You started a business, you worked like crazy, and now it’s finally time to pay yourself for all the hard work. That’s awesome, but where do you find these payments on your financial statements? The treatment of owner’s pay is determined by the structure of the business. Single-member LLC (sole proprietor) or a partnership: Payments … Continue reading Where Do I Find My Pay In My Financial Statements?
What is Cost of Goods Sold? Cost of Goods Sold (COGS) is the total of all costs for products that have been sold. This includes any costs that are directly related to producing your goods or services. It does not include indirect expenses, such as marketing or office expenses. Standard costs that go into … Continue reading What Is Cost Of Goods Sold?
Credit for Other State Taxes Last week, we had a client call to ask if it is normal to owe several thousand dollars on their tax return in both Kansas and Missouri. The answer? No, it is not normal. There are some situations where this happens, however, if you are only a W-2 employee, you … Continue reading FAQ: Is It Common To Owe A Lot On Multiple State Tax Returns?
Why should I reconcile my bank every month? We are frequently asked, “Is it really necessary for me to reconcile my bank? It downloads into QuickBooks Online and I record everything there.” The answer is, YES! It is incredibly important that you are reconciling your bank and credit card accounts every month. There are three … Continue reading Why Should I Reconcile My Bank?
What Will Accounting Cost Me? You have probably noticed by now that most accountants don’t list pricing on their websites. Why is that? The truth is that pricing a client is one of the hardest and time-consuming things we do. In the accounting world there are two main philosophies that accountants us to price… by … Continue reading How Firms Price