Utah Business Summit to Feature Session On Accounting Best Practices

Mar 9, 2022

As a main component of running a business, our summit would not be complete without a session dedicated to accounting. In this session, we’ll plan to discuss a variety of accounting best practices, review different types of accounting software, review essential tax information and have an open questions slot at the end.

Session 1: Accounting Best Practices

When it comes to accounting, there are a variety of best practices that can help your business run smoothly. Here are the topics that will be covered at this year’s summit:

1) Keep accurate and up-to-date records. This includes tracking all financial transactions, as well as any important business information (e.g., customer contact info, product specs, etc.).

2) Make sure your accounting software is reliable and up-to-date. There are a variety of different programs available, so do your research and find one that fits your needs.

3) Stay on top of your taxes. Make sure you understand the tax laws and regulations that apply to your business, and file your returns on time.

4) Create a budget and stick to it. A budget can help you keep track of your spending and make sure you’re not overspending on unnecessary items.

5) Have a solid accounting system in place. This will help you keep track of your business’s finances, identify trends, and make better decisions for the future.

Session 2: Accounting Software

When it comes to accounting, there are a variety of different software programs available to choose from. Here are a few of the most popular options we’ll review at the summit:

1) QuickBooks. QuickBooks is one of the most popular accounting software programs available, and it’s perfect for small businesses. It’s easy to use and helps you track your expenses, income, and taxes.

2) Wave Accounting. Wave is also a popular choice for small businesses. It’s free to use, and it helps you manage your finances, create invoices, and track your sales.

3) Sage 50. Sage 50 is a more advanced accounting software program that’s ideal for larger businesses. It helps you manage your accounts receivable/accounts payable, inventory, and payroll.

4) Microsoft Excel. Microsoft Excel is a versatile program that can be used for basic or advanced accounting tasks. If you’re comfortable using Excel, it can be a great option for tracking your finances.

5) EZLease for Lease Accounting. EZLease is a type of accounting software specific to leasing various assets like equipment and office space. This software ensures businesses comply with financial standards like ASC 842 and GASB 87.

Session 3: Essential Tax Information

In order to make sure your business is compliant with tax laws and regulations, it’s important to stay up-to-date on the latest information. Here are a few of the most essential topics we’ll be discussing at the summit:

1) The new tax reform bill and how it affects small businesses.

2) Business expenses that can be written off on your taxes.

3) The self-employment tax and how to calculate it.

4) How to file an LLC or corporation.

5) How to handle sales tax for your business.

Open Questions for Anyone in Attendance

If you have any questions about accounting or tax laws, this is the perfect opportunity to ask them! Our panel of experts will be available to answer your questions and provide guidance.

We look forward to seeing you!