Sometimes, you don’t have all the necessary information for accounting. Missing or incorrect details can derail your bookkeeping efforts, but you need to record every transaction. Use a suspense account when you’re not sure where to record general ledger entries.
Read More Suspense Account in Balance Sheet: Use for Questionable TransactionsPatriot Software's Blog
Activity-based Costing (ABC) System: Finding Where Your Money Goes
July 5, 2024Not sure what activities your overhead costs are going towards? With activity-based costing, product-focused businesses can get into the nitty-gritty details to better allocate expenses. That means you can more accurately analyze your spending and price your products.
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How to Post Journal Entries to the General Ledger
July 5, 2024As a business owner, you juggle a number of tasks, including accounting. You’re responsible for creating journal entries after every transaction. But that’s not all. You also need to know how to post journal entries to the general ledger. Learn how here.
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Minnesota Paid Sick Leave: Guide for Small Business Owners
July 3, 2024Employers with employees working in Minnesota are responsible for offering paid sick leave. How much do you know about the Minnesota paid sick leave law, known as Earned Sick and Safe Time?
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American Businesses Offered a Serious Value They Can’t Refuse
July 1, 2024Canton, OH In an unprecedented move, Patriot Software offers American businesses an incredible 6 months of free software to new customer signups in honor of Independence Day. The 6-month promotion applies to all Patriot Software products, including accounting, payroll, time and attendance, and HR software.
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Patriot Software Launches Time and Attendance Mobile App
June 26, 2024Canton, OH Patriot Software proudly unveils its latest innovation: the My Patriot mobile app, a dynamic new tool designed to streamline how work hours are recorded and managed. The payroll and accounting leader’s new app is available to all salaried and hourly employees whose employer uses Patriot’s Time and Attendance software. “Business tools can make […]
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Readying for Hockey-Stick Growth, Patriot Software Unleashes New CEO
June 19, 2024Canton, OH Patriot Software’s founder and former CEO, Mike Kappel has introduced that Kyle Dreger is the new CEO of Patriot Software, effective immediately.
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OASDI Tax: Old-Age, Survivors, and Disability Insurance (OASDI) Tax Deductions
June 18, 2024Tax withholding is an essential piece of the payroll puzzle. One of the taxes you must withhold from employee wages is the Old-Age, Survivors, and Disability Insurance (OASDI) tax. You must also contribute an employer portion of the OASDI tax. OASDI tax is more commonly referred to as Social Security tax.
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What Is an Employee Assistance Program (EAP), and Is it Taxable?
June 14, 2024Benefits matter to 81% of employees, which means your benefits package is an important recruitment and retention tool. From traditional benefits, like health insurance, to newer benefits, like student loan repayment, you’re always looking for the next best thing. Have you heard of employee assistance program (EAP) benefits? What is EAP, exactly?
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How to Help Clients Set up a Payment Plan With the IRS
June 11, 2024Do you have a client who can’t pay their tax bill? You may need to help them set up a payment plan with the IRS. A payment plan, such as an installment agreement, generally decreases penalties and prohibits the IRS from levying assets.
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