One of the primary purposes of bookkeeping and accounting is to have audited financial statements at the end of accounting periods and the fiscal year. Transactions are recorded. Receipts and detailed records are kept on file.There are some main differences …
The word audit often conjures up negative and fearful emotions. However, an audit doesn’t have to be daunting. In fact, an audit is simply an evaluation of the organization’s accounting systems to verify the accuracy of its financial data. If …
Remarkably, the world’s most profitable tech company, Apple, has developed tax strategies which have helped them avoid paying billions in taxes. This isn’t unusual for technology companies. Their products aren’t necessarily physical goods but royalties or patents in this digital …
Going through an audit can be a stressful undertaking for a nonprofit organization. It is necessary to have an audit performed by an external auditor every fiscal year. In addition to the external auditor, there are other people involved in …
No company wants to be the victim of fraud or embezzlement. In one current case, Pedro Espada and his son stole more than a half a million dollars from a nonprofit health care network. Mr. Espada was the chief executive and …
Good recording keeping and precise calculations are valuable because they provide an accurate assessment of the company. At any time, an executive can take a look at a variety of reports to take the pulse of the business’ success. Your …
Meticulous payroll record keeping helps makes filing tax forms less stressful. You only need to file Form 941 to report all of the payroll related taxes. This form must be filed quarterly. It’s required of all employers who pay wages subject …
The first category of accounts on the balance sheet is the company’s assets. Cash accounts and inventory are listed as current assets. Next, long-term assets are accounted for. These are things owned that are not easily used for immediate needs. …
Accounting like any other profession has it’s own technical symbols, terminology, and principles. In accounting, these elements form the “vocabulary” which is used to convey financial information, especially that information presented in the form of financial statements. Accounting is often …
It’s nearing tax time and the accounting department is buzzing. This is where your consistent record keeping really pays off. You will be busy handing out tax forms to employees and independent contractors. You will also file a tax return …