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What Exactly Is An Employer Identification Number (EIN)?

A federal Employer Identification Number, often known as an EIN or FEIN, is a nine-digit taxpayer identification number that assists the IRS in identifying your business. Consider it your company’s social security number: you use it to file and pay your business taxes. You may come across phrases like FTIN (federal tax identification number) while […]

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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

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What Exactly is an EIN, and How Can I Obtain One?

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

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Cash Basis Accounting vs. Accrual Basis Accounting: What’s the Difference?

There are two methods of recording accounting transactions in the world of accounting: cash basis and accrual basis. While the cash basis requires prompt recognition of all expenses or revenues, the accrual basis is based on anticipated expenses and revenues. In other words, the cash basis of accounting recognizes expenses and revenues as soon as

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What Is Account Reconciliation, and Why Do We Need It?

Account reconciliation in accounting is the process of contrasting and comparing two sets of records to ensure that the statistics match. Frequently, the source papers for reconciliation are: Internal: company-generated records External: information obtained from a third party This procedure ensures that general ledger entries are consistent with the respective subledgers. Unexplained differences in a

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