Welcome to the fourth quarter! Business year end is an incredibly busy time, and we highly recommend getting a jump start on closing out your books for the year so you can enjoy the holidays in peace and know you're prepared for tax season. We've put together a list of items that tend to be misunderstood or forgotten around this time of the year. Do any of the items below apply to your...
Building a community of accountants
BY Shelly Lingor ON Sep 9, 2019
Having a professional community of accountants who are supportive and helpful is one of the really special benefits available to Xero advisors. Xero has gone to great lengths to build up the accounting community and encourage us to support each other—not just online, but in person too. We'd like to spread the love around by sharing some of the best resources we rely on.
Are robots coming for accountants?
BY Shelly Lingor ON Jun 27, 2019
We spent last week at Xerocon, an annual event that brings together cloud accounting leaders for education, inspiration, networking, and good times (accountant-style). One recurrent theme was automation—perhaps an obvious topic for a cloud accounting conference since we’re all about automating business bookkeeping tasks, but also a prevalent topic in every business field right now.
Don't endure another painful tax season
BY Shelly Lingor ON May 30, 2019
Getting 2018 tax returns done was messy for so many taxpayers due to changes under the Tax Cuts and Jobs Act (TCJA). Many people were surprised by smaller-than-usual refunds or even ended up owing money unexpectedly. If you struggled through tax season, now is the time to make sure that doesn't happen again! After all, these changes aren't going away, and many of them were significant for...
Five Signs you're outgrowing your accounting processes
BY Shelly Lingor ON May 13, 2019
Why you should lock down your books every month
BY Shelly Lingor ON May 1, 2019
If closing your books at year-end is key in preparing tax returns, then locking them down at month-end takes them to a whole new level. We all know the importance of having your Balance Sheet tied to the tax return after it’s filed, but do you wait until the end of the year to enter and adjust everything? The bigger question really is: should you?
Business meals and entertainment: What's deductible?
BY Shelly Lingor ON Mar 27, 2019
As you're working on your 2018 business tax return, you may have a surprise in store: business meals and entertainment expenses have new rules for deductions under the Tax Cuts and Jobs Act. If you had lots of meal and entertainment expenses last year, you'll want to look closely at the changes and see how you can improve your tax planning for 2019. Further, if these expenses were coded the...
Assets vs. Expenses: What's the difference?
BY Shelly Lingor ON Mar 18, 2019
In general business speak, there's a good chance you use the words asset and expense interchangeably. In accounting terms, however, assets and expenses are distinctly different. They're coded separately in your books and represented differently on your tax return. Understanding the difference will have important implications for your business taxes.
Are you making mistakes with your business expenses?
BY Shelly Lingor ON Mar 11, 2019
Tracking business expenses seems like a no-brainer, right? You need to know how much money your company is spending, whether you're profitable, and what you can deduct on your taxes. When it comes to bookkeeping, we see business owners making the same mistakes over and over with respect to expenses. To throw an additional wrench in the works, the Tax Cuts and Jobs Act made some significant...