Most of these records should be held for seven years, including general journals, bills of lading, purchase orders and accounts-receivable ledgers. If you are audited by an independent firm, maintain the audit report permanently in your files. In many cases, the more records you maintain the better, as long as the paperwork is filed in … Continue reading “How long should you keep business records: How Long Should You Keep Documents?”
Forming a corporation: How To Start A Corporation 2023 Guide
Posted on Posted on: 30.05.2023Categories Bookkeeping 101LegalZoom works with Bank of America to help our customers open business checking accounts. The registered agent is the contact person listed for your corporation. They will receive service of process notices, government correspondence, and compliance-related documents on behalf of your corporation. Often referred to as the firm’s bylaws, a corporate bylaw is a formal legal document … Continue reading “Forming a corporation: How To Start A Corporation 2023 Guide”
Form 941: About Form 941, Employer’s Quarterly Federal Tax Return Internal Revenue Service
Posted on Posted on: 30.05.2023Categories Bookkeeping 101This form is also used to calculate the employer’s portion of Social Security and Medicare tax. In general, any employer who withholds taxes from employee payroll checks is required to fill out a 941 four times a year, even if you have no taxes to report. The main exceptions are people who have household employees … Continue reading “Form 941: About Form 941, Employer’s Quarterly Federal Tax Return Internal Revenue Service”
Financial vs managerial accounting: Financial Accounting vs Managerial Accounting: Differences and Similarities
Posted on Posted on: 30.05.2023Categories Bookkeeping 101Management accounting refers to accounting information developed for managers within an organization. This is the phase of accounting concerned with providing information to managers for use in planning and controlling operations and in decision making. While managerial accounting works more as a problem solver, financial accounting shows you exactly what your business has accomplished to … Continue reading “Financial vs managerial accounting: Financial Accounting vs Managerial Accounting: Differences and Similarities”
Financial accounting: What Is Financial Accounting and Why Is It Important? University of Nevada, Reno
Posted on Posted on: 30.05.2023Categories Bookkeeping 101Fund that limits its investments to a particular sector of the marketplace. Charge made by a local government for the cost of an improvement or service. BOND INTEREST payment covering less than the conventional six-month period. The number of shares in a COMPANY that have been issued and remain in circulation. A business that is treated as distinct from its creditors, customers, … Continue reading “Financial accounting: What Is Financial Accounting and Why Is It Important? University of Nevada, Reno”
Employment contracts for small businesses: Protect your business and your employees with an employment agreement
Posted on Posted on: 30.05.2023Categories Bookkeeping 101An employment agreement is a contract between your company and the employee that discusses both the employee’s and your company’s responsibilities and rights. To make sure the employees keep the proprietary information of the company confidential, you should require them to sign a Confidentiality and Invention Assignment Agreement. This agreement deals with the confidentiality issue, … Continue reading “Employment contracts for small businesses: Protect your business and your employees with an employment agreement”
Ein number: TIN EIN Information
Posted on Posted on: 30.05.2023Categories Bookkeeping 101An EIN is required by IRS for you to hire employees or offer benefits. You can track expenses separately and may receive tax benefits or deductions. An EIN is required by banks and credit unions to open a bank account. Once an EIN is secured, you can open an account with the bank of your … Continue reading “Ein number: TIN EIN Information”
Ecommerce accountant: eCommerce Accountants Accounting for Ecommerce
Posted on Posted on: 30.05.2023Categories Bookkeeping 101Shopify is a force and the dominant software for the marketplace or for selling goods online – and it seems like new improvements are released every week. Because of this, and the desire to always guide our clients down the path of financial health, our team has come up with the best practices for accounting … Continue reading “Ecommerce accountant: eCommerce Accountants Accounting for Ecommerce”
Drop shipping sales tax: What You Need to Know about Sales Tax and Drop Shipping
Posted on Posted on: 29.05.2023Categories Bookkeeping 101In the U.S., all sellers (whether retailers or drop shippers) are required to collect sales tax if they have sales tax nexus in the state to which the item ships. In the United States, sales tax is imposed on the final consumer. The retailer should be able to purchase items it sells exempt from sales … Continue reading “Drop shipping sales tax: What You Need to Know about Sales Tax and Drop Shipping”
Difference between budget and forecast: The difference between a budget and a forecast
Posted on Posted on: 29.05.2023Categories Bookkeeping 101A forecast is more of a strategic tool to guide you through the months and years. It helps you steer back on course if things start to stray from the path you defined with the budget. A financial forecast is a report illustrating whether the company is reaching its budget goals and where it is heading … Continue reading “Difference between budget and forecast: The difference between a budget and a forecast”