by eriklutz | Jun 18, 2024 | Bookkeeping
Multi-entity accounting requires meticulous tracking and reconciliation to ensure transactions between entities are accurately reflected in the financial statements. Eliminating these intercompany transactions is crucial to avoid inflating revenue and expenses,...
by eriklutz | Mar 22, 2024 | Bookkeeping
Misclassifying employees can lead to violating these rules, so companies must keep current on all federal, state, and local tax regulations. Payroll rules vary from state to state, and missing quarterly tax deposit deadlines can trigger IRS penalties. All material...
by eriklutz | Aug 10, 2023 | Bookkeeping
The indirect method stands out for making accounting practices efficient. However, it is most useful when you’re trying to determine the ebbs and flows of your business’s cash flow. Most businesses prefer to use this method, since it shows cash flow in a more...
by eriklutz | Sep 6, 2022 | Bookkeeping
California’s state tax system is progressive—income tax rates and brackets go up as your taxable income increases. There are nine tax brackets, starting at 1% and going up to 12.3%. If your adjusted gross income crosses $1 million, a 1% mental health services tax...
by eriklutz | May 13, 2022 | Bookkeeping
E-g, when a customer makes a purchase on a Shopify store, the transaction data is automatically sent to QuickBooks. Customer support is notably responsive and adept at resolving issues and tailoring the app to individual business needs. I have used this app for years...
by eriklutz | Jun 1, 2021 | Bookkeeping
Every business bears responsibility for complying with federal, state and local laws related to employee compensation and following other payroll compliance best practices. Payroll processing is a core business process that impacts nearly all other aspects of your...
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