Every business must deal with noncollectable debts during the course of their operations. While you understand that debts which aren't being paid back affect your bottom line, you should also understand how, and when, they affect your taxes and financial reports. Here's a short guide to bad debts for the layperson. When Is It a Bad Debt? A bad debt is basically a noncollectable debt that has basically no real chance of ever being paid.
20 November 2018
With the success of grocery and food delivery apps such as Seamless, Grubhub, UberEats, Shipt, and Instacart, there are more opportunities than ever to do delivery work as an independent contractor. As an independent contractor, you can run and structure your own delivery business, where you work with multiple different companies. If you are running your own delivery business as an independent contractor through the wide array of delivery apps that are available today, you are going to want to make sure that you know how to do some basic accounting and record keeping in order to accurately complete your taxes come tax time.
5 September 2018
According to studies, 80% of businesses fail after the first year which means that if you are starting a new business, statistics are unfortunately stacked against you. If you are anxious about starting your business because you're so worried about failure, then there are a few things that you can do to set up your business' finances successfully. Read on to learn more. Hire a Business Advisory Firm A business advisory firm may be your most worthwhile investment when you start a business and is an investment that you should continue using for the entirety of your ownership.
30 July 2018
If you own a business, and you're using an ordinary bookkeeper, you may be looking at potential problems later on. Your bookkeeper can help you with the basics, such as payroll and accounts receivables, but that's about it. For all the big stuff, you're going to need a certified public accountant or CPA. If you don't think you need the services of a CPA, here are four key reasons why you do.
14 April 2018