Creating an annual report is a long-term process that requires an organized system for recording and tracking data, media clipping, photographs and a list of business achievements. While a number of companies create the annual reports in-house, others may hire a design firm to compile, proofread and finalize the document. The reports are used by investors, lenders, banks, suppliers, potential customers and employees to assess the financial position (more…) […]
We updated this page to include a few more links to articles we found helpful for our readers—most notably, a link to our piece on the best bookkeeping software for small businesses. Learn the basics of small-business accounting with this beginner’s guide. Firms also have intangible assets such as customer goodwill that may be listed on the balance sheet. The chart of accounts may change over time as the business grows and changes.
It only works if your company is relatively small with a […]
Indeed, courts have held that top management may be in violation of its obligation to assess and disclose material weaknesses in its internal control over financial reporting when it ignores an employee’s concerns that could impact the company’s SEC filings. SOX 404 compliance costs represent a tax on inefficiency, encouraging companies to centralize and automate their financial reporting systems. This is apparent in the comparative costs of companies with decentralized operations a […]
If for any reason you are unhappy with your workers compensation package, your power to sue is limited — remember the compensation bargain. However, you can still appeal to the state workers compensation board, and an attorney can help you in this process. They would need to have their own workers comp if they’re an LLC. Visit our attorney directory to find a lawyer near you who can help. Supplemental reports of any status change in employee’s condition. (more…) […]
Examples of unsecured debt include high-interest credit card debt, medical bills, and payday loans. Accredited Debt Relief is one of the best debt relief companies based on their proven track record, outstanding reputation, and personalized debt relief programs. This debt relief company has over 140,000 active clients and has had more than $3.5 billion in debt enrolled since 2011.
For example, preferred stock is sometimes considered equity, but the preferred dividend, par value, and liquidatio […]
Proper valuation and accounting of intangible assets are often problematic, due in large part to how intangible assets are handled. The difficulty assigning value stems from the uncertainty of their future benefits. Also, the useful life of an intangible asset can be either identifiable or non-identifiable. Most intangible assets are long-term assets meaning they have a useful lifeof more than a year. Franchises and licenses are intangible assets that legally entitle a business to sell a produc […]
Value-added tax in Vietnam is a broadly based consumption tax assessed on the value added to goods and services arising through the process of production, circulation, and consumption. It’s an indirect tax in Vietnam on domestic consumption applied nationwide rather than at different levels such as state, provincial or local taxes. It is a multi-stage tax which is collected at every stage of the production and distribution chain and passed on to the final customer. It is applicable to the […]
As one of the three main financial statements, the CFS complements the balance sheet and the income statement. The cash flow statement is the third of the required financial statements for all public companies. The others being the income statement and balance sheet, and all are mandatory since 1987. Your company’s financial health depends on your ability to generate future cash flows from operations. The cash basis of accounting, (more…) […]
When the item is sold on Wednesday FIFO records the cost of goods sold for those items as $5. So, the balance sheet has the cost of goods sold at $1 and the balance sheet retains the remaining inventory at $5.50. LIFO stands for last-in, first-out, meaning that the most recently produced items are recorded as sold first. The difference between the cost of an inventory calculated under the FIFO and LIFO methods is called the “LIFO reserve.
This method is based on the premise that the firs […]
Revenue and profit are both good signs for your business, but they’re not interchangeable terms. Conquer paperwork in the office and put tools like time tracking, PTO, and more on the job site with one easy-to-use, mobile-ready HR system. To find the net profit of your business, here are a few simple steps. International Financial Reporting Standards are a set of accounting rules currently used by public companies in 166 jurisdictions. In the other states, the program is sponsored by Comm […]
