The coronavirus pandemic has abruptly sent the American economy — along with nearly every other country’s economy — into a tailspin. After years of steady growth, businesses of all sizes are now facing an incredibly difficult moment.
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What You Need to Know About SBA Loans Related to COVID-19
Millions of small business owners in America are hurting right now, due to the unprecedented financial carnage brought on by the coronavirus outbreak. The pandemic has caused countless companies to cut employees and many others to, at least temporarily, close their doors.
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How to Track Intellectual Property Value in QuickBooks
It’s important that you track the assets of your business in your financial records. If your business has intellectual property, it should be also considered an asset and should be tracked. Many business owners do not track this.
Examples of Intellectual Property
A few of the most common examples of intellectual property that have business value are patents and trademarks. Patents, including the costs incurred to get the patent or to buy the patent produce value to your business over time. This is something that needs to be tracked. Trademarks or premium domain names are also intellectual property assets that should be tracked.
Should Intellectual Property Be Amortized?
In some cases, it makes sense to amortize an intellectual property asset, so the expense is logged over the life of the asset. In some cases you can make the decision yourself based on the size of the asset value, while in other cases the situation is defined by the IRS. Be sure to follow amortization guidelines defined by the IRS to avoid tax issues later. In general, if the asset is going to provide value over multiple years, it should be amortized so that your accounting records are accurate.
How to Track Intellectual Property in QuickBooks
Tracking intellectual property in QuickBooks is very similar to tracking machinery or real estate. First, you record the cost for the intellectual property, such as a patent, as an asset. Then you amortize the cost over the life of the patent or other intellectual property. By recording the intellectual property asset in QuickBooks and amortizing this over the life of the asset, you accurately reflect the impact of this intellectual property on your finances.
Listen to Bernard speak upon the importance of tracking intellectual property.
Tax Preparation Bookkeeping Best Practices
As a business owner, it’s important that you have your accounting records up-to-date. This becomes even more essential during tax time. You’re required to file taxes and if you don’t have your data available, then tax season can become a big distraction for you from running your business. In today’s episode, Bernard Roesch explains how to avoid tax season becoming a mess by not having your accounting records available.
For more information, visit www.MissionBusinessPodcast.com.
If you have any questions about this podcast episode, please feel free to contact us.
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Who You Need for Small Business Accounting
It’s important to make sure the accounting process within your business runs well. This will give you the data you need to make financial decisions. In order to do this, you need to have the support of a great team. But hiring team members can be overwhelming. In this episode, Bernard Roesch will help you better understand the key roles you need and how to go about finding them.
For more information, visit www.MissionBusinessPodcast.com.
If you have any questions about this podcast episode, please feel free to contact us.
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The Benefits of QuickBooks
Updated July 2020
When it comes to accounting software, business owners are met with a large selection. QuickBooks is recognized for producing easy-to-use software with versions that accommodate enterprise-level businesses to solopreneurs.
Bernard Roesch evaluates the benefits of QuickBooks and provides insight that will help you make a choice that works best for your business. For example, Bernard draws business owner’s attention to features.
“Make an assessment of what is really necessary and make sure the accounting software has those features. Some businesses use sales orders extensively, and others don’t. So, it would be a shame if you pick a piece of software that does not support sales orders…”