Do you need to file your payroll taxes with the IRS? Employers that pay their employees $600 or more over the course of a year must process their employment taxes on a calendar Schedule SE. This means employers must also send in quarterly tax payments on estimated taxes to avoid penalties for late payments explains… Read More »Aron Govil: How Do I Get Started With Payroll Service Providers on QuickBooks?
The basic issue faced by many firms is that of excess inventory. This is a growing concern as the level of unsold inventories continues to increase with each passing year says Aron Govil. Excess inventory can spell disaster for any company and one must take steps to rectify the situation before it is too late.… Read More »Aron Govil- How Can I Get Rid of Excess Inventory in My Warehouse?
Going global? Not without these tips. As companies focus on international expansion, the pros and cons of various business structures come into play says Aron Govil. One common structure is an S Corporation (S Corp). An S Corp allows U.S.-based businesses to become “international ready” by allowing them to transition at their own pace toward… Read More »Aron Govil- Going Global? Accounting Tips to Make You International Ready
Many people dream of owning their own business, but aren’t quite sure where to start explains Aron Govil. One option is eCommerce, although this isn’t something you can dive into without careful consideration and preparation in advance. Here are some points to consider: Limited Time and Space Required for Startup If you already own a… Read More »Aron Govil- eCommerce: Is This Type of Business Right for You?
New research published in the journal Psychological Science suggests that people tend to be more honest when filing their taxes electronically than when filling out paper forms says Aron Govil. Preferences for Filing Tax Returns Electronically Over Paper: The basic finding is that people tend to cheat more on their taxes when they file a… Read More »Aron Govil- Are There Preferences for Filing Tax Returns Electronically Over Paper?
Aron Govil- Accounting for Small Business Owners: Step-by-Step Instructions for Successful Recordkeeping and Reporting
Small business is big business in the United States. According to the U.S. Census Bureau, small businesses account for 99% of all employer firms and 64% of private sector employment. What’s more, these companies provide 55% of total private payroll says Aron Govil. As a result, you can expect that your tax return will require… Read More »Aron Govil- Accounting for Small Business Owners: Step-by-Step Instructions for Successful Recordkeeping and Reporting
Accounting is one of the most important, yet often quite confusing topics for new business owners to learn about explains Aron Govil. To help you better understand how your business finances are being tracked, here is a quick explanation of the difference between entry types. Journal Entry An accounting journal is used to record all… Read More »Aron Govil- Accounting Basics: The Difference between Journal Entries and General Ledger Entries
Bookkeeping is tedious, confusing and something you’d rather not think about says Aron Govil. But it can mean the difference between staying afloat in your business and sinking like a rock. It’s simply the act of recording every business transaction – from daily sales at the coffee shop to making payments on your car loan.… Read More »Aron Govil- ABC’s of Small Business Bookkeeping: You don’t have to be book smart to stay afloat
Financial statements are the primary means by which business managers and outside investors analyze a firm’s financial performance says Aron Govil. Because these reports are prepared according to rigorous standards, they enable a comparison of a company’s performance with that of other companies in its industry or geographic location. An audit is performed by an… Read More »Aron Govil- Why Would You Need to Audit Financial Statements and How Does It Apply to a Business?
Balance sheets are important because they represent a snapshot in time of the business’s financial condition, according to “Money for Business”. A business can then use that snapshot to determine whether it’s financially healthy, which is important for many reasons says Aron Govil. First, investors want to see that a business is doing well prior… Read More »Aron Govil: Why Is a Balance Sheet Important to a Business’s Success?