Bookkeeping

It can be difficult for lawyers, consultants, accountants, and other professionals who combine billable and non-billable time to keep track. Luckily, these days, there are lots of tools out there to make keeping on top of billable hours that little bit easier. This may lead to uncompensated work hours, reducing overall billable value. Conversely, deploying …

His 1494 book, The Collected Knowledge of Arithmetic, Geometry, Proportion, and Proportionality, includes a 27-page section about bookkeeping. Accounting’s earliest days may have come 12,000 years ago, when people likely traded resources while primarily surviving by hunting animals and gathering fruit. By comparison, accounting today involves various electronic processes and is responsible for billions of dollars in sales. …

The essential difference between internal audits and compliance audits, sometimes called external audits, is who performs the audit. Internal audits, as the name indicates, are typically performed by internal auditors who are employed by the business. Compliance audits are conducted by independent, third-party, or external auditors, often certified in how to prepare for an audit …

Tax compliance can help you maintain good relationships with potential funding sources, too. For example, the Small Business Administration (SBA), may ask to see your business’s tax returns when you apply for a loan. Being able to show that you’ve been compliant with the IRS will prove your startup has responsible financial management. Startups need …