RAJENDRA SAINI

Accounts receivable for medical practices—sometimes referred to as healthcare A/R—refers to the total amount of money patients, payers, or both owe you. In healthcare, there’s always a lag between the time you render services and when you’re ultimately paid. However, the goal is to shorten that time—to strive for the lowest days in A/R. Otherwise, …

7 KPIs providers should be tracking Read More »

If the corporation used the income forecast method to depreciate property, it must figure any interest due or to be refunded using the look-back method, described in section 167(g)(2). Use Form 8866 to figure any interest due or to be refunded. For more information on reporting the deferred tax and interest, see the Instructions for …

What Is a 1120 Tax Form? Facts and Filing Tips for Small Businesses Read More »

We go into much more detail in The Adjustment Process and Completing the Accounting Cycle. Many small businesses start out with cash basis accounting, but accrual basis financial statements give you a much better understanding of your business’s financial position. Plus, generally accepted accounting principles, also known as GAAP, require public companies to use accrual …

What are the accounting principles, assumptions, and concepts? Read More »

Otherwise, larger unreported transactions may not be recorded by the end of a reporting period, resulting in inaccurate financial results. Therefore, it is vital to have a process in place to clear out the suspense account on regular basis so that all of the suspense account entries are moved into their designated accounts to zero …

What Is a Suspense Account? How It Works, Types, and Example Read More »