Single-entry bookkeeping is an accounting system where transactions are recorded through one entry only. When the business creates an invoice, the corresponding entry is automatically posted to the respective ledger account for Accounts Receivable, Sales, Cash, etc. As you can see, on the Journal Entry section you are able to view, create, and manage all [...]

Certified QB ProAdvisor can be listed on the Find-a-ProAdvisor online directory which helps in connecting with potential clients and building a client list. A QuickBooks ProAdvisor is a QuickBooks Certified professional that has been trained, examined and certified by Intuit as an Advisor. That is eligible for guiding the QuickBooks clients to set up and [...]

Easily calculate sales tax rates in your state with our free sales tax calculator. Simply plug in your business address and ZIP code to get your total estimated sales tax rate. Figuring sales tax rates can be complicated due to tricky sales tax laws. The sales tax you’ll charge and collect will depend on the [...]

The certifications in Part II must be included in a substitute form only if treaty benefits are claimed, and then only to the extent that the certifications are required. For example, Form W-8BEN, line 10 (Special rates and conditions), is not required if the form is being requested from an individual receiving a payment of [...]

For the sake of simplicity, let’s assume a farm grows Cannabis that they turn into flower and then sell to dispensaries or processors. Internal controls (rules, processes, and SOPs) minimize risk by reducing the mishandling or theft of product or cash as well as support any audit that your company will go through. They are [...]

Sales tax exemptions are frequently tied to the purchaser or product use. For instance, many U.S. states exempt purchases by non-profits or goods used in manufacturing or agriculture. Businesses must obtain and retain exemption certificates from eligible customers to substantiate these claims during audits. However, sales tax is a type of direct tax, while VAT [...]

Petty cash is a small amount of money a business keeps to cover little expenses. Firstly, invest in a lockable safe or drawer specifically designated for petty cash. This will provide an added layer of protection and deter any potential thieves. Make sure that only authorized personnel have access to the key or combination. It’s [...]

In order to be successful, today’s brewery owner must be capable of wearing many hats. We’re the premier, remote accounting, tax, and consulting firm built exclusively to serve the craft brewing industry. Whiskey Point Brewing Company – The only brewery on remote Beaver Island, Michigan. They were able to solicit investors and make appropriate capital [...]

Real-time bookkeeping revolutionizes financial management by providing businesses with instant access to up-to-date financial data, improving cash flow tracking, expense management, and profitability analysis. Unlike traditional bookkeeping, which relies on periodic updates, real-time bookkeeping ensures continuous transaction recording, automated reconciliation, and real-time financial reporting. This allows business owners to make faster, data-driven decisions, reduce errors, [...]