CPA Archives - TeachUcomp, Inc.

Tax Filing Tips for Tax Year 2013

Wednesday, January 22 2014 by Keeley Byrnes

There are a few changes for 2013 that tax tax payers should be aware of. Some of the changes include changes in credits while some refer to when and how to file. In this post we will try to give tax payers a few tips to make filing in 2014 a smoother and less

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Using Credit Cards in QuickBooks 2014

Thursday, January 09 2014 by Keeley Byrnes

Creating Credit Card Accounts You should set up a QuickBooks credit card account in the Chart of Accounts for each credit card you use in your business. Like any QuickBooks account, a credit card account has its own register. The register lists all the charges and credits you’ve recorded, as well a payments you’ve made.

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Small Business Accounting- Accounting Basics and Methods

Wednesday, July 24 2013 by Keeley Byrnes

Understanding accounting is a very useful skill to have when it comes to managing a small business. The better a manager understands financial data, the easier it is for them to make a decision. In this post, we will discuss some basic accounting terms as well as accounting methods that are relevant to small businesses.

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Published in Small Business Accounting

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Managerial Accounting- What is a Balance Sheet?

Tuesday, July 02 2013 by Keeley Byrnes

In accounting, it’s important to understand the different types of financial statements in order to be able to use them properly. The first important financial statement is the balance sheet. A balance sheet is an accounting tool that shows a company’s financial position at a certain point in time. In this post, we will discuss some

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Small Business Accounting- Debits and Credits

Thursday, June 20 2013 by Keeley Byrnes

In accounting, T-accounts are used to track economic activity within the business. A T-account is an individual record of an increase/decrease in an asset, liability, stockholder’s equity, revenue, or expense. Each T-account consists of three parts: the title of the account, a debit, and a credit. A debit is the left side of the account.

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Published in Latest, Small Business Accounting

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Managerial Accounting- Preparing the Operating Budgets

Wednesday, June 19 2013 by Keeley Byrnes

In previous posts, we’ve discussed how budgeting is essential to managerial control and accounting. Preparing budgets is an important step for managers to plan finances. When it comes to preparing budgets, preparing the operating budgets is usually the first step. In this post, we will explore the different components of the operating budgets.

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Published in Latest, Small Business Accounting

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Small Business Accounting- Cash Versus Accrual Basis Accounting

Wednesday, June 12 2013 by Keeley Byrnes

There are two types of accounting: accrual and cash. It’s important for a small business to understand the two systems in order to select the correct accounting methods. In this post, we will discuss the differences between cash basis and accrual basis accounting. Accrual basis accounting means that companies record

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Published in Latest, Small Business Accounting

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5 Reasons Why Being a CPA is Tough

Wednesday, May 15 2013 by TeachUcomp

“In this world nothing can be said to be certain, except death and taxes.” – Benjamin Franklin Taxes. That horrible chore that makes it on our to-do list every year. Even for those who are expected to receive a large return, the task can seem daunting. Forms, filing, 1040’s. Most of us just take the

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