Category: Bookkeeping

The equations has certain rules that every company should follow. This transaction brings cash into the business and also creates a new liability called bank loan. On 2 January, Mr. Sam purchases a building for $50,000 for use in the business. The impact of this transaction is a decrease in an asset (i.e., cash) and…

The overall function of bookkeeping is to identify, classify, and record all transactions. The level of complexity of the position is not relatively high; however, it does require keen attention to detail. Yet, their work is crucial in providing accountants with the information they need to be able to do so. Understand the differences between…

Adjustments will need to be made for the company to regain profitability. Net margin is considered one of the most important indicators of a company’s success and profitability. Business owners and investors track net profit margin over time to assess how well the business practices are working and to predict changes in profitability. Wages and…

In light of recent security breaches, many people are fearful of offering personal data and documentation to someone they don’t know, especially through the mail. You will usually file an ITIN application, Form W-7, Application for IRS Individual Taxpayer Identification Number, with your first tax return, which you must file as a paper return, not electronically.…

It also supports community health by allowing all community residents and stakeholders to be a part of the team. Keeping members in the dark only promotes mistrust and working with inadequate or no financial information can lead to dwindling reserves for community upkeep and new projects. When looking into property management companies, it is important…

Review the Turnkey Integration Maps before choosing the version you require, or contact our team using the “Contact Us” button in the top-right corner for assistance. Most businesses require a custom connector to match the unique data field names and data syntax requirements of their business. If your business has created custom fields or changed…

The term taxable income refers to any gross income earned that is used to calculate the amount of tax you owe. Put simply, it is your adjusted gross income less any deductions. This includes any wages, tips, salaries, and bonuses from employers. Investment and unearned income are also included. To calculate your taxable income for…

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Budgetary control is another technique used for controlling costs in running a business. Standard costing involves the establishment of a standard total cost that is characteristic of efficient business operating conditions. Current costs of operation and goods or services are then compared to these standard costs. Account receivables are the invoices or credits which a…

This guide is intended to be used as a starting point in analyzing an employer’s payroll obligations and is not a comprehensive resource of requirements. It offers practical information concerning the subject matter and is provided with the understanding that ADP is not rendering legal or tax advice or other professional services. Learn how to…