Category Archives: Tax

What is depreciation and why should I care?

depreciation old shed

You often hear about depreciation in reference to your taxes. What exactly is it though? Is it important? How does it affect your business? In this article, we will discuss what depreciation is and why should you care about it. Our goal is to make this mysterious accounting term easier to understand. What is depreciation? […]

What are journal entries?

What are journal entries

Understanding journal entries can be confusing. Your accountant or bookkeeper has probably let you know that these are essential for your accounting. Why do you need journal entries? What are the components of a journal entry? When would you use a journal entry? We will discuss these questions and provide examples of when journal entries […]

What are adjusting entries and why do they matter?

what are adjusting entries

Adjusting journal entries, or AJEs, is an  accounting term you might have heard thrown around before and never quite understood. You may have even received AJEs from your tax accountant in the past, had no idea what to do with them, and ended up shoving them in a desk drawer or filing them away somewhere.  […]

Prepare for Year-end: Know Your Deadlines

Updated April 27, 2020 “I love deadlines. I like the whooshing sound they make as they fly by.”  – Douglas Adams I have to agree with my good pal Doug here – keeping track of deadlines is hard! For some business owners, it’s a full-time job. You have project deadlines for customers, payroll deadlines for […]

How to Stop Being a Procrastinator

snail stop being a procrastinator

It seems like there are three types of people out there when it comes to year-end and procrastinating. Which one would you classify yourself as? Uber prepared – You have been preparing for year-end all year long! You have a checklist of what you need to do and everything is tidy and organized, just like […]