If the businesses year ends on some day other than December 31, we say that the business uses a fiscal year. How should that year be named? Recently, I received a question from a student about the correct way to name a fiscal year. The student asked this question because of the way the fiscal … Continue reading How to name a fiscal year
Accountants are typically thought of as detail-oriented people, but I am more of a big-picture person. Here is a good example. About 18 months ago I had an idea to use the solar system as a metaphor for the 1040 tax system. I like this idea because it gives us a 30,000 foot view of … Continue reading Our Tax Solar System and TCJA Structural Changes to It
Here are the results and some of my commentary about the poll I ran last week. I want to know what percentage of annual revenue QuickBooks consultants earn by performing QuickBooks cleanup work. With 16 people responding, the poll didn't get as much traction as I hoped: https://twitter.com/AccountingJenn/status/1102514748376137728 Not long after I launched the poll, … Continue reading Poll results about QuickBooks cleanup services
My latest poll is now live on Twitter. If you are on Twitter, and if your firm offers QuickBooks services, this poll is for you. I want to know what percentage of annual revenue these kinds of firms make performing QuickBooks cleanup services. The poll will run for a week. I will write a post … Continue reading What percentage of annual revenue do QuickBooks consultants earn by performing QuickBooks cleanup services?
I am a member of the American Institute of Professional Bookkeepers (AIPB). They publish a really great monthly newsletter and I received the latest one a few days ago. The very first article discusses how "many more business meals are deductible" under the Tax Cuts and Jobs Act (TCJA): "New limits on meal and entertainment … Continue reading TCJA update: more business meals deductible
Last week I ran a poll on Twitter: https://twitter.com/AccountingJenn/status/1096944010034319360 I asked participants to have one of two qualifications: a bachelor's degree in accounting, or a CPA license. The question read: "Has anybody ever told you that they wished they could have pursued a degree in accounting, but they couldn't pass the introductory financial accounting course?" … Continue reading Last week’s poll: introductory financial accounting
Sort of but not really. That's probably not a very satisfying answer so let me explain. Financial accounting courses are not bookkeeping training per se. They are preparation for more advanced courses such as Intermediate Accounting. On the other hand, in my experience solid bookkeeping training (or experience) is excellent preparation for an introductory financial … Continue reading Is bookkeeping taught in financial accounting courses?
Very pleased to see that my blog post about Intuit's entry into the bookkeeping service market was quoted in Accounting Today: Jennifer Johnson of Ledger Light proclaimed in a blog post, “I guess Intuit has finally admitted that QuickBooks isn’t easy for non-bookkeepers to use.” She wrote, "My observation is that small business owners purchase [QuickBooks], figure out … Continue reading Accounting Today quoted from my post about Intuit
There was a QuickBooks commercial from 1997 that said, "If you can write a check, you can use QuickBooks." Intuit has always marketed QuickBooks as an easy to use solution for the bookkeeping needs of small businesses. To my knowledge, actual bookkeepers and accountants were never depicted in these marketing efforts, implying that such people … Continue reading Has Intuit finally admitted that QuickBooks isn’t easy to use?
Previously, I wrote about how Facebook is like a bad boyfriend because of privacy violations that can't be justified under any known ethical theory. Now, the bad boyfriend wants access to your banking information. What could possibly go wrong? The Los Angeles Times reports: Facebook Inc.’s push to gain access to users’ banking data and … Continue reading Facebook wants access to your banking information