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The United States tax code consists of tax-related rules enacted by the government. The tax code that is officially known as the Internal Revenue Code (IRC) needs to be followed by every individual and business in the country. A tax code is enforceable by law on individuals, businesses, and transactions such as the sale of properties. […]

Businesses have the ethical responsibility to ensure that the accounting statements reflect the accurate financial position of a company. Ethical accounting involves reliable outsourced bookkeeping services. The transactions must be honestly recorded in the books of a company. Certified public accountants (CPAs) are required to prepare accounting statements in compliance with the accounting rules and […]

Manual accounting is not realistic anymore due to the increasing demand of businesses. Growing businesses need financial and accounting tools to help them effectively manage their finances. The tools mentioned below can help in financial planning, filing taxes, and much more. Let’s take a look at the 7 best accounting and financial tools that are perfect […]

Tax season is a tense time for businesses and individuals alike. It is important to do it right the first time around. Mistakes in filing taxes can end up being costly. You can significantly reduce the chances of making errors in filing taxes by paying attention to detail.   Accounting and finance skills are essential if you […]

Accounting reports are critical for all sorts of companies. The information in these reports allows business owners, investors, and other stakeholders to know about the financial condition of the company. Glancing at these reports allows users to know about the current cash flow position. It allows them to know about the sources and uses of funds. In other […]

Today’s business landscape is hyper competitive. Businesses must look for ways to improve sales and gain market share without investing all of their available resources. The risks presented due to the online nature of the business environment add to the complexity of running a business. Business owners need to keep company information confidential. It is important to prevent […]

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 […]

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 […]

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 […]

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. […]