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.

Financial Reporting for Small Businesses

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

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