When Have I Earned Revenue?

Many small and medium-sized businesses use varying basis of accounting depending on their financial reporting requirements. For companies preparing their financial statements in accordance with Generally Accepted Accounting Principles (GAAP), recognizing revenue could become a more co

Cash vs Accrual Basis Accounting

Which is best for YOUR company? How does your business maintain your financials? Under the Tax Cuts and Jobs Act, taxpayers are eligible to select their accounting method according to the new limits in tax years beginning after December 31, 2017. Taxpayers which have an average annual

Having Two Sets of Books

Did you realize that some companies actually utilize two sets of books? Companies often have a set of books for income taxes and one to comply with Generally Accepted Accounting Principles (GAAP). There are numerous differences that exist between accounting for income taxes and GAAP.