the workload. Here are the factors…

One of the most challenging aspects of accounting can vary depending on individual preferences, experiences, and expertise. Several tasks are commonly considered challenging by many accountants... 1. Complex Financial Analysis - Performing…

Accounting can be stressful, but it depends on job responsibilities, work environment, workload, deadlines, and personal preferences. Here are some factors that can contribute to the stress levels in accounting... 1. Busy…

Goodwill is an intangible asset on a company's balance sheet as it lacks physical substance but has value due to certain rights, privileges, or advantages. In accounting, goodwill typically arises when a…