Understanding Payroll Costs for Small Businesses

QuickBooks Online was considered the best overall software, while Xero was considered the best for micro-business owners. FreshBooks was best for service-based businesses, and QuickBooks Self-Employed was best for part-time freelancers, but Wave was the best free software. Payroll expense may be the largest expense that a company incurs, especially when it is in a […]

Historical Cost Principle: Definition, Example, Advantages and Disadvantages

Historical Cost provides a reliable and objective way to measure and report on financial transactions. It ensures that financial statements accurately reflect the value of assets at the time of acquisition, allowing for transparency and clarity. It would therefore be acceptable for an entity to revalue freehold properties every three years. The procedural part of […]

Historical Cost Principle: Definition, Example, Advantages and Disadvantages

Historical Cost provides a reliable and objective way to measure and report on financial transactions. It ensures that financial statements accurately reflect the value of assets at the time of acquisition, allowing for transparency and clarity. It would therefore be acceptable for an entity to revalue freehold properties every three years. The procedural part of […]

How to Deduct Startup Costs on Business Taxes

Henry uses the information in the worksheet to complete Form 4562, Depreciation and Amortization (not illustrated). One of the first things you should do when you start a business is open a business checking account. You should keep your business account separate from your personal checking account. Spent money incorporating a specific business, travelled to […]

Accounting for Startup Costs: How to Track Your Expenses

“The more often you check and update your books, the sooner you’ll catch any problems with your cash position or profitability,” Leclerc says. You can use expense tracking apps, such as Zoho Expense and Expensify, to track your business expenses for free. They offer features, including receipt storage, custom reporting and multicurrency support to help […]

What is an Adjusted Trial Balance and How Do You Prepare One?

By using separate columns, you can ensure that the total of all credits equals the total of all debits. Before you can proceed with the preparation of your financial statements, you will need to prepare the trial balances. Let’s assume that the company received $8,000 on the final day of the month from a customer. […]

How Long Does It Take To Get An ITIN? What You Need To Know

This is traditionally satisfied with a Federal Income Tax Return Form. ITIN number is also needed to open a personal bank account in the US if you don’t have an SSN. Individual Taxpayer Identification Number (ITIN) is a tax ID number individuals who are required to have a U.S. Taxpayer Identification Number but who do […]

Average Collection Period Formula, How It Works, Example

Clearly, it is crucial for a company to receive payment for goods or services rendered in a timely manner. It enables the company to maintain a level of liquidity, which allows it to pay for immediate expenses and to get a general idea of when it may be capable of making larger purchases. For example, […]

The future is calling: blockchain’s impact on the accounting profession

The studies collected for the review were drawn from accounting journals indexed by the Association of Business Schools (ABS), the Australian Business Deans Council (ABDC) and the Social Science Research Network (SSRN). To help analyse the corpus, we enlist the support of machine learning as found in other studies (Cai et al., 2019; El-Haj et […]