Kick-Off: Understanding Federal Income Tax An Overview of Federal Income Taxes For anyone earning income in the U. S., keeping track of the federal personal income tax – including the ever-so-important tax deadline – is an unavoidable reality. Administered by the Internal Revenue Service (IRS), federal income tax serves as the largest source of revenue…
What is collateralization? Collateralization is using a valuable asset as collateral to secure a loan. In this type of loan arrangement, the borrower pledges an asset to the lender, and in case of a loan default, the lender has the right to take possession of the asset and sell it to recover the loan’s outstanding…
A Comprehensive Guide to Forensic Accounting Forensic accounting is the application of specialized investigation and accounting techniques to collect, analyze and present evidence of a potential financial crime. The term ‘forensic’ is suitable for use in a court of law, and this aspect differentiates forensic accounting from other types of corporate investigations. Solicitors or barristers…
Outsourced Bookkeeping Services A small business owner should always look for ways to save money, and outsourcing certain services is one way. For example, outsourced bookkeeping services, payroll, and office administration services are becoming increasingly popular as businesses find that they can get the same quality of service at a fraction of the cost. These…
What are debit card processing fees? Debit card processing fees refer to the fees charged by payment processors, banks, and card companies (Visa, Mastercard, etc.) when a customer pays with a debit card. These fees typically include the following: These fees may vary depending on the size of the bank that issued the card, the…
A Guide to Debt vs. Equity Financing Debt vs. equity financing. Which is the better choice for your business? There is no easy answer to this question. The answer depends on several factors, including your business’s stage, industry, and personal preferences. However, this guide will explore the pros and cons of debt and equity financing…
Bookkeepers are in charge of keeping track of all the financial transactions that happen within a company, their job description is to organize and transfer information from one location to another, and they also keep the business and bank reconciliation records for taxes. If you are managing a company, then it is vital that you…
What is small business bookkeeping? Small business bookkeeping is the financial activities involved in processing, measuring, and communicating a business’s finances. These activities include the following: Bookkeeping can help streamline business practices and ensure accuracy in decision-making by keeping track of expenses and understanding the financial standing of a business. There are various methods and…
Effective Business Expense Management If you are a business owner, you know that effective expense management is crucial to the success of your enterprise. There are many ways to cut costs and save money, but it can be difficult to know where to start. That’s why we’ve put together this helpful guide with some of…
