Key Differences Between Nonprofit and For-Profit Accounting
Whether it’s accounting for a non profit organization with restricted donations or a corporation seeking to boost shareholder returns, the accounting approach must align with the entity’s core goals. Their financial reporting emphasizes metrics like net income, profit margins, and return on investment. This form of accounting for profit organizations focuses heavily on profitability to…
Research and Development Tax Credit: A Business Owner’s Guide
For 2025, businesses can apply for credits related to 2024 expenses from March 20 to March 26, 2025. To qualify, companies must be classified as target industry businesses, which include manufacturing, life sciences, IT, aerospace, homeland security, cloud computing, marine sciences, materials science, and nanotechnology. A certification letter from the Florida Department of Commerce is…
What are accounting principles?
Accountants assume that a company’s ongoing complex business operations and financial results can be divided into distinct time periods such as months, quarters, and years. Some of the accounting principles in the Accounting Research Bulletins remain in effect today and are included in the Accounting Standards Codification. These rules or standards allow lenders, investors, and…
What are accounting principles?
Accountants assume that a company’s ongoing complex business operations and financial results can be divided into distinct time periods such as months, quarters, and years. Some of the accounting principles in the Accounting Research Bulletins remain in effect today and are included in the Accounting Standards Codification. These rules or standards allow lenders, investors, and…
Bonds payable definition
Accounts payable is an obligation that a business owes to creditors for buying goods or services. Alternatively put, a note payable is a loan between two parties. We will discuss different techniques for recording the current portion and long-term portion of installment notes. Bonds – Market Rate vs Contract Rate Accounts payable (AP) refers to…
Ramp hits $22 5B valuation just 45 days after reaching $16B
This means your transaction data flows seamlessly from card swipe to general ledger without manual intervention. When an employee makes a purchase with their Ramp card, the transaction automatically appears in your expense management dashboard, complete with merchant details and spending category. You can set custom approval workflows that route expenses to the right managers…
Accounting for Startups: The Essentials Every Entrepreneur Must Know
Hourly billing is typical for specific projects, like getting help with tax notice representation. For ongoing needs, a fixed-fee model gives you a predictable monthly expense. Then there’s value-based pricing, where the cost is tied to the results delivered, common for high-level strategic work. Always get a detailed engagement letter that spells out what’s included…
FRS 102 changes Tax implications
The determination that your business/investment use of the automobile for the tax year is 75% rests on sufficient supporting evidence. You are a sole proprietor and calendar year taxpayer who operates an interior decorating business out of your home. If any of the information on the elements of an expenditure or use is confidential, you…
Is Accumulated Depreciation an Asset or Liability?
Accumulated depreciation is the total amount of depreciation recorded on an asset since its purchase. The asset’s net value equals the original cost minus the accumulated depreciation. When looking at the asset ledger, you’ll see the original cost of the purchase, followed by the accumulated depreciation. Accumulated depreciation is a contra asset on the balance…
Condensed Financials in a Nutshell: Understanding the Basics
The balance sheet is an essential financial statement that provides valuable information about a company’s financial position. The cash flow statement shows a company’s cash inflows and outflows over a specific period of time. However, not everyone has the time or expertise to go through lengthy and detailed financial statements. By understanding how to read…
- 1
- 2