David Auer CPA

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...

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 ...

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...

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...

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...

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...

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...

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...

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,...

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 ...

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 ...

Nearly 50 years ago, the first computer was invented and technology as we knew it changed. When the first computer was invented, only a handful of people believed in a smaller form factor with the same processing power. Today, computers come in various sizes, configurations, and form factors. This change not only sparked a revolution in the technology industry but every other industry as well. The accounting industry experienced a massive shift in the last 20 years, from bookkeeping to digita...

As I’m sure you’re well aware, the coronavirus pandemic has changed the world’s economy forever. As talks in the US increase of more bailout programs to aid unemployed Americans, every small business is scrambling to keep themselves afloat. Coronavirus has changed every industry, including accounting. One of the fundamentals of accounting is auditing. Auditing reviews reports and numbers of organizations and businesses to verify all information. Auditing prevents any business from falsifying ...

Today, accountants are easily discoverable. There are various accountants that specialize in different elements of accounting. These options include tax accountants, small business accountants, and personal accountants. Each of these specialists suits different needs, but all have at least a basic understanding of accounting. An accountant is crucial to understanding where your revenue comes from and how much it costs to gain that revenue. No matter what business you’re in, every business nee...

The holidays are over and the new year has begun. For many around the country, this means the beginning of a long and arduous fight with the winter elements. But for all Americans, this season represents an even scarier proposition: the need to complete taxes. But while tax season is certainly not the “best time of the year” like the holiday season that precedes it, there are ways to make it so manageable that it feels like a gentle spring breeze.
Individual tax returns are due on April 15, 2...