Accounting

June 14, 2019 by Eric Butts 2 Comments

#FailureFriday vol. 5 – reviewing tax returns was harder than it looked for this tax pro

A first chance to serve in a senior role by reviewing returns… thought I did a great job until it came back a sea of red. [Read more…]

January 4, 2017 by Eric Butts 2 Comments

How to Account for Client Retainers and the Mistake Many Small Businesses Make

If you’re starting a service business, you may have concluded that it makes sense for you to charge a retainer up-front. When dealing with small business or individuals, charging a retainer can help you make sure you don’t get stuck with invoices you have trouble getting paid. Maybe your clients ran out of cash unexpectedly or maybe they decided the agreed upon work wasn’t actually what they wanted and refused to pay. In any case, work you perform has a cost associated with it so covering yourself to prevent losing money on deals is a top priority. If you can’t collect more cash than you spend, your business will face certain death, no matter how popular your offering. [Read more…]

May 10, 2016 by Eric Butts Leave a Comment

Do You Choose Your Favorite Calculator or Does it Choose You…Like a Lightsaber?

I asked a bunch of accountants about their favorite financial calculator and this is what they said*: [Read more…]

December 28, 2015 by Eric Butts 19 Comments

Masters in Accounting Not The Sweet Treat Some Students Think

Getting a Masters in Accounting (MSA) is a waste of money, but aspiring accountants everywhere continue to struggle with whether or not to pursue this advanced degree. [Read more…]

August 24, 2015 by Eric Butts 2 Comments

4 Ways to Manage Finances for Small Business Owners Who Are Looking to Expand

Someone recently sent me a question asking about tips for managing finances for small business owners looking to expand. Small business owners looking to expand face the same fundamental finance problem any other business faces – how to invest in your business while making sure you have enough cash to pay your bills.

You might think that sounds obvious, but if it was so straightforward we wouldn’t have 50% of businesses failing by year 4. Businesses fail for one reason – they run out of money. Unfortunately, running out of money is a symptom of many possible problems and doesn’t necessarily indicate mismanagement of finances.

[Read more…]