Qualified Plan Archives - RMS Accounting

How To Properly Use Your Accounting System

May 19, 2023 | Blog

Proper use of your accounting systems requires the system to be set-up properly. Set-up is a little different for each kind of business. Set-up starts with having a chart of accounts that is designed for your business. The kinds of revenue and expenses that a...

Accounting Systems

May 17, 2023 | Blog

4 Things You Should Get From Your Accounting System Business accounting is about more than just getting information to do your taxes. It should provide you with useful information that helps you understand how you are doing, provide a way to manage cash flow, prevent...

Garbage In Garbage Out

May 15, 2023 | Blog

Accounting System Input Determines Accounting System Output The first thing I learned about computers back in the days when programs were written on punch cards, was garbage in garbage out. This old adage is even truer today than it was when I learned over 40 years...

FICA Tax — An Explanation

May 13, 2023 | Blog

Who the heck is FICA, and why is he getting my money? That is the question my kids asked when they received their first paycheck. As I explained to them, and they will have to explain someday to their children, FICA is the money the government uses to pay older people...

Qualified Plan Loans Avoiding Unplanned Distributions & Penalties

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