As a business owner, tracking expenses is essential for the success of your business. Not only does it help you manage your finances, but it also helps you make informed decisions about your business. However, tracking business expenses can be a daunting task, especially if you’re new to running...
Budgeting and forecasting are two key financial planning and analysis tools that businesses use to plan their operations and make informed decisions. While they are often used interchangeably, budgeting and forecasting have distinct differences in terms of purpose, scope, and timeframe. In this post, we’ll explore the differences between...
As a business owner, it’s important to be aware of the dangers of inflation and how it can impact your bottom line. Inflation is defined as a sustained increase in the prices of goods and services in an economy. When inflation goes up, so does the cost of running...
Adding a new partner to your business can be exciting, but it also comes along with many different tax, financial, and legal changes. It’s important to know what you’re getting into and work with your accounting partners at MKS&H to understand and prepare for the differences between now and...
As a business, there are many different parts of the tax code that you need to understand in order to avoid issues. One of those is Section 1244. Section 1244 is known as the small business stock provision, and it allows shareholders of specific small businesses the ability to...
If you are one of the many investors looking to dip your toes into commercial real estate investing, there are many tips and tricks that can ensure your journey is smooth and profitable. One of the most critical things that many new investors make errors with is bookkeeping and...
Recently, the AICPA Auditing Standards Board (ASB) issued an updated Statement on Auditing Standards that will lead to some audit changes in how employee benefit plans that are subject to ERISA are examined. If you are having an audit performed, it’s important that you understand how the auditor’s report...
Time is money, but for small businesses sometimes it seems like you don’t have either to spare. While there are some tasks that you can tackle yourself with the help of a book or a few YouTube videos, there are others that you shouldn’t risk letting someone else handle....
How do you make the right decisions for your business? You might be surprised how many businesses don’t have updated bookkeeping and accounting records. Without them, there is no way to fully understand what the best path forward for your business is. What are some of the benefits of...
Medical practices that work with insurance providers always need to be conscious of the accuracy of claims that they are submitting. If you suddenly receive an audit notification from one of the companies that you work with, it can be panic-inducing if you aren’t sure whether or not your...
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