Sharp Tax & Accounting Blog
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Prime Cost for Restaurants: What Owners Need to Know
Prime cost combines two of the biggest expenses in a restaurant: food and labor. Learn how to calculate prime cost, what percentage restaurants generally aim for, and how tracking it can help you spot rising costs and make better operating decisions.
Bookkeeping vs. Accounting: What Does Your Business Actually Need?
Bookkeeping, accounting, tax preparation, and tax planning each serve a different purpose. Learn how they work together and which services your small business may actually need.
What Does a Bookkeeper Actually Do for a Small Business?
Bookkeeping is more than entering transactions into QuickBooks. Learn what a bookkeeper actually does, from reconciling accounts and maintaining the balance sheet to preparing financial statements and keeping your books ready for tax season.
Minnesota IOLTA Accounts and Filing Fees: Where Should Client Cost Advances Go?
When a client pays legal fees and filing costs in the same transaction, it can be easy to treat the whole payment the same way. In Minnesota, that can be a mistake. Here’s how filing-fee advances should generally be handled and why they may belong in IOLTA even when the legal fee does not.
IOLTA vs. Operating Account: How Lawyers Should Handle Fixed Fees
Law firms that charge flat or fixed fees need to know when client payments belong in an IOLTA trust account and when they may be deposited into operating. Learn how state ethics rules, fee agreements, refundability, and when a fee is earned can affect the proper treatment of advance legal fees