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July 29, 2022

Charles Lutwidge
What You Need to Know about IRS Receipts Requirements

What You Need to Know about IRS Receipts Requirements

It’s a well-known fact for all entrepreneurs that they have to keep receipts to claim deductions when it comes to filing taxes. But if you are launching a business for the first time, you might be interested in all types of..

Reading Time 6 mins
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Articles

July 27, 2022

Charles Lutwidge
How to Calculate and Pay Estimated Taxes

How to Calculate and Pay Estimated Taxes

Quarterly estimated taxes might seem like a heavy burden since taxpayers have to make calculations and pay four times a year. But typically, estimated tax payments may even reduce the tax burden when it’s tax season. Instead of worrying about paying..

Reading Time 7 mins
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Articles

July 25, 2022

Charles Lutwidge
How Many Years Can You File Back Taxes

How Many Years Can You File Back Taxes

Filing tax returns is the most convenient way of taking care of back taxes. The IRS (Internal Revenue Service) has no official limitations of how long a taxpayer may file past due tax returns. It’s a tricky issue since taxpayers may..

Reading Time 7 mins
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Articles

July 22, 2022

Charles Lutwidge
What is an Invoice Number

What is an Invoice Number

A number always has to be assigned to an invoice, which affects the financial reporting and general documentation. Keep reading the article to learn what an invoice number is and why it’s important. Invoice Definition An invoice is a bill sent..

Reading Time 4 mins
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Articles

July 21, 2022

Charles Lutwidge
What’s the Difference Between Gross Pay and Net Pay

What’s the Difference Between Gross Pay and Net Pay

Starting a business is always exciting. You get a chance to optimize your small business, find clients, new directions, etc. An expansion of a business means you need employees. And here comes the not-so-exciting part — dealing with payroll. Payroll is..

Reading Time 5 mins
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Articles

July 19, 2022

Charles Lutwidge
What is the Financial Accounting Standards Board (FASB)

What is the Financial Accounting Standards Board (FASB)

The Financial Accounting Standards Board is an independent non-profit organization launched to create and optimize financial accounting standards in the private business sector. Keep reading the article to learn more about FASB and how it works. You will also learn about..

Reading Time 4 mins
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Articles

July 15, 2022

Charles Lutwidge
What is a Deposit Slip

What is a Deposit Slip

You may have heard about deposit slips since they are commonly used when depositing money in a bank. In some cases, bank customers must fill out deposit slips to direct their funds to the correct bank account. A deposit slip identifies..

Reading Time 4 mins
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Articles

July 13, 2022

Charles Lutwidge
Mark to Market Accounting: What is it and How it Works

Mark to Market Accounting: What is it and How it Works

Mark-to-market is a way of estimating the fair value of accounts subject to fluctuations over time, for instance, assets and liabilities. Its goal is to provide realistic time-to-time estimations of the company’s or institution’s financial health based on the current market..

Reading Time 6 mins
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Articles

July 12, 2022

Charles Lutwidge
What Is a Voided Check and When to Use One

What Is a Voided Check and When to Use One

Writing paper checks used to be popular a few decades ago. Today, most people prefer managing their finances online. Moreover, it’s much easier to use electronic checks instead of paper ones. The statistics show that around 55% of US citizens prefer..

Reading Time 5 mins
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Articles

What You Need to Know about IRS Receipts RequirementsHow to Calculate and Pay Estimated TaxesHow Many Years Can You File Back TaxesWhat is an Invoice NumberWhat's the Difference Between Gross Pay and Net PayWhat is the Financial Accounting Standards Board (FASB)What is a Deposit SlipMark to Market Accounting: What is it and How it WorksWhat Is a Voided Check and When to Use OneTotal Equity FormulaWhat is Reorder PointBookkeeping and Accounting Tips for Small BusinessDebt Service Coverage Ratio (DSCR) MeaningWhat is AccountancyBiweekly vs Semimonthly PayrollNoncumulative Preferred Stock DefinitionWhat Is Obsolete Inventory?What Does Paid In Arrears MeanHow to Keep Track of Business Expenses and why it's Important?What is IRS Form 1040What are Notes Receivable in Accounting?What are Asset Disposals?The Purpose of the W-9 FormHow to Hire the Right BookkeeperHow to Сalculate Shares Outstanding in Accounting?What is a Schedule K-1 Tax FormWhat are Trade Receivables in Accounting?Best Free Accounting Software for Small BusinessWhat are net terms?Stocks and Bonds: The DifferenceHow to Calculate Commission in AccountingWhat are Management Assertions?How to Balance Purchase LedgerTotal manufacturing cost: What is it and how to calculate itWhat Is the Difference Between Gross Sales and Net SalesWhat is Full Time Equivalent (FTE)Markup vs Margin: What’s the difference?Accounting Journal Entry for DepreciationWhat is the Contribution Margin Income Statement?What are the Advantages and Disadvantages of forming a Corporation?What are Temporary Accounts?What are Period Costs?What is Cash Flow from Financing Activities (CFF)What are Reorder Points and how to calculate ROP?What is a Master Budget and why is it important?Cash Flow Problems Facing Small Businesses and How to Solve ThemWhat Is Payroll FraudHow to Create a Business Budget for Your Small BusinessBook Balance DefinitionWhat is Predetermined Overhead RateGuide on How To Calculate Overtime PayBudget vs. Forecast: What's the Difference?Change in Net Working Capital (NWC)What Is Self-Employment TaxAccounting Technologies for the FutureWhat are billable hours?What is the difference between 1099 and W2 EmployeesWhat Is A Pay StubHow Long You Ought To Keep Business RecordsWhat is Certified PayrollWhat are Stale Dated ChecksWhat is the Difference Between Financial and Managerial AccountingWhat is a Multi-Step Income StatementCPA vs AccountantNet Cash Flow FormulaTaxes For Small BusinessesFixed Cost: Definition and FormulaTax Form 1120 – What It Is, How to File ItWhat is a Tax Write-OffWhat are Solvency and LiquidityHow to Calculate FIFO and LIFOWhat is OvertimePayroll Expense: Meaning and CalculationJust in Time Inventory: Basics and ImplementationAccrued Vacation Pay: Meaning and CalculationWhat Is Days Sales Outstanding?What is Equity Multiplier?What Is Consolidation Accounting?What to Do If You Missed 1099 DeadlineWhat Is Expense Management and Why Is It ImportantWhat Is Inventory TrackingWhat Is a Sole ProprietorshipGrant AccountingDepreciable Property DefinitionNonprofit Audit GuideList of Small Business Tax DeductionsUnderstanding Your CP2000 NoticeBest Receipt Tracking Apps for Small BusinessesBasics and Importance of Preparing for an Annual AuditAccounting in GeorgiaAccounting in ChicagoAccounting in CaliforniaHow to Calculate Workers’ Compensation Cost Per EmployeeAccounting in FloridaEstimated tax payments: How they work and when to pay themWhat's the Difference Between Purchase Order and InvoiceThe difference between the balance sheet and income statementWhat is a DisbursementAccounting in Memphis TNTax Forms for Independent Contractors: What you need to knowBookkeeping ExpressWhat Is the Current RatioAccounting in San DiegoWhat Is Tax Liability?Customer InvoiceForm 1065: U.S. Return of Partnership IncomeWhat You Need to Know About Independent ContractorWhat is a Full Charge BookkeeperMonth-End Close ProcessPercentage of Completion MethodGrowthForce ReviewHow to Calculate Withholding TaxCreating a Monthly Bookkeeping ChecklistWhat are Management FeesWhat You Need To Know About Tax RefundsThe Difference Between Bookkeeper and AccountantHow to make a balance sheetHow to Write a ReceiptBusiness Tax PreparationResearch and Development Tax CreditHow To Pursue a Career as a BookkeeperSchedule C: Profit or Loss From BusinessWhat is the Profit and Loss Statement (P&L)How to Make an InvoiceWhat Is an Invoice?What Are Closing Entries in AccountingWhat Is a Variable CostWhat are Intangible AssetsWhat is an ExpenseSalvage Value DefinitionGAAP VS. IFRS: What are the key differenceAudit Risk ModelCurrent Assets DefinitionAfter-Tax IncomeWhat is net incomeWhat is gross income and How it worksBasic Overview of Progressive TaxDays Payable Outstanding (DPO)What Is the Equity Method of Accounting?Meaning and Example of Insurance ExpenseVariance AnalysisMarginal Cost FormulaAnnual Income: Meaning and CalculationAccounts Receivable FactoringCapital Lease vs Operating LeaseEncumbrance Accounting: Explanation and ExampleBasics of Nonprofit AccountingFund Accounting Explained in Simple TermsIntroduction to Governmental AccountingExplanation of Account Reconciliation with ExampleWhat Is Sales Margin and How to Calculate It?The Basics of Cost AccountingWhat Is Opening Balance Equity?Bookkeeping: What is a 3-Way Match?Learn How to Calculate Salvage Value of AssetsStockholders' Equity: How to Calculate?Percentage of Sales Method: Explanation with ExamplesPrepaid Insurance Journal EntryRealization PrincipleConsolidated Financial StatementsWhat Is Prepaid Rent?LLC Accounting: Basics and RequirementsA Simple Explanation of Sales Revenue with ExamplesA Simple Guide for How to Write Off Bad DebtWhat Is an Accountant? Roles and ResponsibilitiesExpense Report: Meaning and TemplateThe Meaning and Basics of Hedge AccountingEnterprise Resource Planning (ERP)Cash Reconciliation: What Is It and How to Perform It?The Basics of Lease AccountingBusiness Valuation Formula and PurposeExplanation of Future Value of an Annuity with ExamplesWhat Is a Budget Report?Cash Flow from AssetsExplanation of Prepaid Insurance with ExampleAdvanced online bookkeeping services for business needsWhat CPAs areWhat is the Present Value of an Annuity Table?Review of the 6 Best Virtual Bookkeeping Services in 2021Outsource Bookkeeping Solutions for BusinessesComparison of Online vs Traditional BookkeepingWhen You Should Outsource Your Bookkeeping?Net Working Capital: Meaning, Measurement, and OptimizationWhat Is the Meaning of Opportunity Cost?What is GAAP in Accounting?Revenue Recognition PrincipleWhat Is Chart of Accounts Numbering and Why Do You Need It?Basic Explanation of Order of LiquidityExpense Recognition Principle: Meaning and ImportanceWhat is Tax Shield?What Is Depreciation Tax Shield?Post Closing Trial BalanceWhat Is Net Sales and How to Calculate It?Product Cost Meaning and CalculationClassified Balance SheetWhat Are the Main Income Statement Accounts?Learn How to Calculate Cost Per UnitDebits and Credits in AccountingCapital Budgeting ExplainedIndirect Method – Cash FlowAsset Turnover Ratio Explanation and ExampleSimple Explanation of the Periodic Inventory SystemThe Beginner's Tutorial to BookkeepingAccrued Payroll ExplanationLIFO Reserve Explained with ExampleWhat Is the Payback Period?Units of Production Method of Depreciation: Explanation and CalculationAn Easy to Understand Explanation of a Debit Memo with an ExampleWhat Are Investing Activities in Accounting?Stockholders' EquityAbsorption Costing in AccountingTrade Discount Explanation with ExampleEasy to Understand Explanation of Accrued InterestIncremental Cost Explanation and CalculationOperating Cycle Explanation and FormulaOperating Expenses Explanation with ExamplesMeaning of Mixed Cost in AccountingSimple Explanation of Purchase DiscountsCash and Cash EquivalentsSimple Explanation of FOB Shipping PointDays Sales in InventoryContingent Liability Explanation and ExamplesBookkeeping Services for BostonBookkeeping Services for San AntonioBookkeeping Services for San FranciscoBookkeeping Services for SeattleBookkeeping Services for Las VegasBookkeeping Services for AtlantaBookkeeping Services for PhoenixBookkeeping Services for HoustonBookkeeping Services in AustinBookkeeping Services for MiamiWhat are Long Term Liabilities?Vertical Analysis Explanation and ExampleHorizontal Analysis OverviewPublic AccountingTimes Interest Earned Ratio: Explanation and PurposeSalaries and Wages: Which one is better?Contribution Margin Explanation and ImportanceWhat Is Going Concern Principle?What does MM mean? Explanation and ExamplesDirect vs Indirect Cash Flow Statement Preparation MethodsAccumulated Depreciation Explanation and Calculation ExampleProcess Costing Explanation and ExampleWhat is Net Realizable Value? How to Calculate NRV?Simple Explanation of SG&A ExpensesBreak Even Point: What is it and Why is it important?Cost Principle Definition and Role in AccountingA Simple Guide to Payroll AccountingWhat Does Goodwill Mean in Accounting?Introduction to Pro Forma Financial StatementsMeaning and Example of Credit MemoActivity-Based CostingStandard Costing Meaning and How It WorksPlant Assets: Explanation and ExamplesHow to Calculate Sales Tax: Step-by-Step GuideExplanation of Cash Flow and Its ImportanceOutstanding Checks: Definition and How to deal with themMatching Principle: Definition and ImportanceWhat is a Chart of Accounts?Conversion Costs: Meaning, Formula, and ExampleWhat is the Cost of Goods Sold? 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Explanation and AccountingPreparing a Bank ReconciliationVertical and Horizontal Analysis: What's the Difference?Financial Ratio AnalysisCash Dividends and Stock DividendsSingle-Step vs Multi-Step Income StatementInventory Turnover RatioBusiness Credit CardNotes to Financial StatementsStatement of Comprehensive IncomeOverview of Reversing EntriesBasic Accounting PrinciplesIntroduction to T-AccountsEarly Payment DiscountsStock Splits and Stock DividendsRecording Transactions for BeginnersFinancial Ratios You Should KnowAmortizing Bond Premium with the Effective Interest Rate MethodFederal Insurance Contributions Act (FICA)Minimum Wage and Overtime PayIncome Summary AccountStatement of Stockholders EquityCash Flow from Operating ActivitiesBalance Sheet Template and StructureCash Short and Over AccountDividends Account - Explanation and ExampleThe Suspense Account - Everything You Need to KnowWhat is a Trial Balance?Manufacturing Overhead CostsGross vs. Net IncomeA Simple Explanation of Straight Line DepreciationInternal Controls in AccountingAccounting in Banks SimplifiedSmall Business Guide for Invoice Payment TermsWorking Capital Ratio: Definition and ExampleBetter Bookkeepers Accounting ReviewYour Guide to the Real Estate Capitalization RateCompleted Contract MethodHow to Calculate the Present Value of a Single AmountMinimum Wages in the United StatesHow to Increase Your Business ProfitabilityYour Guide to Inventory AccountingPaperless Invoicing - 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