The Accounting Cycle: 8 Steps You Need To Know

The operating cycle is a measure of time between purchasing inventory, selling the inventory as a product, and collecting cash from the sales transaction. We begin by introducing the steps and their related documentation. The eighth step in the accounting cycle is journalizing and posting closing entries. The periodic expenses and income, along with the […]

Tax Obligations for Employees vs Independent Contractors

But as an employee, your employer covers half the cost of the taxes. As a self-employed person, you’re required to pay the entire tax yourself. Remember that an independent contractor is considered to be self-employed, accountant for independent contractor so in effect, you are running your own one-person business. Any income that you earn as […]

Basic EPS Formula + Calculator

Once you find the table, you often have to dig a little more to find EPS. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners […]

What Is the Difference Between a Sales Return & a Sales Allowance? Chron com

With contra accounts, it’s easier to see if sales returns or allowances are increasing, so you can start puzzling out the reason. If a business has any returns, allowances, or discounts then adjustments are made to identify and report net sales. Net sales do not account for cost of goods sold, general expenses, and administrative […]

MICR Code Full Form, Meaning and Features

There are two types of MICR fonts that are globally accepted, E13-B and CMC-7. If there is even a single discrepancy with the magnetic code, it will raise an alarm for the bank teller to manually inspect the check. Instead of interpreting the entire character as a whole, a MICR reader reads four separate discuss […]

MICR Full Form

Opt for a technology that can effectively handle the diverse documents you will be processing. OCR (Optical Character Recognition) and MICR (Magnetic Ink Character Recognition) are two distinct technologies that play pivotal roles in data capture and document processing. While both technologies are designed to read characters and convert them into digital formats, they operate […]

8 Tips for Finding the Best Tax Preparer Near You

Create a free account to grow your business with tailored insights and explore small business products. You’ll know how much your project costs even before booking a pro. Forensic accountants investigate financial crimes involving fraud, embezzlement and other issues. They often work closely with law enforcement and lawyers, and they can help determine the legality […]