Five Key Reports for Your Business

Each month, your accounting system yields actionable information for you to run your business better. Here are some key reports that all business owners should review every month. Balance Sheet A quick review of the balance sheet can tell you the balances of your current assets and

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Understanding Cost of Goods Sold

The account on your income statement called Cost of Goods Sold can be confusing to non-accountants. In this article, we’ll attempt to de-mystify it and explain how it works. Cost of Goods Sold is an account in your Chart of Accounts that is a very special type

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Read Our Blog Post “Why Tax Transcripts are Critical When Resolving IRS Debt!” at ActiveRain.com

If you or someone you know has the IRS knocking on their door, we wrote this blog article and video to emphasize the importance of pulling tax transcripts before deciding on a resolution method. https://activerain.com/blogsview/5331129/why-tax-transcripts-are-critical-when-resolving-irs-debt

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Training Fido to Fetch More than a Bone

While “fetching” might be what some trained dogs can do, accounting systems are getting into the act too. This relatively new feature is called “receipt fetching,” and it’s when an app can retrieve documents directly from the vendors that you do business with so you don’t have

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The Concept of Internal Control

Internal control is a very special phrase in the accounting profession. Tactically, it’s the set of processes that help a company produce accurate data throughout the organization, follow reporting requirements and laws, and maintain consistency and accuracy in its operations. Strategically, it’s an entirely new way of

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