What is the 2020 standard mileage rate and how do I use it in my business?

BY John Riggs, CPA and Director of Tax at Ignite Spot IN small business tax preparation ON Jan 13, 2020

Each year the IRS releases various “standard mileage rates” for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical or other purposes.

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What Does the CFO Do?

BY Eddy Hood ON Oct 16, 2019

Elon Musk, Steve Jobs, and Mark Zuckerberg are all household names you’ve probably heard a thousand times. These men all served as the Chief Executive Officer (CEO) of various high-profile companies. While these guys all played a major role in the success of their companies, they didn’t act alone. Behind every great CEO stands a slightly greater and incredibly more handsome accountant. These gorgeous titans of industry proudly emblazon the letters “CFO” on their business cards.

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Is Bookkeeping Really That Important?

BY Eddy Hood ON Oct 1, 2019

If you’re anything like the people here at Ignite Spot, you’ve spent your entire life having the virtues of bookkeeping extolled to you. As an infant, I often had a bottle in one hand and an expense report in the other. This type of childhood instilled within me the surety of accounting’s countless benefits. The rhetoric of bookkeeping was all that I was exposed to while growing up, and it wasn’t until my rebellious teenage years that I began to question my upbringing. The question I couldn’t get out of my mind was, “Is bookkeeping really that important?”

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FIFO vs LIFO inventory systems

BY Eddy Hood ON Sep 17, 2019

We’ve brought together two of everyone’s favorite topics into a single post: accounting and acronyms! I know, it’s exciting stuff. Keep your inhaler handy just in case.

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Asset Depreciation

BY Eddy Hood IN Common Questions on Outsourced Accounting ON Aug 8, 2019

Who doesn’t love that new car smell? You shake the dealer’s hand, get into your brand-new car, take a big whiff of that lovely aroma, and then drive off the lot. BAM!

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What is the COGS Calculation?

BY Eddy Hood ON Jul 25, 2019

Running a business involves the careful management of countless moving parts at the same time. Managing those disparate parts is made easier when equipped with the right knowledge and tools. At Ignite Spot, we love talking about all things accounting. While that might make us a terrible dinner guest, it also makes us a great source of information for improving your business acumen.

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What is an Entity Type?

BY Eddy Hood ON Jul 18, 2019

Starting your own business can be an equally scary and exciting time. It is a time for making big decisions that can have a resonating impact on the success of your organization and even the course of your life. Arming yourself with all the information you can get will help to ensure you make the correct decisions that will set your business up for success.

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Introduction to the Chart of Accounts

BY Eddy Hood ON Jul 11, 2019

If you’re anything like we are at Ignite Spot, you’re a huge fan of detailed record keeping and inventing new systems for accurately counting beans. If, on the other hand, bean counting isn’t your idea of a good time (seek professional help because that’s insane), you might not be terribly familiar with the world of accounting. To help familiarize others with the wonderful world of financial bookkeeping, we like to provide information detailing the nuances of finance.

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Basics of a Job Costing System

BY Eddy Hood ON Jul 4, 2019

All businesses revolve around finances. This is what makes accounting so essential to every organization regardless of its size.  At Ignite Spot, we like to take every chance we can get to convert people to the dark side - erm, educate others on the finer details of accounting! Having an understanding of how accounting works can help business owners vastly improve their company’s financial stability.

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3 Accounts Payable Best Practices

BY Eddy Hood IN Small Business Accounting ON Jun 27, 2019

The accounting industry is often romanticized as an exciting and debonair world busting at the seams with intrigue that could rival any Bond film. While that’s 100% accurate, it’s also true that there are some aspects of accounting which are slightly less appealing than 1960’s Sean Connery. Accounts payable may not be the sexiest part of business, but it is crucial nonetheless.

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