Navigating Restaurant Finances: Do You Need a CPA, Bookkeeper, or Both?
As a restaurant owner, you are accustomed to preparing delicious dishes that keep your guests coming back for more. Yet, behind the scenes, another critical ingredient to your restaurant’s success lies in the world of finances. In this blog, we explore essential financial ingredients — Certified Public Accountants (CPA) and bookkeepers — and how to […]
The Power of Business Assets: Understanding, Valuing, and Depreciating
Business assets play a pivotal role in shaping the financial health and success of your organization. From tangible properties like real estate and equipment to intangible assets such as trademarks and patents, tracking and managing your assets is essential for your business’s growth and development. In this blog, Gift CPAs explores what business assets are, […]
Best Practices for Setting Up a Small Business Using QuickBooks
Launching a small business is an exciting endeavor full of potential and possibilities. However, long-term success is dependent upon how you set up your business. It is important to take advantage of the many resources available to prevent future problems and simplify challenges your business might face. In this blog, we explore best practices for […]
Changing Accountants: A Smooth Transition
Having an accountant who is both reliable and skilled at what they do is critical to effectively run your business. When using QuickBooks for your accounting needs, it is also essential to have an accountant who understands the platform and knows how to make the most of its features. There may come a time when […]
A Comprehensive Guide to Employee Bonuses
In today’s dynamic and competitive job market, retaining talented employees is essential for the success of any business. An effective way to achieve higher retention rates is through the strategic use of employee bonuses. Employee bonuses not only recognize and reward hard work and dedication, but also cultivate a company culture of engagement and loyalty. […]
Cash vs. Accrual Accounting – Which is Right for Your Business?
To effectively manage your business’s finances, it is important to determine what accounting method you are going to use. Two primary methods are cash accounting and accrual accounting. In this article, we will explore the differences between these two methods by analyzing their advantages and disadvantages to help you determine which one best suits your […]
IMPORTANT MESSAGE Do I REALLY Qualify for the ERC?
Chances are if you are a small business owner you have heard of the ERC or the Employee Retention Credit. This credit was introduced as part of the 2020 CARES Act as a refundable payroll tax credit for employers to encourage employee retention during the pandemic. Since then, numerous “fly by night” companies popped up solely […]
Five Key Steps to Produce Data-driven Business Projections (Most People Aren’t Doing #4!)
If every small business owner had a crystal ball to predict the future, making business decisions would be a piece of cake. There would be no need to analyze financial statements or seek professional guidance. All the answers would be right there, gazing back at us through the curved glass. Though in reality, we live […]
Crucial Five-Step Checklist to Establish a New Business
Are you ready to take that leap of faith and start your own business? Congratulations! You are in good company. Small businesses create a vibrant and strong economy. In Pennsylvania, 2.5 million people are employed by small businesses. The hard work, innovation and creativity of small businesses helps our region and state thrive. For entrepreneurs, […]
Navigate the Loan Process with the Help of an Accountant
Are you preparing to launch a business or make a sizeable investment to grow your existing business?