Liz Smith, CPA, MSTFP

The best crypto tax software makes importing wallets and exchange data simple, calculates gains and losses, and provides audit-ready tax forms. It also integrates with traditional tax prep platforms and keeps your data secure. These are my favorite choices for crypto tax software this year: CoinLedger: Best overall cryptocurrency tax software Koinly: Best for international…

The accounting for SaaS companies differs from that of most traditional retailers because SaaS businesses typically have recurring revenue (like subscriptions), bundled contracts, and layered performance obligations. Unlike most retailers that fully record revenue at the point of sale, SaaS providers must recognize it over the term of service, and income is frequently deferred or…

The accounting equation is the basis for double-entry bookkeeping, which requires that the totals on either side of the equals sign balance. To obtain an asset, it would have to have been obtained either through a liability (funds borrowed) or owner’s equity (funds earned by the owners). Assets = Liabilities + Owner’s Equity The equation…

When you’re in a rush, it may be tempting to get your payments into QuickBooks as quickly as you can and ignore some of the finer details. Don’t do it. Knowing how to record a deposit in QuickBooks Online and doing it properly will help you avoid headaches and keep your blood pressure down. So,…

While you can’t undo an entire month’s bank reconciliation in QuickBooks Online, you can undo and edit individual transactions. To do this, you need to find the account that has the transaction (in your chart of accounts) and then fix the error by undoing the transaction in question and adding the correct one to the…

Even though I’m a CPA by trade, I don’t just default to the same software every year, even when preparing my own tax return. Since software features change regularly, it’s important to shop around. While TurboTax stands out as a strong tax prep contender, its premium pricing and hard-driving upselling strategies can be a deterrent….

If you want to track customer invoices and payments in Excel, the first step is to set up an invoice tracker. Just start a spreadsheet with columns like invoice number, customer name, due date, and amount owed. From there, you can use Excel tools like formulas, data validation, and conditional formatting to stay organized and…

Managing 1099s can feel overwhelming, especially since they’re due January 31st. Before you can even shake off your New Year’s Eve glitter, it’s time to start filling out forms and doing tax stuff. I’ll walk you through the best 1099 software for small business operations, which should include e-filing capabilities, state filing support, TIN matching,…

I’ll walk you through how to convert QuickBooks Desktop to QuickBooks Online, a move that gives you the flexibility to access your financial data from anywhere. I’ll cover the key steps you need to take before the switch, including how to update QuickBooks Desktop to the latest version, prep your company file, and choose what…

The simplest type of business you can run is a sole proprietorship. It’s just you, and there’s no need to file special paperwork with the state to set it up. Because of that, you and your business are considered the same in the eyes of the law. A sole proprietorship is easy to start and…

Cryptocurrency has changed the way we invest, transact, and earn. As a result, it presents unique challenges when it comes to taxation. The IRS views cryptocurrency as property, meaning it’s treated more like real estate or stocks than traditional money. Even though it offers exciting opportunities for financial growth, knowledge of crypto taxation is essential…

A petty cash fund is a small amount of cash on hand, usually less than $500, used to cover incidentals or nominal expenses. Since accounting for petty cash only involves minor expenses, it can either be done manually or made easier with bookkeeping software. In addition to the manual method, I’ll show you how to…