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How Accounting Clean Up Works

Accounting clean-up refers to the process of reviewing and correcting financial records to ensure accuracy, completeness, and compliance with accounting standards and regulations. It is typically undertaken when there are discrepancies, errors, or inconsistencies in financial statements or accounting records that need to be addressed. Here's how accounting clean-up works: Identifying Issues: The first step in accounting clean-up is to identify the issues or discrepancies in the financial records. Read more [...]
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Strategic Tax Planning

Strategic tax planning is the process of organizing your financial affairs in a way that minimizes your tax liability while remaining compliant with tax laws and regulations. It involves analyzing your income, expenses, investments, and other financial activities to identify opportunities for reducing your tax burden. Key elements of strategic tax planning include: Understanding Tax Laws: Staying informed about current tax laws and regulations is essential for effective tax planning. This Read more [...]
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What are Cash and Accrual Methods?

The cash and accrual methods are two primary accounting methods used to record revenue and expenses. They differ in how and when transactions are recognized in the financial statements: Cash Basis Accounting: Under the cash basis accounting method, revenue and expenses are recorded only when cash is received or paid out, respectively. Income is recognized when cash is received from customers, and expenses are recognized when cash is paid to suppliers, employees, etc. This Read more [...]
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Tax to-dos for newlyweds to keep in mind

Anyone saying “I do” this summer should review a few tax-related items after the wedding. Big life changes, including a change in marital status, often have tax implications. Here are a few things couples should think about after they tie the knot. Name and address changes: People who change their name after marriage should report it to the Social Security Administration as soon as possible. The name on a person's tax return must match what is on file at the SSA. If it doesn't, it could delay Read more [...]
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The Hidden Costs of Employee Turnover and How to Reduce Them

Is high employee turnover an issue in your company? If so, you may already realize how costly it is. It affects your bottom line and cuts into your profits. Or maybe, it’s so bad that it’s turning your profits into losses. The question is, are you doing everything you can to reduce the costs associated with the turnover? The Costs To control the costs, first, we must know what they are. Only then can we tackle them. Here’s a list of the most common costs associated with employee turnover. 1. Read more [...]