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the-standard-business-mileage-rate-is-increasing

The Standard Business Mileage Rate is Increasing 
The Standard Business Mileage Rate is Increasing  1600 941 smolinlupinco

National gas prices are lower than they were a year ago, but the optional standard mileage rate used for calculating deductible costs of business vehicles will be higher in 2023. 

The IRS recently announced a cents-per-mile rate of 65.6 for the business use of an automobile, which applies to electric and hybrid-electric vehicles, as well as gasoline and diesel-powered vehicles. 

This comes after 2022’s rate of 58.5 cents per mile for the first half of the year (January 1-June 30), and 62.5 cents per mile for the second half (July 1-December 31). 

How business cents-per-mile rates are calculated 

This increase comes as somewhat of a surprise, given the fact that gas prices are lower than they have been in previous years—$3.15 per gallon of regular gas on December 29, 2022, compared to $3.52 one month earlier, and $3.28 one year earlier (according to AAA Gas Prices). 

The business cents-per-mile rate is adjusted annually based on a yearly study by the IRS. In some cases, if there is a significant shift in gas prices, the IRS will change the cents-per-mile rate partway through the year (as seen in 2022). 

Note, however, that the standard mileage rate isn’t just calculated based on the price of gas. It is based on all of the costs involved in driving a vehicle, including gas, maintenance, repair, and depreciation. 

Standard rate compared to actual expenses

Generally speaking, businesses can deduct the actual expenses attributed to business use of vehicles, including: 

  • Gas
  • Oil
  • Tires
  • Insurance
  • Repairs
  • Licenses
  • Vehicle registration fees 

Additionally, you can claim a depreciation allowance for vehicles that are not subject to certain depreciation write-off limits that don’t apply to other types of business assets. 

The cents-per-mile rate is particularly beneficial for those who don’t want to keep track of and account for all vehicle-related expenses. However, you must still record information such as business trip mileage, dates, and destinations. 

This rate is popular among businesses that attract, retain, and reimburse employees who use their own personal vehicles for business purposes. This is because, under current law, employees cannot deduct unreimbursed business expenses—such as business mileage—on their tax returns. 

Those that use the cents-per-mile rate must comply with all applicable rules. Otherwise, those reimbursements could be considered taxable wages to employees. 

When you can’t use the standard rate

Note that there are some instances in which the standard cents-per-mile rate cannot be used. This can depend on how you’ve claimed previous deductions for the same vehicle, whether the vehicle is new to your business this year, or whether you want to capitalize on certain first-year depreciation tax breaks. 

Not sure whether to use the standard mileage rate? Our team can help

There are many factors to consider when choosing whether to use the standard mileage rate to deduct business-related vehicle expenses. 

If you have questions about how to track and claim these expenses, our team of professionals can help. Contact us to get started. 

single-parent-estate-planning-what-you-need-to-know

Single Parent Estate Planning: What You Need to Know
Single Parent Estate Planning: What You Need to Know 1600 941 smolinlupinco

According to the Pew Research Center, nearly 23% of children in the United States live with only one parent—more than three times the number of children from around the world. 

Estate planning for single parents is similar to estate planning for households with two parents in many ways, as they both involve providing for children’s care and financial needs down the road. When there is only one parent involved, though, certain aspects of the estate plan require additional foresight. 

If you live in a single-parent household, here are some things you will need to address in your estate plan. 

Guardianship

If you become incapacitated or pass away unexpectedly, your children will need an appropriate guardian. In the event that the other parent is unwilling or unable to take custody, does your estate plan identify a suitable, willing guardian for your children? 

Additionally, will that guardian need financial assistance in caring for your children and providing for their education? Depending on your circumstances, you may want to consider keeping your wealth in a trust until your children reach a certain age. 

Trust planning

Trust planning is one of the most effective ways to ensure your children are cared for financially. With a trust, you can specify when and under what circumstances the funds should be distributed to your children. In the meantime, you can designate a qualified, trusted individual or corporate trustee who can manage those trust assets. 

This is particularly important if your children are minors—without a trust, your assets may end up being controlled by a former spouse or court-appointed administrator. 

Incapacitation 

As a parent, your estate plan should include a living will, advance directive, or health care power of attorney. As a single parent, this is essential, as these documents allow you to confirm your health care preferences and designate someone to make medical decisions on your behalf, should you become incapacitated. 

It’s also a good idea to have a revocable living trust or durable power of attorney who will manage your finances if you cannot do so. 

Need to revise your estate plan?

If you’re a single parent, it’s critical to have an up-to-date estate plan in place. Our financial advisors are happy to help you review and revise your estate plan. Contact us to get started today.

roche-miseo-barchetto-joins-smolin-lupin

Roche Miseo Barchetto Joins Smolin Lupin 
Roche Miseo Barchetto Joins Smolin Lupin  1600 1067 smolinlupinco

FAIRFIELD, NJ – January 19, 2023 – Smolin Lupin, an Independent Member of the BDO Alliance USA and one of the NJBIZ Top 20 Public Accounting Firms in New Jersey, is pleased to announce the merger of Roche Miseo Barchetto, LLC, a CPA firm headquartered in Parsippany, New Jersey. 

The professional team from Roche Miseo Barchetto, LLC services clients throughout the tri-state area. With a specialty in accounting for contractors spanning over 35 years, the firm has built a strong reputation in the surety and banking community. RMB also services wholesale distributors, professional service entities, and real estate professionals.

“We are thrilled to have RMB join us in providing the quality accounting and consulting services Smolin has always been known for,” said Ted Dudek, CPA and Managing Member of the Firm. “We believe Smolin will benefit greatly from RMB’s accounting and tax experience and commitment to quality and timely service.”

This merger will expand Smolin’s ability to deliver industry-leading financial and accounting solutions throughout New Jersey. RMB’s unique specialty in accounting for contractors will enhance Smolin’s existing client base in the construction industry.

“Our merger with Smolin will allow us to expand our client services and provide the necessary specialization in an ever-expanding marketplace of accounting and tax services,” said Carmen Miseo, CPA. “The cultural synergies between the two companies are apparent, as we share the same vision and philosophies. We look forward to continuing to service our clients in the same manner that you have grown accustomed to.”

As part of this merger, the RMB staff will relocate to Smolin’s Fairfield, New Jersey offices.

About Smolin Lupin

Since 1947, Smolin has been committed to providing industry-leading professional financial and accounting services uniquely designed to meet the needs of each and every client. Smolin’s attention to the needs of each client has helped them become the successful and respected CPA firm they are today. Smolin Lupin is an Independent Member of the BDO Alliance USA and one of the NJBIZ Top 20 Public Accounting Firms in New Jersey.

About Roche Miseo Barchetto, LLC

In 1987 Carmen Miseo and Richard Roche founded Roche Miseo & Co. and gave rise to what is now known as Roche Miseo Barchetto, LLC. Christopher Barchetto joined the firm in 1998 and became a partner in 2006. Today the firm thrives, servicing clients throughout the tri-state area. RMB’s commitment to quality and timely service is the driving force behind the firm’s growth over the years.

save-for-your-childrens-college-education-the-tax-wise-way

Save for Your Children’s College Education the Tax-Wise Way
Save for Your Children’s College Education the Tax-Wise Way 1600 941 smolinlupinco

If you have children, you’ve likely got college savings on your mind. Here are some tax-favored ways to save for future education costs so that you can take advantage of your options. 

Savings bonds

When used to finance college expenses, Series EE U.S. savings bonds offer two tax-saving benefits: 

  1. Until the bonds are cashed in, you don’t have to report interest on them for federal tax purposes. 
  2. If the bond proceeds are put toward qualified college expenses, interest on qualified Series EE and Series I bonds may be exempt from federal tax. 

To qualify for the college tax exemption, bonds must be purchased in your name or jointly with your spouse—not in your child’s name. Additionally, proceeds must be used for education-related expenses only (i.e., tuition and fees but not room and board). If only some of the proceeds are used for qualified expenses, then only some interest will be exempt. 

Note that if your modified adjusted gross income (MAGI) exceeds certain thresholds, the exemption will be phased out. For example, the exemption for bonds cashed in 2023 begins to phase out when MAGI hits $137,800 for married joint filers (or $91,850 for other returns). The exemption is completely phased out when MAGI is at or above $167,800 (or $106,850 for others).

529 plans

Qualified tuition programs, or 529 plans, are established by state governments or private institutions. These programs allow you to purchase tuition credits or contribute to an account specifically designed for your child’s future education costs. 

These contributions are not deductible and are calculated as taxable gifts to the child. They are, however, eligible for the 2023 annual gift tax exclusion of $17,000. Donors who contribute more than the annual exclusion limit for the year may treat the gift as if it were given in increments throughout a five-year period. 

Until college costs are paid from the funds, earnings on these contributions accumulate tax-free. Distributions from 529 plans are also tax-free to the extent that the funds are used to pay for qualified higher education expenses, including up to $10,000 in tuition costs for elementary or secondary school. 

Distributions of earnings not used for qualified higher education expenses will generally be subject to income tax in addition to a 10% penalty. 

ESAs 

For each child under the age of 18, you can establish a Coverdell education savings account (ESA) and make contributions of $2,000. Note that this age limit does not apply to beneficiaries who have special needs. 

Once AGI is above $190,000 on a joint return ($95,000 for others), the right to make contributions will begin to phase out. If the income limit becomes an issue, the child can then contribute to their own account. 

Despite contributions not being deductible, income in the account is not taxed and distributions are tax-free when put toward qualified education expenses. If the child does not pursue higher education, the money must be withdrawn when they turn 30, and any earnings will be subject to tax plus penalty. However, those unused funds can be transferred to another family member’s ESA if they have not yet reached age 30. (This age requirement does not apply to those with special needs.)  

Talk to a financial advisor today

This is not an exhaustive list of all the tax-wise ways to save for your children’s college education. If you would like to discuss these options or learn about others available, contact us to speak with a certified CPA. 

what-to-know-before-donating-appreciated-assets-to-charity

What to Know Before Donating Appreciated Assets to Charity
What to Know Before Donating Appreciated Assets to Charity 1600 941 smolinlupinco

If you often give to charity, you’re likely aware that long-term appreciated asset donations—stocks, for example—are more advantageous than cash donations. But in some instances, it may be a better idea to sell those appreciated assets and donate the proceeds instead. 

This is because, for cash donations, adjusted gross income (AGI) limitations on charitable deductions are higher. Additionally, the deduction rules can be different for assets that don’t qualify for long-term capital gain treatment. 

Tax treatments by donation type

If all were equal, it would be ideal to donate long-term appreciated assets directly to charity because you could:

  • Enjoy a charitable deduction equivalent to the assets’ fair market value on the date it was gifted (assuming deductions are itemized on your return) 
  • Avoid capital gains tax on their appreciation in value 

In this scenario, if you were to sell the assets and donate the proceeds, the resulting capital gains tax could then reduce the tax benefits of the donation. 

But all is not equal. Charitable donations of appreciated assets are typically limited to 30% of the AGI, while cash donations are deductible by up to 60% of the AGI. 

In either case, excess deductions may be carried forward for up to five years. 

Crunch the numbers

If you’re considering donating appreciated assets greater than 30% of your AGI, do the math first. 

Then, determine whether selling the assets, paying the capital gains tax, and donating cash up to 60% of the AGI will result in greater tax benefits during the donation year and the following five years. 

The answer will depend on a number of factors, such as: 

  • The size of the gift
  • Your AGI in the year that you made the donation
  • Your projected AGI in the following five years
  • Your ability to itemize deductions during those years 

Making charitable donations? Talk to a tax professional

Before making charitable donations, it’s helpful to discuss your options with a knowledgeable tax advisor. Contact us for assistance making charitable donations with the greatest tax benefits. 

too-good-to-be-true-be-wary-of-third-party-erc-mills

Too Good To Be True? Be Wary of Third-Party ERC Mills
Too Good To Be True? Be Wary of Third-Party ERC Mills 1600 941 smolinlupinco

During the height of the COVID-19 pandemic, the Employee Retention Credit (ERC) helped employees keep their staff members on payroll. While this tax credit is no longer available, eligible employers who have yet to claim it may be able to do so by filing amended payroll returns for 2020 and 2021. 

However, the IRS warns against third parties advising non-eligible employers to claim the ERC. 

ERC 101

The ERC is a refundable tax credit designed specifically for businesses that: 

  • Continued to pay employees while being closed due to the COVID-19 pandemic, or 
  • Had significant declines in gross receipts between March 13, 2020, and September 30, 2021 (or, for certain startup businesses, December 31, 2021) 

Eligible employers who did not claim the ERC on an original tax return may still be able to claim it on an amended return. 

Eligible businesses must have fully or partially suspended operations due to government orders limiting commerce, travel, or group meetings due to the pandemic during 2020 or the first three quarters of 2021. Those who qualified as a recovery startup business during the third or fourth quarters of 2021 may also be eligible. 

Note that for any quarter, eligible employers cannot claim the ERC on wages that were: 

  • Reported as payroll costs in obtaining Paycheck Protection Program (PPP) loan forgiveness 
  • Used to claim certain other tax credits 

The problem with third-party “ERC mills” 

Some third-party “ERC mills” are sending notices via email, postal mail, and voicemail—and even advertising on television—promising businesses that they can help them receive a refund, despite not knowing anything about the employers’ unique circumstances. 

When businesses respond, these third parties claim many improper write-offs relating to the tax credit, such as taxpayer eligibility and computation. These third parties often charge large fees, whether upfront or contingent on a refund, without informing taxpayers that wage deductions claimed on federal income tax returns must deduct the amount of the credit. 

Getting the facts straight

If a business filed an income tax return that deducted qualified wages prior to filing an employment tax return claiming the ERC, they should file an amended return correcting any overstated wage deductions. 

The IRS encourages businesses to be wary of advertisements and offerings that seem too good to be true. Regardless of the third parties involved, taxpayers are always held responsible for any information reported on their tax returns. By improperly claiming the ERC, you may be required to repay not only the credit, but also any penalty fees and interest.

Wondering if you can still claim the ERC? Contact a knowledgeable tax professional

If you’re an employer who didn’t previously claim the ERC and believe you may be eligible, Smolin’s tax advisors can help you determine how to proceed. Contact us today. 

cash-tax-or-accrual-basis-whats-the-right-accounting-method-for-your-business

Cash, Tax, or Accrual Basis: What’s the Right Accounting Method for Your Business?
Cash, Tax, or Accrual Basis: What’s the Right Accounting Method for Your Business? 1594 938 smolinlupinco

One of the most critical aspects of running a business is having access to timely, accurate financial information. When it comes to tracking your business’s financial performance, there are several accounting methods to choose from—but how do you know what’s right for your situation? 

Here’s an overview of cash, tax, and accrual basis accounting to help you determine what’s right for your business. 

Cash basis

Startups and sole proprietorships often default to the cash method of accounting because of its simplicity. It also provides an immediate look at all available funds, which tends to suffice for small businesses with finances that aren’t overly complicated. 

While the recordkeeping process is easy, cash basis accounting can make it difficult to get an accurate picture of your finances, as transactions are only recorded when money changes hands. For example, if you bought a new computer using credit, you would only record it as an expense after paying for it in cash. (Note that this method is also not suitable for tax purposes.) 

You can often tell whether a company is using cash basis accounting by looking at its balance sheet, which won’t report accrual-basis items like accounts receivable, prepaid assets, accounts payable, or deferred expenses. 

Tax basis

Companies that want to minimize their tax liability may choose to use tax basis accounting, where transactions are only recorded when they relate to tax. With this reporting option, you use the same accounting method for both book and tax purposes. 

This can also be beneficial for businesses that don’t have complicated financial affairs and who don’t require up-to-date financial information. 

Accrual basis

As your business grows, it will have more complex reporting requirements. Larger companies may decide (or be required to) to use the accrual method of accounting, where revenue is recognized when earned (regardless of when it’s received), and expenses are recognized when incurred (rather than paid). This method matches revenue to corresponding expenses in the proper period, which helps with accurately evaluating growth and profit margins over time and against competitors. 

Businesses that issue financial statements under U.S. Generally Accepted Accounting Principles (GAAP) are required to use this accounting method—and most lenders and investors prefer this method due to its reliability for long-term financial planning purposes. 

An additional benefit of accrual basis accounting is that it can help manage cash flow. For example, timely financial data helps negotiate payment terms with suppliers, plan for significant expenses, and forecast future cash needs. 

Not sure which method is right for your business? Contact us

Choosing the right accounting method for your business is not a decision that should be made lightly. You need to consider your financial needs and accounting skills, and whether the methods used in the past have served you well. You may even choose to use a hybrid approach, incorporating elements from multiple methods. 

A knowledgeable tax advisor can help you find the right solution. Contact us to learn more. 

getting-the-most-out-of-your-401k-plan

Getting the Most Out of Your 401(k) Plan
Getting the Most Out of Your 401(k) Plan 1594 938 smolinlupinco

The best way to reduce taxes and set yourself up for a comfortable retirement? Putting money toward a tax-advantaged retirement plan. If you’re not already making the most of an employer-offered 401(k) or Roth 401(k), now is the time to start. The sooner you start contributing to your retirement plan, the more substantial your nest egg will be. 

Looking to build up that nest egg even more? Consider increasing your contribution (if you’re not already contributing the maximum amount allowed). Thanks to tax-deferred compounding—or, in the case of Roth accounts, tax-free—boosting contributions can significantly impact the amount of money you’ll have once you retire. 

Retirement plan contributions in 2023

With a 401(k), an employee can elect to have a certain payment amount deferred and then contributed to their plan by an employer on their behalf. Due to inflation, these amounts are unsurprisingly increasing—the contribution limit in 2023 will be $22,500, compared to $20,500 in 2022. 

Employees who will be 50 years of age or older by the end of the year will also be able to make additional “catch-up” contributions of $7,500 in 2023 (compared to $6,500 in 2022). As a result, these employees can save a total of $30,000 in 2023 (compared to $27,000 in 2022). 

401(k) contributions

There are many benefits to contributing to a traditional 401(k). For example: 

  • Contributions are pre-tax, which reduces your modified adjusted gross income (MAGI), and can also help to reduce or avoid the 3.8% net investment income tax.
  • Plan assets can grow tax-deferred, which means you don’t have to pay any income tax until you take distributions.
  • All or some of your contributions can be matched by your employer pre-tax. 

If you’re already contributing to a 401(k) plan, you may want to take a closer look at your contributions for 2023, aiming to increase your contribution rate to get as close to the $22,500 limit as possible—with an extra $7,500 for those aged 50 or older. 

Note that your paycheck will be reduced by the amount of contribution only, as these are pre-tax and income tax is not withheld. 

Roth 401(k) contributions

High-income earners may benefit from Roth 401(k) contributions, as they don’t have Roth IRA contributions as an option. This is because if your adjusted gross income exceeds a certain threshold, your ability to contribute to a Roth IRA is reduced or eliminated. 

If your employer offers a Roth option in their 401(k) plans, you can designate some or all of your contributions as Roth contributions. While these contributions won’t reduce your MAGI, qualified distributions will be tax-free. 

Plan your financial future with Smolin

If you’re not sure how much to contribute, or how to determine the best combination of traditional and Roth 401(k) contributions, our knowledgeable tax advisors can help. 

Contact us to get the most out of your 401(k) plan or to discuss other tax and retirement-saving strategies.

financial-reporting-tips-for-nonprofits

Financial Reporting Tips for Nonprofits
Financial Reporting Tips for Nonprofits 1488 875 smolinlupinco

Financial reporting isn’t just about profits. A lot that falls under the umbrella of accounting, from preparing budgets and monitoring finances to paying invoices and managing payroll tax—and nonprofits can certainly benefit from formal accounting processes. 

If you’re a nonprofit entity, consider whether your accounting processes are managed as efficiently as possible. Not sure where to start? Check out these helpful tips. 

Create invoicing policies and procedures

If you’re unsure of where to start, take a look at your invoicing. Do you have policies and procedures for monthly cutoffs of recording vendor invoices and expenses? 

One option is to require that all invoices be submitted within one week of the month’s end. Otherwise, you may spend valuable time waiting on weigh-ins from employees or other departments—and ultimately, delaying the completion of your financial statements. 

By reconciling balance sheet amounts each month, you may also be able to save time at the end of the year by catching and correcting any errors early. It’s also helpful to reconcile your accounts payable and accounts receivable ledgers to statements of financial position. 

An extra tip: when you have multiple invoices to process, it’s best to set aside a block of time to enter invoices and cut checks all at once. 

Streamline data collection

Accounting clerks and bookkeepers need a variety of information to enter vendor bills and donor bills into your accounting system. One way to make this process more efficient is to design a coding cover sheet or stamp to collect information on the invoice or donor check copy. This helps to route invoices pending approval into a folder that lists your nonprofit’s general ledger account numbers—that way, the person entering data doesn’t have to look them up every time. 

In your cover sheet or stamp, you should also include a place for invoice payment approvals. For example, multiple-choice boxes can be used to indicate the cost centers to which amounts should be allocated. 

Be sure that the invoice’s payment is also documented for reference, and that your development staff provides details for donor gifts before recording them in the accounting system. 

Make the most of your accounting software

If you’ve purchased an accounting software package, there’s a chance you’re not taking advantage of all the tools it has to offer. Have you invested enough time to learn the full functionality of your software package? If not, consider hiring a trainer to review all of its functions and teach you and your team shortcuts and other time-saving tricks.

It’s also helpful to standardize the financial reports that come from your accounting software, so you don’t have to spend extra time modifying them to meet your organization’s needs. Not only will this reduce input errors, but it will also offer helpful financial insight at any point—not just at the end of the month.

Your accounting software can also help you automatically perform standard journal entries and payroll allocations. For example, many systems can automate payroll allocations to certain programs or vacation accrual reports. That said, be sure to review any estimates against the actual figures every so often, and always adjust to the actual amount before closing your books at the end of the year. 

Monitor your processes

If they’re not consistently monitored, even the most robust accounting processes can become inefficient over time. Every so often, assess your processes for any tedious or labor-intensive steps that could be automated, or steps that don’t add value and could be removed altogether. 

Additionally, make sure that the department responsible for overseeing your finances—CFO, treasurer, or finance committee, for example—reviews monthly bank statements and financial statements promptly. The earlier you catch errors or unexpected amounts, the better. 

Need more tips? 

If you’re interested in learning more about how to improve the accounting function at your nonprofit, our knowledgeable advisors are here to help. Contact us to learn more.

5-ways-to-update-your-accounting-practices

5 Ways to Update Your Accounting Practices
5 Ways to Update Your Accounting Practices 1594 938 smolinlupinco

When you think about the internal workflows and processes of your business, are you able to pinpoint why you do things a certain way? If the answer is “because we’ve always done it that way,” it might be time to make some changes. 

In fact, with all of the new developments in the financial and accounting realm, sticking to those traditional methods may actually be costing your business in terms of efficiency and cash flow alike. 

Here are five ways to keep your accounting processes and systems up-to-date. 

1. Streamline the payables process

When it comes to managing your accounts payable, using traditional paper processes could be costing you valuable time (and money). With automated technology solutions, you can streamline the process to improve efficiency, reduce costs, enhance security, and even obtain early payment discounts. 

Automatic payables systems can scan invoices and post them automatically based on the purchase or invoice number. Then, the payables clerk—or whoever is responsible for reviewing the invoice—can cross-reference the invoice and approve it for electronic payment based on terms negotiated with the vendor. 

2. Implement daily reconciliation

Many accounting firms wait until the end of the month to reconcile their bank accounts—but it doesn’t have to be this way. By reconciling accounts on a daily basis using automation software, you can catch in-transit payments that have been cashed but not recorded. And by eliminating that crunch at the end of the month, you can speed up other monthly closings. 

This also keeps you from having to wait for standard monthly entries that remain the same—depreciation, prepaid expenses, and property tax or insurance accruals, for example. By starting your end-of-month closing process sooner, you can improve the accuracy and timeliness of your financial statements while also taking some of the pressure off of your accounting staff. 

3. Use p-cards

Consider issuing corporate purchase cards, or p-cards, to at least one employee in each department to cover travel and entertainment expenses, or small items under $100 or so. This way, your accounting department can make a single payment for multiple purchases, rather than processing multiple small-dollar checks. 

As an added perk, most p-cards offer points and cash-back rewards that your team can take advantage of when paying back expenses. 

4. Digitize your processes

When you go paperless, you can lower expenses, increase efficiency, and maintain compliance—all in a way that’s more environmentally friendly. And when you use an electronic document management system, you can save significant amounts of physical storage space and reduce the time it takes to create and modify documents. 

While you may not be able to go completely paperless, there are plenty of documents and processes that can be digitized: contracts, invoices, payables, payroll documents, and employee records, for example. 

Consider implementing document management software solutions to help you convert your processes from paper to digital. 

5. Make the most of your accounting software

With ever-changing policies and practices, it’s more important than ever to use your accounting software to help you stay compliant and financially sound. This could involve making better use of your current account system or switching over to new software. Keep in mind that, as your firm grows, you will likely need more advanced functionality. 

To optimize your accounting software, start by making a list of your requirements, from types of activities to reporting. Then, cross-reference those needs with your software features to ensure that they’re all being met. You’ll also want to prioritize remote access so that your team can securely access real-time project information from anywhere. 

Look for integrations with other software and platforms, too, such as timecard entry and project management software, or third-party payroll software that can be used with minimal manual data entry.

Ready to upgrade your accounting practices? 

If your accounting firm’s processes and systems have been the same for years, it’s likely time for an upgrade—and our knowledgeable accounting advisers can help. Contact us to learn more.

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