JK Blog

As bookkeepers, we think this one is a huge mistake! According to the Small Business Administration, 28 percent of companies go bankrupt due to problems with the financial structure of the company. However, many of the problems could have been avoided by establishing good accounting practices.  The biggest practice that can save your business is to record everything. From a coffee bought during a business...Read More

Written by Fox Rothschild LLP New Jersey employers should expect to see a significant expansion of investigations into misclassification of employees as independent contractors. Such investigations have always presented risks and costs to employers, but recent portentous announcements by Gov. Phil Murphy’s administration indicate that the cost of misclassification could soon increase exponentially.  By way of background, employee misclassification occurs when an employer classifies workers...Read More

The first post in our 8 mistakes accountants make series is all about how profits dont always mean cash flow.  First let us define three key terms: profits, revenue, and cash.  Profits: Profits is an accounting concept that depends on a lot of imposed timing constraints for sales, costs, and expenses. Revenue: Revenue is money coming into the business. For most accounting and financial analysis...Read More

The most dreaded 4 numbers in all of accounting would have to be 1-0-9-9. Most independent contractors and self-employed individuals are privy to these notorious IRS tax forms, however, small business owners may not be aware of their responsibilities for filing a 1099.   The tax Form 1099-MISC is used by the IRS to track revenue for all individuals, companies and organizations who are required...Read More