Oct 31
Double-Entry Accounting: What It Is and Why It Matters
When you receive the $780 worth of inventory for your business, your inventory increase by $780, and your account payable also increases by $780. Let’s look at some examples of how double-entry bookkeeping is used for some common accounting transactions. To account for this expense claim, five individual accounts would be debited with a total
Read MoreOct 3
What Is Deferred Rent Liability on Balance Sheet?
The term deferred long-term liability charges refers to previously incurred liabilities that are not due within the current accounting period. These items are commonly shown on a company’s balance sheet as a single line item with other forms of long-term debt obligations. Deferred long-term liability charges are reported as losses or expenses on the company’s
Read MoreSep 25
Top 11 Best Business Formation Services of 2023 In-Depth Review
If you don’t have the time or expertise required to file the paperwork required to form an LLC, you also have the option to hire a company formation service. You also get a support team on your side when needed to answer general questions. Business owners can also customize their plans with add-ons, like EIN
Read MoreAug 29
SSA POMS: SI 02001 020 Title XVI Federal Benefit Rate Increases and Rate Charts 12 29 2022
Unlike many other retirement accounts, you save with after-tax dollars in a Roth IRA. Because you pay taxes on the money before contributing it to your Roth IRA, you will not pay any taxes when you withdraw your contributions. Once you calculate the amount of your taxable Social Security income, you will need to enter
Read MoreAug 4
18 window treatment ideas for living rooms, dining rooms and beyond
To do this, the manager may engage in “window dressing” by selling off underperforming stocks and buying shares of high-performing stocks just before the end of the quarter. This makes the fund’s portfolio look more attractive and can lead to a boost in investor confidence. The use of window dressing in financial reporting can be
Read MoreJul 3
Going Concern, Going Bust The New York Times
US GAAP includes a two-step process that first determines whether substantial doubt about the company’s ability to continue as a going concern is raised. If substantial doubt is raised, management then assesses whether that substantial doubt is alleviated by management’s plans. Unlike IFRS Standards, if substantial doubt is raised in Step 1 about the company’s
Read MoreMay 10
Step-by-step process to automate your accounts receivable process Guide
Accounts receivable automation entails more than just introducing digital payment choices and hoping your customers pay on time. AR automation should cut expenses and DSO time while freeing up working capital and offering valuable data. When transitioning from a manual to an automated AR process, collaboration is essential. Putting in place a good accounts receivable
Read MoreMay 8
How do I apply for an ITIN? Internal Revenue Service
Most errors involve missing details or a lack of supporting paperwork. Have your form checked before submitting it by a competent business attorney. To prepare ITIN application for dependents, fill out form W-7 and include the required identification documents to the IRS. You only need to apply for an ITIN if your spouse is required
Read MoreMay 5
Delaware Franchise Tax: Dont Panic!
You must file your annual report if your business is a corporation and pay your franchise tax and filing fee by March 1. All LLCs, Limited Partnerships, and General Partnerships formed in Delaware are required to pay the annual franchise tax by June 1. LLCs and partnerships formed or registered in the state pay a
Read MoreJan 31
Bank Reconciliation Definition & Example of Bank Reconciliation
Finance and accounting expertise is not only needed to prevent ERP transformation failures, but F&A leaders are poised to help drive project plans and outcomes. Accelerate dispute resolution with automated workflows and maintain customer relationships with operational reporting. Unlock full control and visibility of disputes and provide better insight into how they impact KPIs, such
Read More
