Small business owners must be informed about taxes. To start, you need to know the several types of taxes: Self Employment Tax If you are in business for yourself (including a part-time business) or carry on a trade or business as a sole proprietor or an independent contractor, you are generally considered by the IRS […]
What is Financial Management Accounting? Financial management accounting is the support most often associated with the Chief Financial Officer (CFO) and finance department of a company. These services primarily involve looking into the future by converting a business plan into a budget or financial model and helping a company manage to its plan. CFO’s provide […]
Accounting and economics both involve plenty of number-crunching. But accounting is a profession devoted to recording, analyzing, and reporting income and expenses, while economics is a branch of the social sciences that is concerned with the production, consumption, and transfer of resources. KEY TAKEAWAYS Accountants track the flow of money for businesses and individuals. Economists […]
Most business owners look for the following in a successful audit: thorough preparation, effective communication and a detailed and complete review. These three key components can clearly make or break a successful audit experience. Below are a few other points to consider before heading into your next audit. 1) The importance of complete and accurate […]