Maria Tanski-Phillips, Author at Patriot Software

Patriot Software Maria Tanski-Phillips

How Much Do You Know About the Four Basic Financial Statements?

four basic financial statements

If you’re a small business owner, you know how important it is to keep your financial information in order. But to keep your finances organized, you have to know about the four basic financial statements and how you can use them to grow your small business.

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Which Financial Statement Is Prepared First?

which financial statement is prepared first

Your business’s financial statements give you a snapshot of the financial health of your company. Without them, you wouldn’t be able to monitor your revenue, project your future finances, or keep your business on track for success.

Now, you can’t go off creating your different financial statements all willy nilly. Like many things in business, you have to follow an order.

Read on to learn the order of financial statements and which financial statement is prepared first.

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Which Payroll Taxes Are the Employee’s Responsibility?

which payroll taxes are the employee's responsibility

As an employer, you’re well aware of which payroll taxes are paid by employers. You know you’re responsible for contributing to things like FICA, SUTA, and FUTA taxes. But how familiar are you with employees’ payroll tax liabilities?

Read on to find out the answer to Which payroll taxes are the employee’s responsibility? and check out a handy chart that breaks down the different employee payroll taxes.

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How Will Leap Year Payroll Impact Your Business in 2020?

leap year payroll

Every four years, February magically has 29 days instead of 28. Ok, so maybe it’s not magic. But it is a leap year. And when leap year rolls around every four years, your business needs to be prepared. Read on to learn about leap year payroll and steps for handling payroll during a leap year.

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The Importance of Ethics in Accounting: 5 Reasons to Keep in Mind

ethics in accounting

Even though you aren’t a professional accountant, you’re still responsible for keeping your business’s books in order. And if you’re the one handling your small business books, you need to follow ethics in accounting.

Read on to learn about the importance of ethics in accounting and consequences your business may be subject to if you use unethical accounting practices.

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A Seller’s Guide to Economic Nexus Laws by State

economic nexus laws by state

Economic nexus has taken the nation by storm. With the majority of states establishing economic nexus laws (43 states to be exact), it can be hard to keep up with all of the rules and changes.

Regardless of if you have in-person or online sales, you need to know whether the state you’re selling in has rules for economic nexus. Keep reading to learn about economic nexus laws by state and how the rules can impact your small business.

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Keep Your Eyes Peeled for These 4 Balance Sheet Problems

balance sheet problems

As a business owner, you’re going to run into a few accounting mistakes from time to time. Some of the biggest blunders you can make involve your business balance sheet. If you want to avoid balance sheet problems, learn about the most common errors you can make on your balance sheet and how to avoid them.

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How IRS Form 2553 Can Shake Up Your Company

irs form 2553

When you start your business venture, you choose what type of business structure you want your company to be. Maybe you chose to be a sole proprietor and handle business on your own. Or, maybe you decided to structure your business as a corporation.

But, what happens if you’re not too keen on the structure you selected? Well, if you went the C Corp, single-member LLC, or multi-member LLC route, you can change the way your business is taxed using IRS Form 2553. So, what is Form 2553?

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How’s Your Small Business Handling Religious Accommodation?

religious accommodation

If you’re like most employers, you’re likely required to comply with equal employment opportunity (EEO) responsibilities. One responsibility you may have is granting reasonable accommodations to employees with medical issues or disabilities.

Along with accommodating employees’ medical needs, you might also need to give them religious accommodations. Read on to learn the answer to what is religious accommodation and how you can comply.

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Looking to Change Your Accounting Method? Cue Form 3115

form 3115

As a business owner, you’re responsible for keeping your business’s books in shipshape. To do that, you need to choose an accounting method and stick with it. But as your small business grows, you might need to rethink your accounting method.

If you’re looking to shake up your accounting method as your business expands, learn about Form 3115 and how to file it.

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