Category: Bookkeeping

With EFT payments, the funds from one bank are transferred to another electronically. EFT payments are one of the most preferred modes, and EFT bookkeeping and payroll services payments include credit card payments, bill payments, and online payments. EFT payments confine diverse methods such as ACH, Wire transfers, Echecks, Online payment systems, and Mobile payment… Continue reading CFPB Issues Compliance Aid on Electronic Fund Transfers

Regularly reconciling your books can also help you spot unauthorized or fraudulent bank transactions, and even help you stay on top of any payments your customers might be behind on. Businesses will usually reconcile their books in this way once a month, along with other ‘month end’ tasks like posting receipts, sending out invoices, paying… Continue reading Bookkeeping Terms: a Small Business Reference

On the other hand, 1099-MISC, or Miscellaneous Income, covers other types of payments, such as rents, royalties, and certain other income. It’s crucial to understand the difference between these forms to ensure accurate reporting. As we get ready to close out 2024, it’s a great time to go through a year-end checklist to ensure you… Continue reading Stay Compliant with Automated 1099 Forms Generation & eFiling

Tax reform and regulatory changes significantly affect income tax items. The Tax Cuts and Jobs Act (TCJA) of 2017, for example, reduced the federal corporate tax rate and introduced limitations on interest expense deductions. Companies with international operations must also account for global tax considerations, such as the Base Erosion and Anti-Abuse Tax (BEAT) or… Continue reading Income Statement Accounts List: A Complete Guide