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Why Is Petty Cash Accounting Vital For Your Small Business?

importance of petty cash accounting

  Businesses keep petty cash to make small purchases without using requisition money, debit or credit cards or check out. These kinds of transactions, however, require more time and paperwork to finish. Keeping petty cash for small purchases lets your employees spend really long time. For inst...

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Accounting For Restaurant – Key Points To Know

accounting for restaurant business

  When you think of opening a restaurant, the first time, the owners are driven by their love for food and dedication towards hospitality. But having a good chef and a winning personality are just two components and not everything. If small businesses fail, it is mostly during the first years ...

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What’s The Importance Of Foreign Currency Accounting In Small Businesses?

foreign currency accounting

  You may be thinking of expanding your store for buyers in other countries. Or perhaps you cracked a deal with a new foreign supplier. Taking your business to the international level is a hard task as well as a big step that determines your growth. However, dealing with small business account...

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Are Fringe Benefits Taxable- What To Know?

taxable fringe benefits in 2021

  If you love your job, at least part of the reason for your happiness at work might have something to do with fringe benefits you receive. According to the IRS, the fringe benefits as pay that an employer gives an employee for performing services. Fringe benefits are usually taxable unless th...

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Tax Law Changes To Know Before Filing Tax Return In 2021

tax law changes in 2021

  With 2020 over, it means the tax season to account is round the corner. Just like 2020, this tax season promises to be full of unique considerations- due to the coronavirus pandemic. So it is essential to familiarize yourself with the latest updates to the IRS tax code and how it may affect ...

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What Is IRS Levy And How To Get Exemptions?

what is IRS levy

  Tax levies put your assets at risk. To remove them, you need to work with the IRS to pay your back taxes. A tax levy is a serious business if you owe back taxes. Here’s how a tax levy can affect you, and how you can remove the IRS levy. What Is A Tax Levy? A tax levy is the seizure of pr...

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Tax Accountant Vs CPA- Understanding The Difference

difference between tax accountant and cpa

  When it’s time to file taxes, several small businesses have particular tax services need they didn’t encounter the preceding year and may not know whom to call for expert guidance. If you are in that position, you may wonder whether you hire a CPA or a tax accountant. The answer depends ...

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What Is Wealth Management, and Do You Need It?

what is wealth management

  Wealth management is the topmost level of financial planning services. It usually includes comprehensive investment management alongside tax guidance, financial advice, legal assistance, estate planning. The service type offered by wealth management firms is best suited to affluent clients. ...

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4 Reasons QuickBooks Bookkeeping Is Necessary For Small Businesses

significance of quickbooks bookkeeping

  If you are a small business owner, you will find yourself having to take on various tasks outside the scope of a managerial role. Some administrative tasks will involve accounting, preparing for tax seasons, and preparing taxes, etc. If you find yourself handling all tasks outside the scope ...

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What Should You Know About Guideline 401(k)?

401(k)-retirement-plan

  A 401(k) allows high-level employee pre-tax saving with options for employers to make contributions, all professionally managed and administered. Do you have any retirement program? It is one of the basic questions that prospective employees ask their future boss. The 401(k) has morphed from ...

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