Categorie: Bookkeeping

9 Best Online Bookkeeping Services 2023

That makes Paro our choice as the best accounting firm for hiring freelance accountants. Payroll services also are available from 1-800Accountant for getting your employees paid, withholding taxes, and taking care of your payroll taxes. In addition to its real-time dashboard, which offers self-support features, clients can tap into inDinero’s support team via phone, email,… continue reading

What do the letters DR mean on a bank statement?

Debit notes are a form of proof that one business has created a legitimate debit entry in the course of dealing with another business (B2B). This might occur when a purchaser returns materials to a supplier and needs to validate the reimbursed amount. In this case, the purchaser issues a debit note reflecting the accounting transaction. The… continue reading

Who Needs an ITIN or Individual Tax Identification Number?

I don’t know of any way to issue a 1099 without some kind of tax number, and waiting for the correct number seems to be a far better option than using a fake number. Most tax return preparers provide outstanding and professional tax service. However, choosing the wrong tax return preparer hurts taxpayers financially every… continue reading

Tax season rapidly approaching: Get ready now to file 2023 federal income tax returns in early 2024 Internal Revenue Service

Acceptance Agents are entities (colleges, financial institutions, accounting firms, etc.) who are authorized by the IRS to assist applicants in obtaining ITINs. They review the applicant’s documentation and forward the completed Form W-7 to IRS for processing. You will receive a letter from the IRS assigning your tax identification number usually within seven weeks if… continue reading

QuickBooks Announces Integration with Amazon Business to Help Small Businesses Seamlessly Track Purchases

Instead, you’ll need to use a handful of third-party plugins to get everything you need to manage your finances. Unfortunately, Ignition doesn’t support payments in South Africa, but it’s something we’re working on in the future. You’ll still be able to engage clients seamlessly with online proposals and automated engagement letters, and run your business… continue reading

36-hour shifts, 80-hour weeks: Workers are being burned out by overtime

So, if your employee is both salaried and classified as exempt, they are not entitled to overtime pay. But there are situations where salaried employees would be eligible for overtime pay—and as an employer, it’s important to understand the relevant overtime rules and when you need to be paying for overtime hours. Unless specifically exempted,… continue reading

What Is a Statement of Retained Earnings? What It Includes

Based on the amount of net income earned, your company might decide to pay a certain portion to shareholders as dividends. Some companies don’t have dividend payouts—in that case, there’s nothing to subtract. At the end of a given reporting period, any net income that is not paid out to shareholders is added to the… continue reading

Debt-to-Asset Ratio: Calculation and Explanation

This ratio is sometimes expressed as a percentage (so multiplied by 100). Investors use the ratio to evaluate whether the company has enough funds to meet its current debt obligations and to assess whether the company can pay a return on its investment. Creditors use the ratio to see how much debt the company already… continue reading

The 10 Bookkeeping Basics You Cant Ignore

For full-time bookkeepers, the average annual salary sits around $77,000, according to Glassdoor. Bookkeeping is different from accounting in that it is the critical first step in tracking all business activities. While bookkeeping provides oversight into each individual transaction (in order to catch discrepancies and correct mistakes), accounting provides a thorough analysis of these numbers…. continue reading

Average Collection Period Overview, Importance, Formula

To sum up, the sales cycle length is a critical sales metric that businesses must understand and calculate to succeed in a competitive market. By identifying the time required to convert prospects into customers and close deals, businesses can optimize their sales potential and increase revenue forecasting. For companies currently in the market with a… continue reading