Different Entities Mean Different Equity – Meet the Business Entities From the accounting standpoint, you have only to deal with three entities, or forms of business: sole proprietorships, partnerships, and corporations. That’s because even though other forms exist, they share the same accounting structure as one of these three. FACT LLCs, the most common small-business … Read more
Managing the Payroll – Never Mess Around with Payroll Taxes One common and potentially business-crushing mistake made by new employers is using withholding taxes as a business bank account. Rather than make payroll deposits in full and on time, they cover their other cash-flow gaps by borrowing from the payroll tax account. Doing that is … Read more
Keeping Track of Transactions – It’s All in the Posting The journals are where all the daily bookkeeping activities take place. Peri- odically, that information is transferred to the ledger to update each account. That transfer is called posting, and it’s a critical part of the full accounting process. With computerized systems, the posting process … Read more
