Selecting the right accounting software is an important decision for any business. This article provides an objective comparison of popular accounting solutions—including QuickBooks, Xero, FreshBooks, Zoho Books, Wave, Manager, Sage 50, and Quicken—to help small business owners and self-employed professionals evaluate their available options.

Tax and Recordkeeping for Small Business and Self-Employed

Financial Reporting for Small Businesses

Introduction to Form 1120

Introduction to Form 1065 Partnership Income Tax

Summary of Tax Form 1120-S for S Corporations

Get your small business accounting tax-ready

Business Taxes in the United States

Highlights about the One Big Beautiful Bill Act Tax Changes (OBBBA)

Date: November 18, 2024 Cleanup By: Sonia Lee Ng, CPA Many small business owners prefer to do their own bookkeeping, but sometimes if done by inadequate personnel, it may lead to inaccurate financial records and/or errors that may result in incorrect taxes, late filing of tax returns, leading to penalties and interest. If you discovered that your accounting records are incomplete, inaccurate, or not ready to support financial statements for tax filings, you may need to do the

Summary of the bank reconciliation process

Date: February 26, 2024 By: Sonia Lee Ng, CPA Even though the Sarbanes-Oxley Act of 2002 only applies to publicly traded companies, it has influenced all other companies to focus on the importance of internal controls over financial reporting. The implementation of effective internal controls is crucial for small businesses to safeguard assets, prevent fraud, ensure accurate financial reporting, and promote operational efficiency of a company. Key Internal Controls for Small

Date: November 14, 2023 By: Sonia Lee Ng, CPA Beneficial Ownership Information Reporting Starting January 1, 2024, a significant number of businesses will be required to comply with the Corporate Transparency Act ("CTA"). The CTA was enacted into law as part of the National Defense Act for Fiscal Year 2021. The CTA requires the disclosure of the beneficial ownership information (otherwise known as "BOI") of certain entities from people who own or control a company. It is ant

Navegando las aguas de las finanzas personales, una guía con pasos para comprar una casa

Impuestos de Individuos: Crédito del Ahorrador-Forma 8880

By: Sonia Lee Ng Published: July 3, 2023 The Statement of Cash Flows The Statement of Cash Flows is a financial report that details the cash inflows and cash outflows of a business during a certain period. Preparing a statement of cash flows is an essential part of the financial reporting of a business. It provides valuable information about a company's cash inflows and outflows during a specific period that is used for decision making. Here is a guide to help you in prepari

Common business structures in the United States

By: Sonia Lee Ng, CPA, CPFC® Updated: 8/19/2025 Many people overlook the importance of saving. Saving is paying ourselves. "Don't save what you have left over after spending... Spend what you have left over after saving" - Warren Buffett Saving is very important if we want to achieve financial independence. If we save, we can have money for a down payment on a car, a down payment on a house, cover for unexpected expenses, an emergency, funds to survive for a reasonable time i