Operating expenses are incurred by businesses to keep the business going, includes staff wages, supplies not include manufacturing cost. Operating expenses does not include manufacturing cost or cost of goods sold (direct labor, material, …

In the wake of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the United States has conferred an additional $310 billion funding to the Paycheck Protection Program (PPP) that was almost running out of funds in April. T…

What is vendor reconciliation - definitely accounts related job. It’s part of accounts payable activity where one has to reconcile vendor balance in his books of accounts. The vendor reconciliation process in AP is a procedure aiming to cl…

A general ledger is the backbone to your accounting activities. Read the blog to know what it is, how to maintain & it benefits your business. Ever since business and trade continue to exist in the modern-day world, so do General Ledgers! …

What would you do if one of your clients owed a huge amount of money in back taxes and they subsequently asked you to delete their QuickBooks® file, create a new one under a false name with no liabilities on the books and tell their credit…

With student debt being higher than ever before and a record number of student loans falling into default, it’s become clear that people need assistance with paying down their student loans. No one wants to start their post-education lives…

IRS Form 4562 is used for filing tax returns, it’s an amortization and depreciation form. Depreciation refers to the calculated loss of an asset though its working life span. Amortization refers to an expensive purchase whose costs must be…

IRS Form 1099 is the IRS form for filing taxes. It is used by companies to report payments made other than salaries, regular wages or tips which are reported through W-2 form. The 1099 form is generated by the payer and must be sent to the…

“If we are growing, we’re always going to be out of our comfort zone.” Quoted by John Maxwell This is never more true in the world of businesses. This year you may have planned different growth strategies but pandemic has taken a turn over…

The unanticipated Corona outbreak has left the global economy and businesses in a state of anarchy. While businesses are still trying to figure out the best way to survive during these tough times, a Business Continuity plan can be their b…

Outsourcing your bookkeeping services has never been so accessible and compelling than it is today. The introduction to new technology, cloud computing has changed the way we do business today. The common reason small businesses neglect th…

Small businesses use IRS Form 8941 in order to claim a tax credit for the health insurance premiums they pay for their employees. To qualify for this tax credit, the business must have fewer than 25 employees with an average annual wage ex…

Small Businesses pay 19.8 % taxes on an average depending upon the type of small business. Small businesses with one owner pay 13.3% taxes while with more than one owner pays on an average of 23.6% taxes. According to Small Business Admini…

Payroll compliance is more than just ensuring paychecks come out on time. Cutting checks have become merely the least important job for a professional. These days ensuring the compliance with employment laws and payroll can mean the differ…

Accounting is an important part of every business, whether big or small. They are responsible for carrying out key financial tasks such as auditing, filing tax returns, expense management and many more. There are plenty of accounting softw…

Around one-third of people look for a tax preparer, an accountant or a tax advisor to file their tax returns, but with little or no information, it is difficult to find the best one. While looking for the best accountant near you in Califo…

For Small businesses, capital management is imperative. From shaping an idea into a business model to investing in its growth, every step of the business requires capital. And to keep track of a company’s financial transactions and recordi…

In the wake of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the United States has conferred an additional $310 billion funding to the Paycheck Protection Program (PPP) that was almost running out of funds in April. T…

In any business, cash is the lifeblood. Cash helps in performing day to day business activities. The payment of employees also depends upon the availability of cash. Marketing of goods and services also requires cash. So, bank reconciliati…

“Ethics is knowing the difference between what you have a right to do and what is right to do.”- Potter Stewart Ethics is an integral part of an individual that defines his/her professional ethics. And accounting is one such profession tha…

On June 16, 2020, The Small Business Administration (SBA), released new loan forgiveness application forms and corresponding instructions for borrowers seeking forgiveness of their Paycheck Protection Program (PPP) loans.They also unveiled…

The Revenue Recognition Principle is the concept that determines how revenue should be recognized and reflected in a business’ balance sheets and Financial Preparation services statements. It differs in how one accounting principle does it…

Statutory compliance in Payroll is a complex process with changing legislation, varying allowances and deductions and compliance issues. Many businesses manage payroll in-house while some outsource it to a third party. The goal is to adapt…

Businesses can find it difficult as well as challenging to keep accurate records of their financial transactions. Bookkeeping can take up a lot of time. It also requires specialised knowledge to perform bookkeeping. You may hire an in-hous…

Accounting in the year 2020 is more than just crunching the numbers and availing maximum tax benefits. It is about going ahead and overcoming the major challenges faced by accountants that are hindering you from achieving your goals. The f…

Organizing and streamlining your business operations and logistics is the ultimate goal of every business. Outsourcing bookkeeping and accounting tasks are one such way to efficiently run your business. The financial professionals assist y…

Payroll is a complex process with changing legislation, varying allowances and deductions and compliance issues. Many businesses manage payroll in-house while some outsource it to a third party. The goal is to adapt constantly changing leg…

Managing business finances is a vital part of a business and good accounting software can help with managing it. Most of the small businesses use QuickBooks as their accounting software. QuickBooks is easy to use and is loaded with feature…

Outsourcing accounting services has increasingly become a common trend for today's businesses. Virtual accounting is the newest outsourced method which is cost effective and efficient. Technology has made virtual accounting very easy and i…

Business needs both financial and management reports for the growth of its company. Your business needs basic financial reporting for compliance and making sure your books are accurate. As the business grows, you find it difficult to tackl…