Many accountants are witnessing health care providers who are experiencing significant financial hardships in the COVID-19 pandemic. Congress provided $175 billion in relief funds to the U.S. Department of Health and Human Services (HHS) to deliver financial relief to hospitals and other health care providers, including those on the front lines of the coronavirus response. Since March, HHS, through the Health Resources and Services Administration (HRSA), has been distributing the funds to various providers in phases to support their increased healthcare-related expenses or lost revenue that is attributable to COVID-19 and to reimburse claims for the testing and treatment of uninsured individuals diagnosed with COVID-19.
Bookkeeping professionals will tell you Profit is the revenue remaining after deducting business costs, while cash flow is the amount of money flowing in and out of a business at any given time. Profit is more indicative of your business’s success, but cash flow is more important to keep the business operating on a day-to-day basis. Over the long term, lack of profit has a negative impact on cash flow.
One of the most important things about bookkeeping services is understanding the difference between cash flow vs. profit. Many entrepreneurs start businesses with the goal of turning a profit. But what they don’t realize is that cash flow is what keeps the lights on.
Accounting explained is a short blog is no easy task. What is accounting and why is it so important for small businesses?
Accountants and accounting and tax services in Miami do their best to keep clients informed of best accounting practices. Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities.
Pre-revenue startup valuation can be a tricky endeavor. There are many things to take into consideration, from the management team and market trends to the demand for the product and the marketing risks involved. After evaluating everything, even with the most effective pre-money valuation formula, the best you can hope for is still just an estimate
The IRS, Tax Accountants and tax services alike encourages everyone to use the Tax Withholding Estimator to perform a “paycheck checkup.” This will help you make sure you have the right amount of tax withheld from your paycheck. Checking your withholding can help protect against having too little tax withheld and facing an unexpected tax bill or penalty at tax time next year.At the same time, you may prefer to have less tax withheld up front, so you receive more in your paychecks and get a smaller refund at tax time
Accounting and Tax departments must overcome the reluctance on the part of others within their companies to Outsource Accounting and Tax Services. Such changes often accompanying the installation of a new accounting firm. They can help cut reduce labor costs, speed monthly closings, and help companies become steer away from accounting services and more towards Profitable Task. IMPROVEMENTS start with the right accounting and tax services firm.
Restrictions due to COVID-19 Virus and the rise of e-commerce has forced many small business owners to close their brick and mortar stores and sell online. If you know what it takes for an online store to be profitable, you can keep existing clients and attract new ones. As accountants, we have assisted many client transitions to an Online E-Commerce store. We will share with you our seven-step approach to help you transition from a physical store to a profitable online store.
The reasons why a company needs an accountant are lots and the next are a few of them. A lot of businesses go through bankruptcy due to improper accounting practices. An accountant performs an important function in a corporation since money administration is certainly one of their key roles in addition to keeping proper accounting records for every activity.
With the July 15 tax-filing deadline − postponed from April 15 – only a few days away, the Accountants are reminding taxpayers who have yet to file their tax returns that Accountants in Miami has tools and services to help them meet their tax obligations.
Accountants in Miami tax help is available 12 hours a day until the extension deadline runs out. Whether filing a tax return, requesting an extension, or making a payment, our Accountants can help last-minute filers on just about everything related to taxes. Taxpayers can also use the IRS Interactive Tax Assistant tool to answer many tax questions they may encounter.