Like a sole proprietorship, a partnership also pays taxes as part of each partner’s personal income tax return. But unlike an LLC, partners are still liable for any business debts. In this type of structure, a business owner keeps their business assets and personal assets tied together, so a sole proprietor pays taxes as part […]
Category Archives: Bookkeeping
A cash flow statement shows the amount of money going in and out of a company for a specific period. Unlike the net income, which is a non-cash number, the cash flow statement shows the actual flow of cash. On the other hand, cash accounting involves the recording of financial transactions only when money changes […]
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Regular reconciliation of undeposited funds is essential for ensuring the proper recording of deposits, reducing errors, and maintaining the integrity of financial reporting. Undeposited funds in QuickBooks Online refer to the payments received from customers that have not yet been deposited into a bank account. It is an interim holding account used to manage pending […]
GrowthForce accounting services provided through an alliance with SK CPA, PLLC. There are major differences between the three types of bookkeepers and what each can offer your business. Figure out which works for how much does bookkeeping cost your business and start tackling the problems, or potential problems, with your books. When you’re already working […]