Category: Bookkeeping

However, if your business was steady this year and you once again owe over $3,000, you’ll need to start paying by quarterly instalments. Any monies you owe to suppliers or other agencies for goods or services provided are placed under Accounts Payable. Accounts Payable is an expense account that lets you know how much money…

Our financials in the pitch deck don’t need every last detail just the categories that are most important, so it’s fine to combine all remaining costs assuming they are not a major contributor. Our assumption for the pitch deck is that our “Cost of Sales %” of 35% will generate $350 in Cost of Goods…

Additionally, there is a higher demand for CPAs than EAs among the general public. Working with an EA can be the best option for you if you have accounting requirements with a micro focus. When it comes to tax preparation, they can also support you in locating tax credits and deductions to reduce your tax…

They should maintain a separate record for their business to ensure a clear distinction from personal finances. In the context of a sole proprietorship, equity represents the owner’s rights to the assets of the business after all liabilities have been paid. Owner’s contributions are personal assets invested into the business, increasing the owner’s equity. For…