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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 […]
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 […]
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 […]
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 […]
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 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 […]
While there is a plethora of financial tools to manage your business bookkeeping, many businesses still use Microsoft Excel to record transactions. You may be using Microsoft Excel 2022 or Office 365 for recording transactions. According to a report by Benchmarking the Accounting & Finance Function, nearly 63 percent of companies use MS Excel for […]
Cash and accrual-based accounting are the two common types of accounting. Businesses must select one of the accounting methods to record transactions. The two accounting methods differ in terms of the timing of recording transactions. If you are a small business owner, you must know the difference between cash and accrual-based accounting methods. In this […]
It comes to no one’s surprise to learn that bookkeeping is an important business activity. However, it is also one of the most time-consuming tasks. You need to know bookkeeping basics to ensure that you correctly record business expenses. Understanding efficient bookkeeping will also help you understand the reports prepared by outsourced bookkeeping providers. Let’s take a look […]
An important task for small business owners is managing financial resources. You need to have a clear understanding of the important elements of the financial statement to make good business decisions. Assets and liabilities are two critical elements that help you evaluate the financial position of your business. A thorough understanding of these basic terms […]