An Employer Identification Number (EIN) is a valuable—and often required—tool when launching a new business or side hustle. An employer identification number (EIN) is a business’s Social Security number. Most businesses require it to complete essential actions such as paying taxes or opening a bank account. Not all business owners require an EIN, but it […]
What Exactly is an EIN, and How Can I Obtain One? Read More »
what is a payroll tax? A payroll tax is a charge that both employers and employees must pay on salaries, tips, and wages. Employers withhold taxes from employees’ paychecks and pay them to the government. Federal, state, and municipal income taxes and the employee’s contribution of Social Security and Medicare taxes (FICA) are included. Employers
What Exactly Is a Payroll Tax? Read More »
Tax evasion is a severe problem that can seriously impact individuals and businesses. It is an intentional attempt to dodge tax liabilities by failing to register income or making false claims on tax returns. Tax evasion is a criminal violation that can result in harsh consequences, such as substantial fines and even imprisonment. It is
The Definitions, Comparisons, and Consequences of Tax Evasion and Money Laundering Read More »
Generally accepted accounting principles (GAAP) are used to report and prepare financial statements. GAAP’s ten principles concern accounting uniformity, openness, and ethics. Although GAAP is only required for publicly traded and regulated organizations, it is strongly recommended for all businesses. This article is intended for business owners and accountants who need to understand generally accepted
international accounting standards and procedures (GAAP) Read More »
Prepare these documents ahead of time to save time and money when it comes time to file your taxes. You will need particular information and evidence to file your tax return, whether you hire a professional or do it yourself. Here’s a checklist for preparing taxes that most people will need to complete the task.
Checklist for Tax Preparation: What Important Documents to Gather Before Tax Filing Read More »
A company that is still growing would usually delay giving out dividends so they could use their profits to invest in further business expansion. This may include putting money towards working capital, capital expenditures, acquisitions, research and development, and marketing. It may also choose to service debt using retained earnings rather than dividends. what is
What exactly are Retained Earnings? Read More »
This piece compares three popular bookkeeping software solutions—Intuit’s QuickBooks Online, Xero, and Wave Accounting—and explains the appropriate platform for specific business scenarios. We’ll go over the following: This article compares three popular bookkeeping software solutions—Intuit’s QuickBooks Online, Xero, and Wave Accounting—and explains the appropriate platform for specific business scenarios. We’ll go over the following: Important
Which Bookkeeping Software Is Best for You: QuickBooks vs. Xero vs. Wave? Read More »
When to hire a CFO is a common question we hear from companies. Of course, each company is unique, but for many of our startup clients, the answer is the same: Consider working with an outsourced CFO if you do not intend to go public within the next 1-2 years. Related: What the Difference
What Exactly is an Outsourced CFO? Read More »
An effective inventory management system (IMS) is an essential component of an e-commerce technology stack. Once your e-commerce business reaches a certain scale, you’ll almost certainly need one to stay on top of things. This guide will explain to you what an IMS is, why you need one, and how to choose the best one
A Quick Guide to Inventory Management Systems for E-Commerce Read More »
A controller is a senior manager who also serves as the head of accounting. A robust controller can help lead the way and may take on some of the tasks of a chief financial officer (CFO) for growth-stage firms that are expanding their finance teams. what does an accounting controller do? Financial controllers are not
What Exactly Is a Controller, and When Do You Need One? Read More »
