Xero includes extensive features that make it suitable to handle complex accounting processes for small- and medium-sized businesses as well as larger ones. The software makes it easy to pay bills, claim expenses, accept payments, track projects, manage contracts, store files and more. For example, Xero can integrate with banking systems and payment gateways, automating […]
Catégorie : Bookkeeping
Bookkeeping
Topic No 751, Social Security and Medicare Withholding Rates Internal Revenue Service
20 janvier 2021There is no regular withholding for self-employment tax, so if you expect that your income might be above the levels above, you may need to increase your estimated tax payments to account for the additional Medicare tax. The Additional Medicare Tax is owed by higher-income employees, and employers are responsible for withholding this tax and […]
This approach applies actual direct costs to a product, as well as a standard overhead rate. To illustrate how normal costing allocates costs using predetermined rates, let’s consider the furniture manufacturing company mentioned earlier. Suppose the company estimates its total overhead costs for a production period to be $50,000. It also determines that 5,000 direct […]
If you have some knowledge of the import and export business, you would definitely know about the goods in transit. Suppose you are a seller who just received an order for 1 tonne of coal from a buyer. These goods are in transit to the buyer, and you can simply say that these are goods […]
Goods Received not Invoiced (GRNI) is a particular type of accrual that has gained popularity in recent years. It refers to the goods that have been received by a company but have not yet been invoiced by the supplier. It’s vital for businesses to get a handle on GRNI to stay on top of their […]
Each of these versions gives you access to specialized features and reports at no additional cost. If you need more mobility than this locally-installed software offers, you can sign up for the QuickBooks Gold with cloud access packages. With three distinct QuickBooks Desktop options, the pricing structure can be confusing. What’s more, Intuit makes it […]
Accountants, contractors, manufacturers, non-profits, professional services and retail and wholesale businesses can all enjoy an industry-tailored QuickBooks experience. Compared with QuickBooks, Xero’s plans and pricing structure are simpler and less expensive. Like QuickBooks, Xero offers a free 30-day trial or discounted pricing for the first few months of use. If you’re shopping for QuickBooks as […]
Tax compliance is critical and can be complicated depending on your industry and location. This framework should help you identity the key processes to get your business running and avoid some of the most common mistakes. If you follow these steps and rigorously analyze your financial statements, your small business will be ready to carve […]
Also, if your staff sells out of an item, reordering may be delayed if your system isn’t set up to allow negative inventory counts. In addition to protecting your assets and facilitating the transfer of wealth, preparing for your possible incapacity should be a key part of your estate planning checklist. Set aside time to […]