As the New Year is here, here is the time to review your finances and be financially ready for what’s ahead. Learn about a few tasks you can get started on right away.
By law, you may be required to issue Forms 1099 to worker and the IRS by January 31st, 2022, if you hired independent contractors to perform services for your company, and paid them each $600 or more for the year.
In case you’re new to QuickBooks or you haven’t set up online banking yet, you may not know how easy it is (financial institutions may vary), or how safe it is. You can connect to one of your banks and import months of transactions under 10 minutes, depending on the volume of bank transactions you have. Check out our article to learn how.
Accounts Payables (AP) is a process in the accounting department that can be inconsistent and burdensome. However, today’s workforce has driven AP transformation – especially with remote working. Some businesses do not have much choice but to accept automation while others may have realized the need to automate accounts payables due to the numerous benefits that come with it.
Accounts payable (AP) is a crucial function to any business, as errors in the process put a company in problems. Although many businesses still use manual methods as they find the system to work fine, it requires a lot of precision from the accounts payable team. There are better – and more efficient – ways to manage AP through automation.
The United States has one of the most enviable healthcare industries in the world. There are hundreds of health and wellness centers located throughout the country that offer specialized services.
Choosing to implement new technology for your accounting needs is a big step toward improving your business. Accounting technology helps streamline the accounting system, thereby offering various benefits. However, poor implementation can impact your business negatively. To make your implementation a success, there are several mistakes that you must avoid.
An accountant is responsible for more than crunching numbers. With the right accounting guidance and assistance, your small business can slide its way forward and grow more rapidly than it would’ve otherwise.
Struggling to keep up with all the accounting lingo? Here are some of the key accounting terms you should be aware of as a business owner.
Bookkeeping is crucial for every business, and yet, many beauty salon owners underestimate the significance of this activity. In between booking appointments and ordering supplies, they barely have the time to attend to the bookkeeping and accounting needs of their business.
Many small business owners are reluctant to hire professional bookkeepers for organizing and tracking their financial documents, preferring to manage things on their own. However, following through with this decision isn’t quite as simple as it seems. By doing your own bookkeeping, you’re more likely to make mistakes and adopt less than ideal practices.
Every successful business has a professional bookkeeper documenting its transactions and keeping a record of all financial activities. In the last couple of years, there has been a growing trend of business owners hiring professional bookkeepers to manage accounts instead of doing all the paperwork on their own.
Every business need bookkeeping to ensure its finances are in order at all times. See why bookkeeping is important.
Business accounting helps business owners stay updated with their company’s financial status and implement the best strategies to maintain financial health. However, many small businesses make the mistake of handling accounting by themselves instead of outsourcing these services.
Due the COVID-19 outbreak and all of the government’s efforts to curtail its spread and to prop up the economy, we have been in information overload for just about a month now. One of the government’s efforts was to pass the Families First Coronavirus Response Act which, at the government’s expense, requires employers…
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27th by President Trump, includes an unemployment assistance program for individuals who under normal circumstances would not qualify for unemployment benefits, which traditionally have only applied to employees.
On March 12th, the U.S. Department of Labor released updated eligibility criteria for unemployment insurance (UI) programs to include people that have become unemployed as a direct result of the Coronavirus outbreak.
If you’re a small business owner suffering financially due to the COVID-19 outbreak, you may qualify for new small business disaster loans….
Taxpayers frequently ask what benefit is derived from a tax deduction. Unfortunately, there is no straightforward answer. The reason the benefit cannot be determined simply is because some deductions are above-the-line, others must be itemized, some must exceed a threshold amount before being deductible, and certain ones…
“Best practices” are recommendations for the most effective way to get things done. Are you following standard procedures in QuickBooks Online?…
As an employer, you have plenty of obligations when it comes to filing taxes. Among these is the need to file IRS Form 941, the Employer’s Quarterly Federal Tax Return, on the last day of each month following the end of a quarter. Sticking to these deadlines — April 30, July 31, Oct. 31 and Jan. 31 — is essential for remaining in compliance and avoiding an inquiry from the Internal Revenue Service.
When it comes time for financial documents to be corroborated, the three options available are a compilation, a review, and an audit. Each of these represents a very different degree of effort and investigation…
We know December is a busy month. However, take some time now to make sure QuickBooks is ready for 2020.