The Internal Revenue Service (IRS) requires business owners that hire independent contractors document the wages these workers earned through specific reporting requirements. Understanding the difference between an employee and a contractor, and identifying how an...
The financial statements of every business are critical to understanding the financial health of a company. Additionally, these month and year-end checklists allow business owners the ability to make solid financial decisions on a consistent basis. The details of all...
QuickBooks is one of the most well-known and trusted accounting software packages on the market. Thousands of business owners use QuickBooks every day to assist them with their financial accounting. While the software was created to be easily used by non-accountants,...
If you are a business owner, you started your company to be profitable. While you may not have an accounting degree, you should still take the time to understand how to read and analyze all the financial reports for your company. These reports are the barometer by...
As a business owner, you need to be able to not only create the financial documents for your business, but also should understand the differences between them. Having a strong grasp of your past and current financial status can help you determine what your future...
If you are a business owner, it is critical for you to understand the finances and operations of your business. All the financial documents and accounting reports for your business will serve different purposes and, therefore, will provide important information upon...
The balance sheet shows a business’s current financial data. It is an important document because it illustrates a snapshot of a business’s financial health, including assets, liabilities, and overall shareholder equity. Understanding how to read a balance sheet is...
If you are a business owner, you likely have numerous business transactions that have an impact on your financial statements. In order to accurately account for all these business transactions, numbers are recorded in two different accounts: the debit column and the...
If you are a small business owner, you may feel overwhelmed about how to ensure that your finances are tracked and recorded correctly. Financial statements are an official and formal record of your company’s financial activity. The most important financial statements...
Most business owners and entrepreneurs start companies because they are passionate about the service or product they offer. It is safe to say that most business owners are not equally as passionate about accounting. Therefore, in most cases, entrepreneurs and business...
