ACCOUNTING BLOG

Archive of: Business Management

  • ACH & Quickbooks Online

    Bookkeeping, Business Management, Payroll, Business Smarts

    QuickBooks now allows business owners to process bank transfers (ACH transactions) in lieu of credit card payments. ACH payments are becoming increasingly popular because credit card fees can add up quickly. ACH, however, processes at a much lower fee of about 50 cents per transaction.

  • QuickBooks Online - Is it really all that?

    Bookkeeping, Business Management, Taxes, Payroll, Business Smarts

    Blueback Accounting loves Quickbooks Online (QBO). In fact, it’s the platform we are building our business around. There are a lot of reasons we feel it is the best accounting software out there, but I wanted to share the top 5.

  • Year End Tax Planning

    Business Management, Taxes, Business Smarts

    Often times, as tax practitioners, we file a tax return in March or April and the client owes some money. Maybe a little more money than they had in mind. This is a situation no one wants to be in – including the tax preparer.

  • What's the Deal With Inventory?

    Business Management, Taxes

    Managing cash is one of the most important things a business owner must do. I generally see 4 main buckets that owners can get into trouble (i.e.owing more taxes without sufficient cash to pay those taxes). They are: paying themselves draws/distributions, buying inventory, purchasing certain property (real estate) and paying off debt. Let’s explore why purchasing inventory can cause problems at tax time.

  • Deduction Substantiation

    Business Management, Taxes

    Let’s hope your tax return is never chosen for a random audit…but if it is, the IRS will require substantiation of the deductions on your return. From the IRS perspective, there’s no “standard amount” or “use what I took last year” approach for items like mileage, meals and entertainment, and charitable donations. All of these deductions require some form of documentation.