Monthly Archives: June 2015

SBIR Accounting Myth #3: Accepting the QuickBooks Chart of Accounts is Adequate

Surprise! No. The default charts of accounts embedded in QuickBooks used upon setup will be the beginning of the end. There is no semblance of compliance between a default chart of accounts and an adequate chart of accounts. For example, … Continue reading

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SBIR Accounting Myth #2: “QuickBook Will Solve All My Problems”

Not true. While QuickBooks can solve many problems and lead to an adequate accounting system, there are other requirements that can’t be handled by the software such as rates, labor distribution, adequate timekeeping, contract limitations and more. What’s worse is … Continue reading

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SBIR Accounting Myth #1: Excel is Enough!

The first myth about having an adequate accounting system for your SBIR award is that excel is enough to do all of your accounting. No way! Think about it. You’re accumulating data (transactions) each time you make a purchase, sell a … Continue reading

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