Category: Bookkeeping

Their work ensures a clear and systematic financial trail for any enterprise. CAs, experts and businesses can get GST ready with Clear GST software & certification course. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. Our Goods & Services Tax course includes tutorial videos, guides… Continue reading Differences Between Bookkeeping and Accounting

Public corporations are for-profit organizations that make money for shareholders. A Delaware Series LLC is able to create an unlimited number of separate business units, called “protected series”. Each protected series provides limited liability protection for its owners, and protected series have protection from one another. The general partner in a limited partnership does not… Continue reading Public Corporation Law: Everything You Need to Know

A public corporation’s board of directors is appointed by the sitting Governor while the Senate confirms said appointment. However, the board of directors has the authority to manage the public corporation’s operations and set policy as they see fit. The benefits of public corporations are public benefit, large-scale operation, financial soundness, generation of employment, and… Continue reading What is a public company?

This can help maintain disposable income and stimulate demand, mitigating the severity of recessions. Along with decrease in purchasing power, taxes also decrease the relative value of work in relation to leisure time. If a tax is implemented on consumption, the value of spending an hour at work decreases in relation to different activities because… Continue reading The Pros and Cons of a Consumption Tax

The accounted debited in this case will be Store Supplies and since it does not fall under Accounts Payable, we will enter the amount under the Other Accounts. In the Cash column, we will enter the corresponding credit amount. Another example would be refunds for goods returned that are made in cash or cash equivalents.… Continue reading What Is a Cash Disbursement Journal? Simplified for Business Success

QuickBooks Self Employed is designed to simplify your financial life so you can focus on what you do best—growing your business. In this comprehensive guide, we’ll dive into everything you need to know about QuickBooks Self Employed. We’ll explore its definition, historical background, core features, benefits, real-world applications, common misconceptions, and modern trends shaping its… Continue reading QuickBooks Self-Employed Review & Tutorial 2024

These steps can be greatly simplified by working with a payroll service provider. Many, like ADP, are capable of integrating payroll and benefits to ensure that cafeteria plan contributions and taxes are calculated accurately each pay period. In addition to being tax advantageous, cafeteria plans can help employers attract and retain talent. Employees today place… Continue reading What is a Section 125 Cafeteria Plan?

They fall outside the main purchasing processes and are often not effectively managed by the procurement team. For example, if a department requires three full-time employees, the number of units required would be 120 (hours worked) per week. If the cost per hour is $20, that equates to a cost of $2400 per week. That’s… Continue reading Activity-based budgeting: is this budgeting method right for you?

This formula gives you a clear picture of how much the actual labor usage deviated from the budgeted amount. A positive result indicates greater efficiency (i.e., less time was needed), while a negative result highlights inefficiencies (more time was used than planned). Later we will discuss what to do with the balances in the direct… Continue reading Quick Guide to Direct Labor Cost Formula & Definition : Calculate Like a Pro in 2024