One might ask themselves the reason or need for taking inventory and/or how to value it, which can be confusing because of the constant change in price of inventory or raw materials. Choosing the right inventory valuation method is important as it can have a direct impact on the businesss profit margin due to the … Read more
If you are a new construction company you likely know about a Work-In-Process schedule, commonly referred to as a WIP Schedule. WIP schedules are an important aspect of construction accounting for tracking a project progress and profitability, but it is also an important component when it comes to financial statements. WIP schedules compose of a … Read more
According to the National Association of Realtors, the sale of homes in 2020 has increased by 22%! Many people are looking to purchase a home and for many, buying a home is one of the largest purchases they will make in their lifetime. Many people cannot afford to buy a home outright, meaning they will … Read more
Whether it be for the holidays, employee anniversaries, or just to boost morale, many employers will at some point consider giving their employees gifts or creating a reward plan. While these plans or gifts are certainly smart practices in terms of improving employee satisfaction, employers should understand the various tax implications associated with these awards. … Read more
As your organizations year-end approaches, you may be starting to stress about all the year-end procedures that need to be completed. Preparing for your year-end financial statement audit can add to the stress. Whether your organization is new to the audit process or has already participated in an audit, proper planning and preparation can make … Read more
We have a time of year when we clean out our closets or garage. What do you do with all the stuff you are no longer using? Most of us donate the items to one of our local non-profits. You may also respond to a call to action from a local non-profit to donate new … Read more
During this last year, there were some facets of life for which we learned to have an appreciation. As exciting as it is to order take-out from your couch or scroll through items while shopping on your smart device, theres something special about walking through the doors of a local business. Perhaps its the greeting … Read more
ADKF is a highly philanthropic organization. We enjoy fostering relationships with our San Antonio community. In years prior to COVID, we would sponsor and attend social events in support of the organizations that give so much to our great city. We are excited to be getting a little taste of that again this year. While … Read more
No one wants to think about their death, however proper life insurance planning will ensure your loved ones are taken care of should something happen to you. Life insurance will help provide for any dependents you leave behind. Sounds great right, but how much life insurance do you need? What needs to be covered to … Read more
When starting a new business you need to ask yourself, is this new venture truly a business, or just a hobby? Although millions of Americans can generate income from their hobbies, the IRS has provided some guidelines to help taxpayers determine if that income is in fact from a business or a hobby. One of … Read more