Accounting Tips Archives - John F. Dennehy Jr., CPA, PC
John F. Dennehy Jr., CPA, PC

Category Archives for Accounting Tips

How to Choose the Right Accountant & Why It’s Critical

Although the average business owner doesn’t acknowledge it, taxes and tax returns are critical to long-term small business success. If you think about it, the reasons for that are obvious.The first reason is that a small business only pays taxes when it’s making money. And the second reason is that failure to pay taxes due […]

Continue reading

Questions to Ask Any Long Island Tax Accountant Before Hiring Them

Do you know the questions to ask a Long Island NY tax accountant during the consultation before hiring them? Just as you would screen any potential employee and ask questions about their experiences, it’s imperative to do the same with a potential accounting firm.In either case, many factors can affect your decision, including how much […]

Continue reading
Accountant

Six Simple Questions to Ask Your Accountant to Get the Most Value

Choosing an accountant is a big deal, so it’s critical you know the top questions to ask your accountant. Contrary to popular belief, accountants are not one-size-fits-all. This means it’s important to work with an accountant who has experience working with businesses similar to yours. And once you find a potential candidate, you can dive […]

Continue reading
Bookkeeping Mistakes

Beware Don’t Make These Common Bookkeeping Mistakes

Common bookkeeping mistakes can easily drive business owners crazy! Similar to common tax mistakes for small businesses, bookkeeping mistakes can be expensive and have long-running implications. Instead of falling victim and dealing with the ramifications, the experienced accounting experts at John F. Dennehy CPA have you covered! We are a team of professional accounting specialists […]

Continue reading

7 Essential Items to Include on the Year End Accounting Checklist

Having a year end accounting checklist and closing procedures is critical to the long term success of your business. It’s important to start the new year with a fresh, clean slate that is correct and organized, so you’ll be poised for success. Whether you have an accountant on staff or use the expertise of an […]

Continue reading

4 Healthy Accounting Tips for Your Medical Practice

Your primary focus as a physician is patient care, but it makes dollars and sense to pay special attention to accounting for medical practices. In addition to being a physician, you’re also an entrepreneur tasked with running a profitable medical practice. This requires keeping accurate financial records and maintaining tax compliance. for a few […]

Continue reading

5 Basic but Essential Property Management Accounting Best Practices

Property management accounting can be painful — but it doesn’t have to be. Most new landlords are surprised to learn managing rental properties goes far beyond finding new renters and repairing leaky taps. These business owners must employ sound property management accounting practices to ensure the business runs smoothly and profitably. Failure to pay attention to […]

Continue reading

7 Easy Attainable Financial Resolutions for the New Year

If you failed to previously achieve your financial resolutions for the New Year, you’re not alone. According to the Journal of Clinical Psychology by the University of Scranton, a mere 8% of people actually achieve their resolutions for the New Year. However, this doesn’t mean you can’t refocus, rehone, and reinvigorate your financial resolutions for the […]

Continue reading
GAAP Compliance

GAAP Compliance Checklist for Dummies

Attaining GAAP compliance is as simple as 1,2,3 with the simple GAAP compliance checklist. Contact John F. Dennehy Jr. CPA, PC today to get started. Traditionally, achieving GAAP compliance has been a daunting and overwhelming process for businesses. GAAP or the generally accepted accounting principles serve as the standardizing accounting rule book for several businesses across […]

Continue reading
How to Track Business Expenses

The Simple Fool’s Guide for How to Track Business Expenses

Understanding how to track business expenses is one of the most important facets of accounting and bookkeeping. The premise behind tracking your expenses is simple: the higher number of tax deductions your business can take, the lower your overall taxable profit and tax bill will be. However, in order to qualify for these deductions, you must […]

Continue reading