Bookkeeping 101

Multiple items of similar nature can be grouped, such as books, clothing, and decorations. However, try to be specific when possible since this receipt serves as the donor’s record for the noncash donation. For stock donations, the number of stock shares as well as the company name should be reported. Contact us now for professional … Continue reading “Irs receipts requirements: Travel Receipts: Reimbursement Requirements”

The important thing is to make a strategic decision in respect to that issue, reducing your liability, and protecting your bank account as much as possible. Just enter your email address and we’ll send you the PDF of this guide for free. Although IRS audits are rare, responding to them timely is critical. You can get expert … Continue reading “Irs audit: IRS Audit Process Timeline 2022: How Long Procedures Take”

That said, invoice financing tends to be a more affordable option than invoice factoring. It also gives you more control over your company’s image, since you can give your customers more time to pay instead of having to ask for payment immediately. And you’ll also end up collecting money directly from them whenever they settle … Continue reading “Invoice financing: Invoice Financing For Small And Medium Businesses”

In many industries, independent contractors are seen as a cost-effective and flexible solution to various workforce needs. As a result, there is a growing demand for independent contractors across a wide range of industries. An independent contractor is a person or business that performs services for another person or business. Companies often use independent contractors … Continue reading “Independent contractor vs employee: The Ultimate Independent Contractor vs Employee Checklist: How to Determine the Difference”

First, you’ll need to do your own research to identify potential funding agency sources for available grant programs. You can find funding sources by searching online databases or contacting the grant-making organization directly. Of the over 1.6 million nonprofit organizations in the United States, your funding requests may fall out of the three general categories … Continue reading “How to write a grant proposal for a small business: 11 Steps to Writing a Grant Proposal for Small Business Funding”

The word ‘mindset’ gets tossed around a lot, and it’s easy to brush it off as a non-essential requirement to grow a business. However, none of the other ingredients in this list will work without having the right mindset in place first. Another alternative is to build an advisory board of experienced entrepreneurs. Having a … Continue reading “How to scale a business: How To Scale Your Small Business in 6 Steps 2023”

Next, the company computes the difference between the initial cost and the salvage value. Then, it divides the difference by the asset’s overall life or total years of usefulness. After recording the asset’s elimination and the corresponding loss or gain, businesses must remove the asset from other financial records. The company breaks even on the … Continue reading “How to record the disposal of assets: How to Record Asset Acquisition, Disposal & Impairment in Accounting Video & Lesson Transcript”

For example, you might increase production costs to get more raw materials to match the increasing popularity of certain products. Or if you are running a SaaS business, you might need to invest more budget in certain seasons to get more clients. That means tallying all your revenue (not profit) sources every month. In case you … Continue reading “How to create a business budget: How to create a business budget in 6 easy steps”

Moreover, it is not considered while calculating the Company’s Earnings Per Share or dividends. Basic shares mean the number of outstanding stocks currently outstanding, while the fully diluted number considers things such as warrants, capital notes, and convertible stock. In other words, the fully diluted number of Stocks outstanding tells you how many outstanding stocks … Continue reading “How to calculate shares outstanding: What is the formula for calculating weighted average common shares outstanding WASCO?”

For employees with fluctuating workweeks, the weekly salary serves as compensation for all hours worked during the week whether that is 20, 40, or 50 hours. Thus, the Regular Rate increases or decreases based on how many hours an employee works in any given week. Overtime is a 50% multiplier that is added to an … Continue reading “How to calculate overtime pay: How to Compute FLSA Overtime Pay”