One way to assess business performance is to know how fast inventory sells, how effectively it meets the market demand, and how its sales stack up to other products in its class category. Businesses rely on inventory turnover to evaluate product effectiveness, as this is the business’s primary source of […]

A post-closing trial balance is a listing of all balance sheet accounts containing non-zero balances at the end of a reporting period. The post-closing trial balance is used to verify that the total of all debit balances equals the total of all credit balances, which should net to zero. Like […]

This net income figure is used to prepare the statement of retained earnings. However, most businesses can streamline this cycle and skip tedious steps like posting transactions to the general ledger and creating a trial balance. Using accounting software like QuickBooks Online can do all these tasks for you behind […]

If ABC security service provider monthly bill for the month of Jan is Rs.2,00,000/- including TDS 2% and Service Tax 12%, Edu.Cess 2% and SHE Cess 1% what is the journal entry. Similarly, you are in debt to your suppliers if they have provided you with goods which you are […]

This can include everything from opening new locations to expanding existing ones. Get instant access to video lessons taught by experienced investment bankers. Learn financial statement modeling, DCF, M&A, LBO, Comps and Excel shortcuts. For our retained earnings modeling exercise, the following assumptions will be used for our hypothetical company […]

Mistakes such as plan misadministration and breached confidentiality can also lead to employee lawsuits. Without a TPA, your company is open to lawsuit risk from several angles. Budgeting, costs, administration, and legal compliance are all issues you’ll need to deal with, on top of running your business. This article is […]

Your general business credit for the year consists of your carryforward of business credits from prior years plus the total of your current year business credits. In addition, your general business credit for the current year may be increased later by the carryback of business credits from later years. You […]

The business and the owner are considered a single entity for tax purposes, and the owner reports the business profits or losses on their personal tax return. Owning a bakery provides a unique opportunity to serve the community. Many bakeries have become an essential part of their local area and […]

Content What are the penalties for a business failing to meet a 1099-MISC or 1099-NEC deadline? Form 1099 Filing Deadlines & Penalties Form 1099 Corrections Resources When does a business need to issue a 1099-NEC? I’m trying to manually enter records, but I can’t type in the number of records […]

Content Create the three must-have documents for financial success. Establish sales tax procedures QuickBooks Self-Employed Save important bookkeeping records. Best Startup Business Loan Options for Entrepreneurs Make sure you pay attention to when your receivables are due and don’t waste time when they’re overdue – act right away. See if […]