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.
You know that you’re responsible for managing payroll for your employees. You’re also likely familiar with payroll withholdings, including taxes and non-tax deductions. But, what about your employer payroll liabilities? Do you know what the payroll taxes paid by employer are? Continue reading “What Are the Payroll Taxes Paid by Employer?”
Do you ever pay for business goods and services before you use them? If so, these types of purchases require special attention in your books. You need to create a prepaid expenses journal entry. Continue reading “How to Create a Prepaid Expenses Journal Entry”
If you’re an employer, you typically must withhold and remit federal income, Social Security, and Medicare taxes from employee wages. And to report wages paid and certain taxes withheld, you likely need to fill out Form 941. Read on to learn what is Form 941 and familiarize yourself with the form.
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.
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.
Unless you want IRS penalties and audits, you know you have to do it. Without it, you wouldn’t know your business’s financial health. Your business decisions would be shots in the dark. We’re talking about accounting, of course. Continue reading “Why Is Accounting Important in Business?”
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.
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.
Do you know how often you need to deposit federal income, Social Security, and Medicare taxes? You can’t deposit the taxes whenever you feel like. Your deposit frequency is based on a lookback period. So, what is a lookback period? Continue reading “What Is a Lookback Period for Forms 941 and 944?”