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Profit and Loss

Wednesday , Sep 20,2017
It might seem like a no-brainer to define just exactly what profit and loss are. But of course these have definitions like everything else. Profit can be called different things, for a start. It's sometimes called net income or net earnings....

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Everyday Accounting

Wednesday , Aug 23,2017
By the end of the day, imagine the amount of money you have spent. Just think for a second. Some of you may not have spent much at all, if anything. The rest of us generally spend more than we need to; or at least, we spend more than we realize. ...

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Tax on Foreclosure

Friday , Aug 18,2017
The impact of the housing market and the tighter lending standards has put the homeowners into a dilemma. Lending crisis continues to shake out, it has affected homeowners particularly those who have used creative mortgages. Long-time homeowners who refinanced their properties based on increased value too could find themselves in tax trouble with foreclosures. ...

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Accounting - All Businesses Need One.

Monday , Jul 31,2017
As business becomes more and more global, and complexities continue to emerge, certain fields have gained prominence in today's career market. One of these is accounting. Accounting is a very conceptual career or task, more a question of information handling than any hands-on approach to product development. However, as trends change, accounting is becoming a little more diverse and less just a question of 'crunching numbers'. These days, there are specific kinds of accoun... ...

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Remove Bad Credit with Consolidation

Wednesday , Jul 26,2017
Credit card debt consolidation is for anyone who finds it difficult to pay minimum payments or who is having trouble paying other bills. Combining all bills will make it easier to remember to pay the bills. This helps when trying to budget all other bills. ...

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Employee Time Clock System

Friday , Jul 21,2017
Employee time clocks are time systems used by organizations to accurately record the number of hours worked by each employee every week. The clocks have evolved with time and the companies still need some sort of system that they can use to generate payroll and ensure that the employees are paid for each hour they worked. Today, employees use swipe cards with a magnetic stripe through a slot that reads their name and records the time every time they clock in or out, much like... ...

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Large corporations

Sunday , Jul 09,2017
The development of corporations has turned out to be a great boon for American as well as world economy. Basically a corporation is understood as a lawful body that entitles a group of people to act as unit or an individual ...

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Basic Financial Information Tips (Part II)

Tuesday , Jul 04,2017
Here are some additional financial tips, definitions, and information that will hopefully help you save money or get out of debt. ...

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Incorporate Your Business for Long-Term Benefits

Thursday , Jun 29,2017
Discover how incorporation can benefit your small business and help it to grow......

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Quickbooks Tips

Wednesday , Jun 21,2017
QuickBooks is a great accounting program for home-based businesses to track their income and expenses. It is easy to learn and simple to use. It has a great Help file. You do not need an accounting background to be able to generate reports such as a Profit and Loss and Balance Sheet needed for tax preparation and managing your business. I have listed a few key points to consider when using QuickBooks. Cash or Accrual Basis of Accounting? The first step in setting up your c... ...

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Book Keeping For Your Online Business: Factors That You Need To Consider When Choosing One

Tuesday , Jun 13,2017
Thanks to technology, almost everything that you ever wanted is now very much available with just a click of the mouse. If you run an online business, then you have to remember that like in any other businesses, you will need to prepare a financial report for tax purposes....

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Payroll

Monday , Jun 05,2017
Payroll is one of many accounting transactions that manages the method of paying employees for their services. This happens after processing the several requirements for holding back money from the employee in order to pay payroll taxes, insurance premiums, employee benefits and other deductions. The process involves calculating the amount due to each employee, such as hourly wages, commission from sales, reimbursements and so on, either by using a standard per diem rate or based on amounts actually spent by the employee. ...

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How is accounting used in business?

Tuesday , May 30,2017
It might seem obvious, but in managing a business, it's important to understand how the business makes a profit. A company needs a good business model and a good profit model. A business sells products or services and earns a certain amount of margin on each unit sold. The number of units sold is the sales volume during the reporting period. The business subtracts the amount of fixed expenses for the period, which gives them the operating profit before interest and income tax. ...

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Top 7 Reasons To File Your Income Tax Returns On Time

Tuesday , May 23,2017
Here are seven reasons for not being late filing your income tax returns. 1. Avoid Late Filing Penalties Late filing can result in substantial and continuing penalties. This is in addition to any interest that is due. 2. Receive Better Service from Your Accountant The earlier you get your paperwork to your accountant, the sooner he can start preparing your tax returns. More importantly, there will be more opportunities to explore and implement tax saving strategies... ...

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All About Revenue and Receivables

Monday , May 15,2017
In most businesses, what drives the balance sheet are sales and expenses. In other words, they cause the assets and liabilities in a business. ...

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What is Accounting Anyway

Tuesday , May 09,2017
Anyone who's worked in an office at some point or another has had to go to accounting. They're the people who pay and send out the bills that keep the business running. They do a lot more than that, though. Sometimes referred to as "bean counters" they also keep their eye on profits, costs and losses. Unless you're running your own business and acting as your own accountant, you'd have no way of knowing just how profitable - or not - your business is without some form of accounting....

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Tax Audits

Friday , Dec 02,2016
A Tax Audit is a type of forensic audit, performed by Canada Revenue Agency auditors to ensure that the appropriate taxes were both properly reported and correctly paid. Tax audits are performed by an authorized agency including the Canada Revenue Agency for federal income taxes and amounts collected in trust among a variety of other taxes. ...

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