Bookkeeping

Taxpayers have the right to receive assistance from the Taxpayer Advocate Service if they are experiencing financial difficulty or if the IRS has not resolved their tax issues properly and timely through its normal channels. Two key elements of the IRS mission are to treat taxpayers with dignity and respect, and to provide them a …

Taxpayer Bill of Rights: The ten rights of every taxpayer Internal Revenue Service Читать далее »

Due to the nature of double-entry accrual accounting, retained earnings do not represent surplus cash available to a company. Rather, they represent how the company has managed its profits (i.e. whether it has distributed them as dividends or reinvested them in the business). When reinvested, those retained earnings are reflected as increases to assets (which …

Balance Sheet Definition & Examples Assets = Liabilities + Equity Читать далее »

Shareholder’s equity section includes common stock, additional paid-in capital, and retained earnings. Accountants use the formula to create financial statements, and each transaction must keep the formula in balance. This bookkeeping concept helps accountants post accurate journal entries, so keep it in mind as you learn how to calculate retained earnings. Retained earnings allow businesses …

Retained Earnings in Accounting and What They Can Tell You Читать далее »

You’ll also explore how to become one and find suggested cost-effective courses that can help you gain job-relevant skills today. When comparing accountants and bookkeepers, know that an accountant may also be the best inventory management software a bookkeeper. Familiarizing yourself with what a bookkeeper does and what accounting clerks do can help you narrow …

Three questions to ask to hire the right bookkeeper so your business doesnt implode when they leave Читать далее »

Let’s say your HVAC company serviced a customer’s air conditioning system recently. Your bookkeeper may help you generate the invoice, collect a payment, enter the transaction into the general ledger, and document the paid invoice. If you opt for bookkeeping software—like Quickbooks—keep in mind the time commitment required to learn how to properly use the …

Bookkeeper Job Description, Skills, Experience and Education Читать далее »

Read more to understand what is the difference between these two with some examples. Indirect costs, often referred to as overhead costs, focus less on product production and more on day-to-day business expenses. Direct Expenses refers to the expenditure different from direct material cost and direct labour cost, which are spent on the production of …

Direct costs versus indirect costs: What’s the difference? Читать далее »

It can also include labor, assuming the labor is specific to the product, department or project. Understanding the distinction between direct costs and indirect costs is necessary to properly keep track of a company’s expenses, as well as for pricing products appropriately. If you manufacture clothing, the amount of fabric and thread you use will …

A Small Business Guide to Direct vs Indirect Costs Читать далее »

A QSEHRA isn’t a group health plan, and, therefore, isn’t subject to group health plan requirements. A cafeteria plan, including an FSA, provides participants an opportunity to receive qualified benefits on a pre-tax basis. It is a written plan that allows your employees to choose between receiving cash or taxable benefits, instead of certain qualified …

Composite Benefit Rates CBR Office of the Chief Financial Officer Читать далее »

Only the value of benefits actually provided during the last 2 months of the calendar year can be treated as paid in the next calendar year. Outplacement services don’t qualify as a working condition benefit if the employee can choose to receive cash or taxable benefits in place of the services. If you maintain a …

Understanding Fringe and F&A Rates Running Your Business Читать далее »

Naturally, this makes it difficult for organizations to set specific targets for both the company and its employees. All of these companies believe in engagement as a means to an end, and that end is a measurable business outcome. The outcomes differ among companies — for some it’s sales growth, for others it’s lives saved …

20 Strongest Assets You Can Bring to a Company Читать далее »