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It's pretty difficult to define "best" costing method. Sometimes businesses will change from one valuation method to another in order to maximize net income to attract investors or minimize net income in order to lower their tax liability. That's why when there is a change the IRS requires that...

Here's the two biggest advantages of desktop (aside from the extra features) it's a one time purchase and you can use one software package for multiple companies, which depending on the makeup of your business(s) can be a huge advantage. There are some downsides though, the obvious one is most...

The most important thing is finding a system that works for you (and your tax accountant if you have one). I've known businesses who do everything in spreadsheets on excel, and they swear by it. However, given how affordable and user friendly accounting software has become in recent years I...

Morticia, There's definitely truth to that. I work exclusively with QuickBooks Online in my practice. Some B&B's may choose to do the day to day accounting themselves though, and that's fine (though keep in mind it could take you hours to do what a good accountant could do in minutes). In that...

Hi gillumhouse! I have to admit that's a new one for me. Let me start by saying this, every CPA is an accountant, but not every accountant is a CPA (I know, obvious right). Generally speaking, when we do tax returns it's not about avoiding "red flags" it's about getting you every deduction...

Hi cloudbedsna! Let me start out by saying that each professional accounting software has its merits. They all generally do the same thing, the balance sheets still balance, and the income statements still end up at net income. But like anything in life the devil's in the details. I've had...

Hello all, Licensed Certified Public Accountant in the state of Michigan here. Long time viewer of these forums but first time poster. My wife and I are aspiring innkeepers and I couldn't possibly place a value on all the amazing information we've gained from these forums. Since we set the...