The article discusses what the difference is between an independent contract and an employee. It discusses the risks and strategy to thinks about before hiring an IC. An Independent Contractor (IC) is an individual who contracts with a business entity to perform a service independent of the entity's

The article describes the importance of preparing a bank reconciliation when preparing financial statements. The bank reconciliation is defined as a process by which to compare a business entity's book cash balance with the bank's cash balance as of a given period so as to note any discrepancies.

This article desribes two ways to maximize depreciation deductions, including an example of how the rules are applied. As a small business owner you will want to be aware of all the tax deductions that are available to you through special depreciations rules. Why? Because, obviously, this knowledge

A description of how depreciation works for book and tax purposes. Depreciation is defined as a portion of the cost that reflects the use of a fixed asset during an accounting period. A fixed asset is an item that has a useful life of over one year. An accounting period is usually a month, quarter,

A brief explanation of an Accounts Receivable system. It also includes suggestions how to prove balances. Deciding to extend credit to customers of your business means you need to be organized. This entails setting up an Accounts Receivable (A/R) system and consistently following all the policies