The founder of Provident CPAs, also based in Tulsa, OK, David makes sure that he focuses just as much energy on community engagement as he does on his work.
Make the Right Moves at Every Age to Retire Wealthy
Retirement savings are a big concern for most Americans. Most workers no longer anticipate seeing a pension in their golden years. Also, the deposit caps on accounts like IRAs and 401(k)s make it difficult to accumulate wealth. It’s difficult even to retire comfortably just retiring on those instruments. Luckily, there are other strategies to pursue people who want to retire wealthy.
There are things people can do at every age to set themselves up for a comfortable retirement. Young adults in...
The 5 Basic Accounting Principles
The COVID19 pandemic has stimulated the creativity of many Americans who were bored with the shelter-in-place restrictions. This has resulted in a boom of new businesses, primarily sole proprietorships, and the owners’ need to become familiar with accounting, marketing, and other concepts they may have been hitherto unfamiliar with.
Whether you outsource your accounting or do it yourself, there are five basic principles of accounting that govern the accounting process. They are as follows:
1....
Helping to Improve Your Neighborhood Culture
A neighborhood community is much like any other group dynamic. It contains individuals that each contributes their unique aspects to the total experience. Many of the same strategies that help to meld corporate groups can be used to help communities feel more connected and more engaged in the work of making their neighborhoods better. Here are a few ways to improve your neighborhood culture to make it a more practical daily living environment.
Being Transparent With Issues & Problems
Every co...
5 Small Things Anyone Can Do To Help Their Community
Attend Local Events
Depending on where you live, there might be local events in your area to attend; events such as film festivals, food truck drive-ups, dance performances, and arts and music events. Your community can help provide support for local talent. Be sure to pay attention to local announcements and news forums to stay up to date, then go check them out. Try to buy merchandise if you get the opportunity!
Volunteer
If you enjoy volunteering your skills and time, there are plenty of w...
Actions To Take Before Planning Your Business Succession
Planning for business succession is vital for the future of the business. The succession plan gives the owner a clear vision of the business objectives and how to achieve them. A business owner should be less subjective in succession planning, especially if it involves leaving the business to a family member. Here are three steps to take before succession planning.
Define the Vision of the Future of the Company
Business owners should be clear about the future of the business. They should have...
Adjusting Your Accounting Strategy During Economic Turmoil
The old saying tough times call for tough measures has never been more illustrious than today under the Covid-19 pandemic. In its wake, businesses are facing unprecedented challenges that have seen some completely lose everything. In times of such economic turmoil, companies must re-strategize to optimize their chances of surviving but thriving, even as the pandemic wreaks havoc on economies the world over.
Accounting is one of the critical areas where re-strategizing could mean doing better ...
Land And Its Tax Benefits
During the current pandemic, Wall Street has suffered the most raising uncertainty in all other investment options. However, for many years land has proven to be the safest investment during times of economic hardship. Professionals have always considered tax sheltering and land investments to go well together. The area offers a variety of tax protecting options determined by experts. They include the following listed below.
Section 1031 is commonly referred to as a like-kind exchange because...
The Basics of Accounting for Entrepreneurs
Millions of people all over the world aspire to be successful entrepreneurs. However, to survive in the cruel business world, they have to be outstanding in their chosen field. In that light, having accounting skills give seasoned as well as upcoming entrepreneurs an upper hand.
However, that does not mean that one must have a background as an accountant to succeed. Just a few necessary skills are enough to set them off. Even with basic accounting knowledge, an entrepreneur will keep track of...
Accounting Vs. Finance: Explained
One may hear of careers in accounting or finance used interchangeably, especially when searching for a career path. These two career options are popular among university graduates, and for good reason. However, accounting and finance have unique ways of working with and analyzing the same set of figures. Listed below is a guide explaining the differences between accounting and finance.
Finance manages money for individuals, governments, investments, and corporations. Finance graduates can wor...
How to Save Money with your Taxes
Taxes have been complicated for most taxpayers, leaving them with fewer amounts to save. However, do you know that saving money from taxes is an excellent way of reducing taxable income? Taking advantage of any saving avenue is a sure path towards attaining your financial goals and security in the future. Listed below are ways on how to save money with your taxes.
Adjust Paycheck Withholding
Treasury Departments have formulated a withholding table that shows tax laws on every new standard ded...
Should You Major in Accounting or Finance?
In this dynamic corporate society, the question of whether to major in accounting or finance is a daunting concern to many scholars. Today, accounting and finance applications don’t have significant differences. However, to understand the best field to specialize in, you need to narrow down the benefits of each assertively. So, let’s carry out an in-depth analysis of both subjects to help you make sound decisions.
Specialization
Accounting has three major categories of specialization. They in...
Retaining Clients for Your Accounting Firm
Your proficiency in providing accounting services isn’t enough to gain new patrons to offer your services. The progress within your marketing and advertising is what generates new clients on a consistent basis. Referrals are an option, but the number of clients that you now have can’t produce references indefinitely. Maintaining a large pool of accessible clients requires marketing and outreach. The news about your services has to reach your target audience. Effective marketing calls for a st...
The Best Accounting Programs in 2020
Operating a business requires the owner to have an account of the financial records at all times. On that account, bookkeeping is inevitable as it is the core of a successful business. Tracking expenses is possible, which leads to cutting on some items to avoid overspending. Here are the best programs to utilize to enhance accounting strategies.
QuickBooks
It is the best version for small business owners since it helps a lot with accounting. The highlight is that it is versatile, easy to use,...
The Essentials For Maintaining A Healthy Accounting Firm
Maintaining a sustainable accounting firm is essential to the long-term success of your organization. Ensuring the sustainability of your accounting firm isn’t an easy task, as the entire world deals with a global pandemic and an uncertain future. However, following a few simple tips can play a crucial role in helping your accounting firm navigate these difficult times.
Focus on Your Staff Members
The employees of an accounting firm are the number one reason for maintaining success. Creating ...
How COVID-19 is Affecting Accounting Practices
Whether a freelance bookkeeper or a corporate accountant, the situation surrounding the COVID-19 disease is undoubtedly affecting you in previously unforeseen ways. Consequently, all areas of accountancy are being affected, from revenue recognition to asset impairments.
SEC Relief
Meeting SEC filing deadlines by public companies may be challenging due to COVID-19. Under certain circumstances, additional time is allowed for filing disclosure reports.
Effects on Meetings
Field auditors will be ...