First case of fraud in small business accounting

Posted Leave a commentPosted in Accounting, Small Business

I’m dealing with my first case of likely fraud in a small business client’s bookkeeping. It apparently stems from the actions of an incompetent or inattentive bookkeeper and an overly trusting business owner. I should not be surprised knowing that $2 out of every $100 passing through the US economy is based on fraud of […]

How much does payroll service cost for a very small business?

Posted 3 CommentsPosted in Accounting, Small Business

How much does payroll service cost for a very small business? This is a simple question without a simple answer. As we might suspect, the answer is wrapped up in the details. 1. Service contract – Who pays penalties for screw-ups and responding to an audit? How reliable is the provider’s assurance? Keep in mind that a […]

Lessons to be learned from Manco and Manco tax evasion case

Posted Leave a commentPosted in Accounting, Small Business, Taxes

Philadelphia area newspapers have been following a high-profile tax evasion prosecution of the owners of South Jersey’s most successful pizza shops. The owners of Manco and Manco pizza are accused of failing to report almost a million dollars of cash receipts over a period of years. I have no intent to comment on the details of […]

Sales tax on interstate accounting services

Posted Leave a commentPosted in Accounting, News and Politics, Small Business, Taxes

The Democrat-led Finance Committee of the Connecticut General Assembly voted yesterday (4/29/2015) to expand its state sales tax to include accounting services. The Senate President Pro Tem said that he supports the changes but there appears to be opposition to the move beyond that. Three states currently tax professional services: New Mexico, Hawaii and South […]

Financial Planning Considerations When Your Business is Losing Money

Posted Leave a commentPosted in Accounting, Financial Planning, Small Business, Tax Planning, Taxes

This post was inspired by the stories of some of my neighbors and clients in southern New Jersey. Most were struggling with  a weak economy before super storm Sandy hit in late 2012. Those that re-opened over the next few years face continued business losses and the prospect of continued weakening of the local economy […]

Fixed Asset Accounts in QuickBooks Online

Posted Leave a commentPosted in Accounting, Small Business, Tax Planning

Here is something I learned about the conversion of fixed asset accounts (like machinery or vehicles) from QuickBooks desktop to QuickBooks Online. (While I am a QuickBooks Online ProAdvisor and currently in the middle of studying for advanced certification, many new issues come up on a daily basis that are not obvious or well-documented. This […]

Letter in support of agricultural tourism in New Jersey

Posted 2 CommentsPosted in News and Politics, Small Business, Travel

This is the text (with hyperlinks added) of my letter to the Cape May County Agricultural Development Board regarding New Jersey’s attempt to draw visitors to South Jersey’s farms for recreation and tourism purposes. The matter is covered in this newspaper article. My larger concern is that if local government reacts to a small number of […]

QuickBooks: comparing desktop and online versions

Posted Leave a commentPosted in Accounting, Small Business

I’ve had a few more questions lately about the difference between the desktop and online versions of QuickBooks. The online version expands many areas of capability with few known downsides. According to Intuit, the following features are available in QuickBooks Online (QBO) that are not available in the desktop version.  Access to data easily across multiple platforms, […]