What Exactly Is a W-9 Form? Guide to W-9s for Business Owners
There is a lot of paperwork to fill out when you start a new job, from direct deposit forms and benefit enrollments to your W-4 form. However, income taxes work differently depending on whether you are a contractor or a self-employed individual. You must still declare your earnings to the IRS, and the corporations that […]
What Exactly Is a Payroll Tax?
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 […]
The Definitions, Comparisons, and Consequences of Tax Evasion and Money Laundering
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 […]
international accounting standards and procedures (GAAP)
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 […]
What exactly are Retained Earnings?
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 […]
Which Bookkeeping Software Is Best for You: QuickBooks vs. Xero vs. Wave?
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 […]
What Exactly is an Outsourced CFO?
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 […]
A Quick Guide to Inventory Management Systems for E-Commerce
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 […]
What Exactly Is a Controller, and When Do You Need One?
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 Are Back Office Services?
So you’re growing your business, it’s becoming more complex, and you’ve heard that you should look into back office services to help. This can be perplexing if you are unfamiliar with what back office services are. In this article, we’ll define “back office services,” discuss why you might consider outsourcing them, and provide some instances. […]