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Common Accounting Mistakes Contractors Make

Accurate financial statements are imperative to the success of your operation. Lenders and bonding companies depend on financial statements when determining the liability, they are willing to take with any operation. Bookkeeping and accounting aren’t necessarily a strength for many contractors, which is why companies employ the help of accounting professionals. Your accountant is responsible […]

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What Is Blockchain and How Will It Change Accounting?

Like it or not, blockchain is here to stay, and accounting is one industry that is sure to see disruption. Blockchain began as the technology behind Bitcoin, the most popular cryptocurrency. A distributed ledger technology, Blockchain is a database that everyone can access. Essentially, this new crypto-technology enables secure-funds transactions and ensures that data cannot […]

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Partnerships Must Prepare for New Audit Regime

Originally posted in January, the IRS has reissued a proposed regulation that implements the centralized partnership audit regime. Mandatory implementation is set to take effect on January 1, 2018. Replacing the unified audit procedures enacted by the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), the newly reissued rules will assess and collect tax […]

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Individual Year-End Tax Planning

With Donald Trump in the White House and Republicans maintaining a majority in Congress, dramatic tax changes may be on the horizon. Most likely, many provisions will not go into effect until 2018 or later. However, it’s important to keep in mind that 2018 legislation can still impact 2017 tax planning. During year-end planning for […]

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Measuring Customer Profitability

Your P&L statement may measure the overall profitability of your business, but it falls short in terms of measuring the profitability of individual customers or services. To continually improve performance, every company should understand the economic building blocks that drive their business and have a deep understanding of their customers. For a company to be […]

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