Category: Bookkeeping

Consult a tax skilled for complete tax planning and compliance. Whereas a calculator offers a helpful estimate, it isn’t a substitute for skilled tax planning.Calculating company tax varies from corporation to corporation. This business obligation can become tasking to finish manually and is simpler to... Continue reading

A current liability arises every time an entity receives an financial benefit for which the payment is to be met within one 12 months interval or inside an working cycle (which ever is longer). The liability is journalized by crediting a liability account and debiting... Continue reading

This results in streamlined accounts receivable management and greater financial transparency. Following receipt of payments, it’s essential to ensure these are accurately allocated to the correct invoices and discrepancies, if any, are immediately rectified. Here, the ‘settle, reconcile, account’ sub-process is instrumental. It maintains accurate... Continue reading

However, when it had to liquidate a portion of its portfolio, accounting rules forced it to revalue the entire portfolio using the mark-to-market method. A trader who has not made the mark-to-market election can deduct only $3,000 of net capital loss, with the excess loss... Continue reading

Attend industry events, join accounting associations, and connect with fellow accountants, business owners, and professionals in related fields. Engaging in networking activities allows you to learn from others, exchange knowledge, and potentially find clients or collaborations. Perhaps one of the most satisfying aspects of being... Continue reading