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Articles

June 10, 2022

Charles Lutwidge
What are Notes Receivable in Accounting?

What are Notes Receivable in Accounting?

Notes receivable is a balance sheet item that reflects the value of the notes that the Company is to receive and for which it is to receive payment. Promissory notes are promises to pay money to another party on or before..

Reading Time 5 mins
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Articles

June 08, 2022

Charles Lutwidge
What are Asset Disposals?

What are Asset Disposals?

Asset retirement is the removal from a company’s journal by selling or decommissioning it. These are long-term assets that have contributed to carrying out a profit, such as a company’s machinery, technology, or vehicles. Business tracks asset disposals as equipment and..

Reading Time 3 mins
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Articles

June 06, 2022

Charles Lutwidge
The Purpose of the W-9 Form

The Purpose of the W-9 Form

The IRS Form W-9 is a request for TIN and certification. Businesses use this form to get information about vendors they hire as contractors. The data gathered from W-9 is used in the future to file tax returns. The IRS has..

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Articles

June 03, 2022

Charles Lutwidge
How to Hire the Right Bookkeeper

How to Hire the Right Bookkeeper

Companies can strive if they have bookkeepers keeping their documentation. It’s crucial to find the right person when hiring an employee or finding a contractor. People responsible for bookkeeping will be working with documents to help the business record all financial..

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Articles

June 02, 2022

Charles Lutwidge
How to Сalculate Shares Outstanding in Accounting?

How to Сalculate Shares Outstanding in Accounting?

Shares Outstanding (SO) are held by the company’s shareholders at a given time after excluding ones repurchased by the company and are shown as equity part in the company’s balance sheet liabilities. The company also frequently holds SO portion in its..

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Articles

June 01, 2022

Charles Lutwidge
What is a Schedule K-1 Tax Form

What is a Schedule K-1 Tax Form

A Schedule K-1 is a tax form to report income, losses, and dividends of a business’s or enterprise’s partners. It’s also used to report income, losses, and dividends to S corporation’s shareholders. Partners in a business have to file the form..

Reading Time 5 mins
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Articles

May 30, 2022

Charles Lutwidge
What are Trade Receivables in Accounting?

What are Trade Receivables in Accounting?

The amount billed by a business to customers for the goods and services supply in the ordinary business course is called trade receivables. These are usually documented in official invoices, summarized in the Accounts Receivable Aging Statement. Staff commonly uses this..

Reading Time 4 mins
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Articles

May 27, 2022

Charles Lutwidge
Best Free Accounting Software for Small Business

Best Free Accounting Software for Small Business

Managing small businesses’ finances may become a nightmare without proper software. Companies can still record financial operations manually by using spreadsheets. Even though it’s a free option, it takes time and effort. If you don’t have the funds to buy a..

Reading Time 8 mins
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Articles

May 26, 2022

Charles Lutwidge
What are net terms?

What are net terms?

Typically, businesses have problems with cash flow. On paper, the company may have success, but in reality, clients are late with covering invoices. As a result, companies have to face the consequences. In some cases, these consequences lead to bankruptcy. Instead..

Reading Time 5 mins
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