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The financial year has come to an end. There might be many entrepreneurs who sometimes handle the accounts on their own and struggle with the last-minute time tax filing. Therefore, having the right tax accountant is essential for any small business. With constant change with the taxing rules made by the government, it is challenging to […]
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Accrual basis is one of the widely used bookkeeping systems in many finance departments. It involves the recording of financial transactions minus the actual transfer of cash. Meaning it relies on the income statements released on revenues earned and the expenses incurred. More similarly, it gives financial statements as to its alternative, cash basis. The […]
The Big 4 refers to the world’s largest certified public accounting (CPA) firms dealing in auditing and accounting services. Like their nickname, The Big 4, they are 4 in number; Deloitte Touche Tohmatsu, PricewaterhouseCoopers, KPMG, and Ernst & Young. These firms offer wide-ranging auditing and accounting services comprising; External audit Management and business consultancy Taxation […]
Accounting is a common term used in enterprise entities and institutions. It refers to the process of processing, organizing, and or summarizing financial information and records. Alongside fulfilling the customer’s needs, each business exists to make economic progress. Without accounts, it may not be easy to know whether the company is making any financial advancement. […]
The accounting equation, also known as the balance sheet equation, is the elementary equation purposeful in double-entry accounting. When starting a business, there are always these three parameters you consider first, assets, liabilities, and equity. Each of these contributes significantly towards indicating the financial progress of your enterprise – whether you are making profits or […]
Profit is one of the critical aspects of business growth and expansion. As your small business grows and expands, you as an entrepreneur tend to have greater responsibilities to handle to improve the status and the brand image of your business in the market. One of the duties is consistently maintaining your books of accounts. With so […]
If you’ve been here, you know it better. The taxpaying season can be quite hectic. Despite this, some people afford a smile at the end of it all when they get a refund. In simplest terms, a tax refund status is the reimbursement of your overpaid tax amount to either your federal or state government. […]