Bean Blog

How to Report Your Health Insurance Benefits as a Firm Owner

3.5 MIN READ We’ve previously written about how to pay yourself depending on your entity type. As a quick refresher, if you’re a single member LLC, you take draws. Partners in a...
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How to Convert Your Books from Cash Basis to Accrual Basis Accounting

4 MIN READ When you first started your business, you may have chosen to use cash basis accounting for its simplicity. This method works well for new businesses with minimal...
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How Much of What You Spend Should Be Included In Your Books?

6 MIN READ Once upon a time, someone told me you can claim everything through your business and never have to pay taxes again. It sounded too good to be true! Well guess what? It...
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Thinking of Hiring? Practical Advice and Bookkeeping Considerations for Independent Financial Advisors

5.5 MIN READ Any independent financial advisor will tell you that the first few years of firm ownership are nothing short of challenging. Most days can feel like a sprint (even...
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Fringe Benefits: What's Taxable and What's Not

4 MIN READ When considering a job, most people know that you should look at more than just pay; you need to consider the entire benefits package offered. Fringe benefits—all those...
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How to Review Your Books: A 7-Step Process

4.5 MIN READ Around mid-January, wewere inundated with questions and corrections about why certain transactions were categorized a certain way, why income was high, or why...
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A Case for Accrual Basis Accounting

3 MIN READ So, you launched your RIA and now have a laundry list of to-dos and decisions to make. One of those to-dos is keeping a set of books; the accompanying decision is...
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Bean Counters and the Dawning of Democracy

2.5 MIN READ bean counter noun [informal] Beans are a cheap commodity so to count them is a rather silly thing to do. A “bean counter” is one who nitpicks over small things in...
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The 7 Best Apps for QuickBooks Online

3 MIN READ QuickBooks Online (QBO) has a plethora of apps designed specifically to supercharge QBO’s capabilities and make your life easier. Wondering which ones are the best?...
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10 Things We Love About QuickBooks Online

3 MIN READ QuickBooks, the longtime, go-to accounting software for small and medium-sized businesses, is making the move to QuickBooks Online (QBO). Intuit is encouraging users...
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