The case for advisory services
Key performance indicators for professional services firms
As accounting professionals, our area of genius is bank reconciliations, workpaper tie outs, and financial statement preparation and analysis. When accountants run their own firms though we have to wear the business owner hat at least half of the time. This article shares what we here at T&O learned over the last few years running our own separate practices as professional services businesses and how we measure our performance.
Harnessing the Power of Accrual Accounting
In the world of finance and business management, the choice of accounting method can significantly impact the accuracy and reliability of financial reporting. While both cash basis and accrual basis accounting have their merits, the accrual method stands out as a powerful tool for strategic financial planning and analysis. In this article, we'll delve into the importance of the accrual method and how it enhances decision-making and long-term business success.
Aestheticians & Financials… Related?
Advisory services are rarely considered a necessity by business owners. Compliance like tax preparation is what most people focus on for obvious reasons, but when it comes to financial planning and analysis, it goes largely ignored or is treated like a luxury.
Understanding Reasonable Compensation for S Corporation Owners
A deep dive into reasonable compensation and why it’s the most important factor for business owners considering an s-corporation election.
The Three Key Metrics Every Business Should Track
A lot of times you will hear someone say -our revenues have increased XX percent but what the true question should be-what are your margins? What is your gross profit, operating profit and net profit margin?