Fraud has always been a concern, but with the right preventative measures you can make sure that fraudulent activity in your business is either averted or caught early. There are many ways to protect your business from fraud, and good business accounting is one of them.
The first thing you want to do is ensure that only a select few people have access to financial documents, such as bank statements. Read more
The matching principle plays a key role in helping accountants develop a clear and consistent income statement. The overall goal of the matching principle is to ensure an accurate calculation of the revenues in the period in which the revenues were earned. The expenses then are followed by the revenues, meaning an accurate calculation must be done for this portion of the income statement as well. Read more
A cost segregation study can be very beneficial to you and your wallet. These types of studies are advantageous because they can help you significantly increase your cash flow by segregating the costs of various properties. The two major benefits of cost segregation are tax reduction and tax deferral. Cost segregation studies can also result in more accurate accounting and more accurate tracking of cost basis and depreciation.
With cost segregation, more income will be taxed at the capital gains rate as opposed to the typical income rate. Read more
Tax Return Extensions are one of the most abused and misunderstood concepts within the tax code. Today, I will dispel two of the biggest myths surrounding extensions. Have any other questions about extensions that are not covered in this article? Post your questions to the comments section and I will be sure to answer them!
Extensions Do Not Grant You Additional Time to Pay Your Tax
1) Tax Return Extensions only grant you additional time to file your tax return, they do not give you additional time to pay your taxes. Read more
How To Buy Point Of Sales Systems
These days you can see Point of sales systems aka POS in many different restaurants, hotels, retail stores, medical centers and other local shops too. This digital system is a kind of electronic cash register and it proves to be very helpful for small businesses and medium sized businesses too.
If you have a small or medium sized business, you definitely need to have a point of sales system in your cash terminal, if you want to survive in the hard competition today.
The Working of POS
The user interface of this software contains many different columns. Read more