Understanding the risks of manual bookkeeping in fast-growing companies
Nearly all respondents in a 2024 Intuit QuickBooks survey reported challenges with their digital business solutions, and 54% singled out manual and repetitive tasks as a major problem, according to Intuit. Dysfunctional and manual financial reporting processes have been estimated to cost U.S. businesses billions each year. One report put the exact figure at $7.8 […]
How Improper Expense Categorization Invites IRS Scrutiny
The accuracy of financial recordkeeping serves as the primary defense against federal tax examinations. When a business return is filed, the internal systems of the Internal Revenue Service (IRS) analyze the relationship between reported income and the specific categories of costs used to offset that income. Misclassification occurs when a business records a transaction in […]
The Most Common IRS Red Flags to Look Out For
“In Fiscal Year 2024, the IRS closed 505,514 tax return audits, resulting in over $29.0 billion in recommended additional tax. Anyone who is a financial advisor or a bookkeeper and offers tax preparation services for businesses and individuals needs to know what IRS red flags are. These can trigger very long delays, heavy penalties, and, […]
How to Track MRR, Churn, and Customer Lifetime Value for Subscription-Based Companies
Over the past two years, companies in the Subscription Economy Index have experienced 11% faster revenue growth compared to the S&P 500. Projections also suggest the global subscription economy could reach $1.5 trillion by 2025. These numbers show just how much business models have shifted toward recurring revenue. Why Subscriptions Business Matters Subscription revenue has […]
Recession-Ready Bookkeeping: Building Financial Resilience
Did you know that 80% of small firms struggle with customer payment issues. That is a huge problem in 2025. Based on the Federal Reserve Small Business Credit Survey, roughly 4 of every 5 small firms face challenges related to customer payments which is a primary driver of cash flow stress. See, recession-proof bookkeeping isn’t […]
The Basics of Tracking Employee Reimbursements in Your Books
Here is a number that will make you wince. A typical organization loses about 5% of its revenue each year to occupational fraud. That is real money walking out of the door and frankly, tracking employee reimbursement correctly is one of our best defenses against this kind of loss while keeping the tax folks happy. […]
