Bookkeeping

Have your accounting software open as you file your business taxes. Tax software can help you identify additional business tax deductions reported in part two of Schedule C. For the past 38 years, businesses filed Form 1099-MISC to report payments to independent contractors. Form 1099-NEC replaces 1099-MISC for this purpose starting in 2020. Depending on […]

To work out the average total assets you add the value of the assets at the beginning of the year to the value of assets at the end of the year and divide the result by two. The Current Ratio is another vital liquidity metric that, when compared with the Asset Turnover Ratio, offers insights into […]

Adjusting journal entries plays a crucial role in ensuring financial records accurately reflect a company’s actual performance during a specific period. These entries adjust revenues, expenses, and other accounts to align with the matching principle, providing a clearer view of financial activities. These entries are a key part of accrual accounting, where we record transactions […]