Accounting tools and concepts keep evolving. Academicians and professionals have introduced different accounting concepts that have resulted in a more accurate presentation of the financial position of the company. Accounting concepts such as economic value added, activity-based costing, and others may have become mainstream now. But they were innovative concepts when introduced about four decades […]
How Does Standard Costing Affect Manufacturing Firms?
Standard costing is one of the most common costing methods for manufacturing companies. The accounting method has been used by the Ford Motor Company for the mass production of its cars. The practice was soon adopted by other companies as a production cost control method. Here, you will learn what exactly is standard costing and how […]
The Need for Internal Audits for Small Businesses
Internal audit is important for the success of any organization. Regardless of the type or size of your business, internal audits can benefit your business in many ways. Carrying out regular internal audits will help identify risks in your company. In addition, it will also help monitor threats and leverage synergies to improve the overall profitability and efficiency […]
What is a Profit and Loss Statement Meant to Show to Small Business Owners?
The Profit and loss (P&L) statement is an important financial report for businesses. This accounting statement summarizes the income and expenditure of a business. More specifically, the statement shows the income and expenses that a business incurs during a particular period. Understanding the P/L statement is important to know about the financial health of a business. […]
What Are Some Common Risks of Online Accounting?
Online accounting allows companies to use information technology for recording transactions. The use of technology results in accurate and timely preparation of financial accounts. It allows small companies to tap into the shared cloud resources without having to invest in costly infrastructure. Cloud accounting is not without the risks. Company owners need to understand the […]
Tips for Self Employed Individuals to Save Taxes in 2022
Tax season is a tense and frustrating event for many self-employed individuals. You cannot postpone the declaration of income simply because you were busy. Everyone has to prepare and submit the tax before the due date each year. Self-employed individuals are taxed similar to small and large businesses. But there are certain incentives for the […]
The Use of Tax Software for Efficient Tax Management
It is mandatory for every US citizen to file taxes. But filing income tax returns accurately and on time is nothing short of an ordeal. However, the use of technology can greatly reduce the effort and time required in filing income taxes. In this blog post, you will learn about some of the benefits of […]
How to Use a Balance Sheet to Evaluate the Health of Your Business?
A balance sheet is part of a financial statement that shows the current financial position of a company. This accounting statement shows assets and liabilities of a company. In addition, this financial statement also shows the equity belonging to the owners or shareholders. The format used to create a balance sheet is similar for all companies. This financial statement can be […]
How to Simplify the Tax Season in 2022?
Running a business is hard enough without adding the complexity of filing taxes each year. The key, experts say, is to work with your accountant throughout the year, not just when you prepare your tax return. Making financial decisions without consulting an accountant or financial adviser can put you at risk and cost you more […]
Finance and Accounting Skills Every Entrepreneur Needs
Finance and accounting are important skills for a business owner in this day and age. Keeping up to date with the financial performance of the company is critical. This is important as it will ensure that the business continues to operate successfully. Business owners need to know about all the aspects of the financial health […]