Introduction Accountancy is predominantly divided into two branches covering Financial Accounting and Managerial Accounting. From Budget forecasting to its actual footprints on an organisation’s financial statements, an accountant’s role is spread on a wide spectrum of performance analytics. The parameters of accounting extend beyond the use of financial data as non financial factors are crucially...
Outsourcing Finance & Accounting Services means outsourcing one of the most crucial parts of your business. So, should a company outsource its significant functions by trusting external resources? Outsourcing refers to the process of hiring individuals or agencies to support you with various services and business operations. It may include IT & Technology, Administrative, Ecommerce,...
If you are working in the US, then you must be aware of the IRS tax compliance requirements as well. And, if you are an independent contractor or someone who is working with one, then you should have the information about Form W-9. Knowing that there are various forms, it can get confusing to have...
Understanding the basics To report the income of individuals (other than their regular salary), the IRS have set guidelines to fill Form 1099 in the US. However, the 1099 forms are not filled by the individuals, but the entities which pay them. So, if you are the entity who has availed the services from someone...
As the tax filing months are approaching, all the freelancers, self-employed, contractors, employers, and business owners are worried about various forms. Along with such forms, it is even more confusing to identify which Form 1099 will be received. There are 13 types of Form 1099 which serve various purposes. In this article, we will focus...
Are you new to the term 1099-K or are you new to knowing about this type of Form 1099? Well, in any case, there are enough reasons to know about Form 1099-K, especially if you constantly deal in payments through cards or third-party networks. In this article, we have covered the key highlights of 1099-K...
If you are a business owner working with non-employee professionals, independent contractors, or freelancers working in the US, then you must be aware of Form 1099 and its various types. It is a mandatory Form that needs to be filed and consequently, used for paying taxes. What is Form 1099? The Form 1099 is...
Year-end closing is an important activity that is practiced by almost all companies sincerely in order to analyze the company growth as well as cash flows. It is basically an updating of the records and transactions which took place in the fiscal year that needs to be recorded in the books. Same is the case...
With the year-end coming nearby, the yearend financial closures have also gotten the finance and accounting experts on their toes. And if you have an in-house accounting expert who hasn’t prepared for the closures in advance, then you must be going through a stressful period. Everybody is keen on closing their books properly without missing...
Some people start forgetting their expenses by the month’s end, so, we can only imagine the mess that year-end accounting closures can create. Although businesses stay prepared in terms of records and reports, keeping them in order can be an issue.So, how about having a year-end accounting checklist you can use while settling your year-long...
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