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Business owners need to know about important accounting terms. This is important so that they understand the financial statement prepared by outsourced bookkeeping providers. Learning accounting terms should be high on the list of priorities, particularly for small business owners. Here are some of the common accounting terms that you should be aware of to […]
Cost control is an important accounting activity for every business. One effective cost control measure that can help a business to remain competitive is standard costing. The costing method serves as the reference point for performance evaluation. Businesses that adopt standard costing can improve their operational efficiencies. In this blog post, you will learn about […]
The majority of small businesses rely on credit financing to meet operational expenses. A survey found that nearly 70 percent of businesses rely on debts. Small businesses that have outstanding debts face financial problems. It is costly to service debts. Here we will share some tips to minimize business debts. 1. Accelerate Customer Collection Most small […]
Expense reimbursement fraud is one of the growing problems faced by organizations today. Preventing fraud is important to avoid financial burdens on a company. A report carried out by the Association of Certified Fraud Examiners found that expense reimbursement frauds represent about 11 percent of fraud in large companies and 21 percent in small businesses. […]
Accounting software today offers a number of features, ranging from intermediate to expert level features. This allows small business owners as well as large enterprises alike to benefit from using accounting software. Today’s cloud accounting software has advanced features such as remote connectivity, data encryption, inventory management, and more. To select the best accounting application, […]
Estimated tax refers to the quarterly payment of tax. The tax amount is based on the reported income of the filer. Most small business owners, independent contractors, and freelancers are required to report estimated taxes for the quarter. In this blog post, you will learn how to estimate tax using the accounting data prepared by […]
You just got to know the difference between cash and accrual basis accounting. Another accounting term that baffles some business owners is a nominal account. Nominal Accounts are general ledger accounts that are closed at the end of the fiscal year. When do you use nominal accounts? And why would you use them? Nominal Accounts: […]
The task of organizing receipts or documents for income and expenses is at the back of the mind for most business owners. Accurate record keeping of these documents per IRS guidelines is essential as it will be helpful to defend your income and expenses during an audit. What are the best practices for organizing business […]
Businesses that use the cash basis of accounting record prepaid expenses at the time of payment. Under the accrual-based accounting method, the prepaid expense is recorded as an asset at the time of payment. The balance in the prepaid account is gradually transferred to the specific expense account over time. ThIRS requires all businesses irrespective […]
The IRS requires that taxpayers report certain types of income in Form 1099. Some of the income that is reported in the form include tax dividends, state tax refunds, IRS distributions, and credit card and debit card debt forgiveness. In this blog post, we will covertdue dates and other important information regarding Form 1099. You […]