A company’s payroll lists all employees owing wages for a specific period. In addition to the compensation data, it includes information about employees’ attendance, position, leaves status, payment policy, and other relevant details. Payroll management is an essential part of running an organization.
Setting up a business in the US isn’t very difficult. All you need is a business name, a business account, some customers and maybe a website to get going. However, for most small business owners, the question arises as to what type of legal structure or entity they want to construct their business upon. The...
According to the Federal Trade Commission’s 2019 Consumer Sentinel Network data, one in three Americans aged 20 to 29 reported losing money to tax fraud in 2018. A mere 13 per cent of the small businesses in this range also reported losses due to fraud. According to the IRS, victims of tax scams have lost...
When starting a new firm, there are a variety of legal structures to select from, each with its own set of advantages and disadvantages. Depending on the complexity of your business entity, it might be as simple as a sole proprietorship, in the case of a small business, or as complicated as a corporation.
An impartial third party performs a business’s financial audit of the financial accounts and reporting procedures. Financial audits are designed to provide reasonable assurance to investors, directors, and other stakeholders that financial statements are accurate, complete, and in compliance with auditing standards and regulations.
Even if estate planning isn’t at the top of your to-do list while preparing for the future, it should be. Estate planning is very significant for communities because of the wealth accumulation and generational wealth-building potential. The courts will decide what happens to your money if you don’t, which will require the assistance of professional...
Inability to handle the accounting needs of a small business can lead to its failure. According to the U.S. Bureau of Labor Statistics, roughly 20% of small businesses fail during the first year primarily due to irregular cash flow. Statistics show that 82% of small businesses fail due to poor cash flow management.Other major accounting...
A business entity refers to an organization created to conduct and engage in trade or similar activities. Each type of business entity dictates the structure of an organization, the paperwork needed to file as well as how the company is taxed. The first step to starting a business is choosing the structure of your company...
When most individuals ponder the differences between bookkeeping services and accounting services, they find it hard to make a clear distinction. Despite bookkeepers and accountants having similar objectives, they assist your company at different stages of the financial cycle.
Estate planning is the process of specifying how you would like your assets to be distributed after your death. It entails deciding who will inherit your property and what percentage of it they will receive as well as where the money should go, who should manage it for any minor children, what taxes might apply...
