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Business people looking at computer running data analytics for accounting

The Role of Data Analytics in Accounting 

By Accounting Advice

Once perhaps thought of simply as drudgery and relegated to the “back office” of most businesses, accounting has strongly stepped onto “center stage,” due in part to the increasing role of data analytics. Accounting is more than keeping records and providing a “scorecard” to measure how a business is doing.  Why Accounting is Important  Accounting plays a crucial role in running every business. Accounting provides vital information to the stakeholders of a business by measuring and summarizing its financial activities. Business managers…

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Business person looking at paperwork for small business tax write-offs

How do Small Business Tax Write-offs Work?

By Accounting Advice

Taxes are a fact of life for small businesses. Fortunately, there are many possible small business tax write-offs, also called tax deductions, that can lower the tax burden and save money for owners to use in other ways to grow their businesses.   How do Small Business Tax Write-offs Work?  Small business tax write-offs are those deductions that are considered by the IRS to be legitimate and claimable expenses that will lower the business’s taxable income. A key role of a professional tax…

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Accounting business strategy plan

How Does Accounting Relate to Your Business Strategy 

By Accounting Advice

Business accounting is not something that a company’s leaders can shuffle off to the “bean counters” in the back office. No, it’s a critical business function that is key to every company’s successful business strategy and operating results.  Why Accounting is Important  The accounting function is important, even crucial because it helps keep a business and its financial records organized to share with stakeholders including investors, lenders, and employees. It provides the tools to evaluate a business’s performance, including information regarding expenses, revenues, debt,…

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Small business owner outsource payroll handing paycheck

9 Reasons to Outsource Payroll 

By Accounting Advice

Business owners know how valuable their time is and they don’t want to make mistakes regarding any of the important aspects of human resources management including payroll and taxes. A major choice is either doing payroll and all its related aspects in-house or choosing to outsource payroll.  9 Reasons to Outsource Payroll  Payroll outsourcing means engaging a specialist third-party organization to handle payroll and related activities including tax reporting, regulatory compliance, unemployment claims, and data security. Frankly, payroll takes a lot of time, and…

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Charitable Giving: Does a Donor Advised Fund Make Sense for You?

Charitable Giving: Does a Donor Advised Fund Make Sense for You?

By Accounting Advice

I believe we all have a duty to leave this world a better place than we found it and therefore we have an obligation to help those less fortunate than us.  However, my experience has been that the more we donate to those great causes, the more solicitations and phone calls we get.  Some are great causes, some are not, but the reality is that many charities sell or share their donor list with other charities.  Unfortunately, the end result…

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Doerhoff Accounting and Financial Services Use Quickbooks

Why Your Small Business Should Use Quickbooks

By Accounting Advice

If you’re a small business owner, staying on top of your bookkeeping can be a huge hassle. There are also financial and legal consequences should you make mistakes. If you operate a small business, you should use Quickbooks! Here’s why:   It’s Easy To Use Because Quickbooks has been around for such a long time, they’ve had a lot of time to fine-tune it. This means that the end-user experience is about as simple as it could be. Menus and options…

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Doerhoff Accounting Holiday Business Expenses, Tax Advice

‘Tis the Season: 3 Strategic Tax Tips for Holiday Business Expenses

By Accounting Advice, Small Business Advice

‘Tis the season to wrap up the year while still keeping in mind your holiday business expenses. You don’t have to be a Scrooge; there are some ways to enjoy the holiday season while still getting the most out of it. It can become challenging to know what should be considered a business deduction when it comes to holiday expenses, but that’s where we come into play. Keep on reading below to find out about holiday business expenses for taxes! 1….

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tax deadlines

Important Business Tax Deadlines in 2021’s Last Financial Quarter

By Accounting Advice, Small Business Advice

Running a business is hard work – it takes energy and time from your end. It can be easy to forget tax deadlines in the thick of building your business. As you approach the last financial quarter, make sure you know all the important dates. You don’t have to go it alone. Read on for all the last financial quarter tax deadlines you’ll want to keep track of in 2021: Types of Business Taxes to Track Before getting to deadlines,…

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deducting business expenses

The Best and Worst Practices for Deducting Business Expenses

By Accounting Advice

The primary objective of every business, large and small, is to generate a healthy ongoing net income. Of course, revenues minus expenses and minus taxes equals net income or profit. A business can generate more profit by increasing revenue, managing or reducing expenses, and optimizing tax deductions. These are our recommended best (and worst!) practices for recording and deducting business expenses:  What Are Expenses?  Expenses are the costs that a company incurs in the process of generating revenue. Importantly, businesses can…

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