Lucrum Consulting

Sometimes the best topics to discuss here are the ones we, as accountants, overlook. Recently, our marketing consultant asked us a question about capitalizing vs. expensing items he purchases, either for use in developing content or on behalf of his clients. This got us thinking: if he has this question, how many other folks have the same accounting issue?

When do you capitalize an asset? - Lucrum Consulting, Inc. Photo credit: Pickawood Sometimes the best topics to discuss here are the ones we, as accountants, overlook. Recently, our marketing consultant asked us a question about capitalizing vs. expensing items he purchases, either for use in developing content or on behalf of his clients. This got us think...

For most entrepreneurs, fast growth is the ultimate goal. Many start off with a great idea, hobby, side hustle, or like a lot of folks in the past year, enough free time to think, “what if?”. Then suddenly that fledgling business takes off and the business owner is struggling to keep up with the growth. If this dilemma sounds all too familiar, here are five basic accounting principles to help manage a fast-growing company.

5 Basic Accounting Principles Most Entrepreneurs Get Wrong - Lucrum Consulting, Inc. For most entrepreneurs, fast growth is the ultimate goal. Many start off with a great idea, hobby, side hustle, or like a lot of folks in the past year, enough free time to think, “what if?”. Then suddenly that fledgling business takes off and the business owner is struggling to keep up with the...

You may have heard from your CPA, CFO or bookkeeper that your Chart of Accounts could use some cleanup. But what does that mean?

A chart of accounts (COA) is a list of all the financial accounts in the general ledger of a company. As a company grows, it is possible for the COA to get a bit messy, making it difficult to follow the financial statements in a meaningful way. COA’s with too little detail can limit your ability to make decisions and track changes (and reasons for those changes). Alternatively, too much detail can become cumbersome and overwhelming, making the financial statements more complicated than they need to be.

How Do I Clean Up My Chart of Accounts? - Lucrum Consulting, Inc. Looking to clean up your Chart of Accounts? Here are a few pointers for developing and maintaining a healthy Chart of Accounts.