According to a release from the IRS in December 2022, new requirements for so-called third-party settlement organizations (TPSOs) to report income and transactions have been delayed for one year. When items are sold for a profit, the 1099-K Form intends to ensure the income earned is reported to the IRS (and state revenue agency).
Cash flow is the movement of money in and out of your business and your business bank account. Think of cash flow like your car’s gas tank. You fill up the tank with gas, and it empties as you drive. The goal, however, is to always have enough gas in your tank to avoid running out. Cash inflows are your sources of income while cash outflows are your business expenses.
Investors and financial analysts rely on financial data to analyze the performance of a company and make predictions about the future direction of the company’s stock price. One of the most important resources of reliable and audited financial data is the annual report, which contains the firm’s financial statements.
Financial forecasting refers to financial projections performed to facilitate any decision-making relevant for determining future business performance. The financial forecasting process includes the analysis of past business performance, current business trends, and any other relevant factors.
Accounting is the process of gathering information on business activity, posting transactions, and producing true and accurate financial statements. The accounting cycle is a series of steps, completed in a specific order, that ends with a set of accurate financial statements. If you don’t follow each step in the cycle, you won’t produce accurate financial data, which can really be detrimental to a small business.
Learn when and how you should pay yourself as a business owner.
Here are five practices that business owners need to avoid in order to have a successful business.
The value of bookkeeping for your business has more benefit than just money. Here we will discuss some of the pros and cons of doing your own bookkeeping for your business.
Learning how to deduct vehicles for business use will allow you to make the most out of your write-offs.
Learning how to record Vendor bills in QuickBooks will allow you to track all of your expenses and run a A/P report.
Business structures will ultimately affect how taxes are filed each year by the business and individuals. IN this blog, we will discuss the different business structures and how they operate when it comes to taxes.
Here is an overview about Financial Accounting that is used by accountants to document, compile, and outline a business’s financial performance over a specific time period.
Want to know how to determine a partnership tax cost basis? This involves defining and calculating the outside cost and inside cost basis.
Accounts payable are debts due by a business to its suppliers. Your payables must be correct for your balance sheet to be accurate.
A budget helps you avoid overspending and running out of money. To help you prepare, we’ve compiled 8 budgeting tips.
Understand the importance of account receivables, how to run reports, and how collections will impact your business. Read our article to learn more.
Proper classification is important for both the employee and employer to avoid costly penalties. Read our article to learn more.
It is very common for small business owners to mix personal and business expenses. Unfortunately, to their own detriment. Read our article to learn why they should be kept separate.
Take a look at our article if you’re thinking about using QuickBooks Online for your business but aren’t sure which plan is right for you.
If you’re new to QuickBooks Online and want to get more out of your QuickBooks plan by learning how to create and use reports, take a look at our article.
As a business owner, managing cash flow is often one of the biggest challenges. Here is what you should know about cash flow management.
There are two methods of accounting that businesses can use: cash basis or accrual basis. Although they sound complicated, read our article to understand the differences between the two and when to use them.
One of the best features of QuickBooks Online is that small business owners can issue either invoices or sales receipts. Read our article to learn the difference between the two, including when to use them.
When hiring an employee, there are a few things to consider. One of them is the fact that the cost of hiring an employee is greater than their hourly wage.
Periodically reconciling your bank accounts is a great practice to help keep your books in order, catch any discrepancies on time, and make filing end-of-year taxes easier. Here is everything that you need to know about this process.