The IRS has announced the new limitations for pension plans and other retirement plans for 2014. Overall, the limits remain largely unchanged because the IRS stated the increase in the Consumer Price Index did not meet the statutory thresholds for their adjustment. 2014 limits that will remain the same as prior year include: The contribution…
If you own or operate your own business, then accounting is one of the most important facets you’ll encounter. Understanding financial records, how to compile them, and what to do with them are all important to the continued success of your company. With so many innovations in the accounting world, it can be difficult to…
Businesses frequently require transparency in a number of different fashions. One of the most common ways for a business to provide information about the financial dealings of the company is through overview accounting reports. In some instances, providing a thorough and accurate description of expenditures is necessary (especially if you want to comply with federal…
While well-established business owners tend to buy the services of professionals more easily when it comes to handling their accounting, legal matters or banking, young entrepreneurs stay away from them. However, when looking at the number of failed startups in the past few years, an assessment must be made on why these businesses fail. Having…
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For any business, bookkeeping can be a hectic and challenging process. It involves dealing with all the various financial records and documents pertaining to a business. Since this can be a challenging job, but a job that must be done correctly, it is highly recommended that one hire the services of a professional to deal…
Mishandling your business receipts is one major accounting mistake that could be costing you money. To avoid losing crucial information about the transactions your company makes, it is important for you to keep every receipt that you receive. By keeping your receipts organized, you will be able to assess your spending more easily and accurately.…
Whether you have a small or large company, there are so many ways you can make mistakes when it comes to handling your bank accounts and everything pertaining to them. Many businesses do not properly keep track of the transactions they make through their bank accounts until something goes wrong. By doing so, you will…
Cash Isn’t King? How Cash Causes Problems Having a petty cash fund in your business is somewhat necessary. However, this cash fund must be accounted for and you should be able to justify where the cash is coming from and where it is going. Accounting for cash helps prevent your money from being mishandled. It…
Avoid These 5 Traps of Business Credit Cards As convenient as credit cards are for businesses, it is easy for business owners to fall in the trap of misusing them and lose money. This is why it is very important for businesses to utilize their credit cards in the correct manner. Credit cards are meant…