March 22, 2022
Charles Lutwidge
What are Stale Dated Checks
Some businesses may feel tempted to procrastinate depositing or cashing the check. It’s widespread for companies to delay this process if the amount is relatively low. But business owners should understand: these checks have an expiration date. In other words,...
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March 21, 2022
Charles Lutwidge
What is the Difference Between Financial and Managerial Accounting
Financial and managerial accounting are two practices used to generate business reports. Financial and managerial methods are two of the four biggest branches of the accounting discipline. It might seem that these two methods are very similar. However, financial and...
March 18, 2022
Charles Lutwidge
What is a Multi-Step Income Statement
An income statement, also called a profit and loss statement, is one of the three most significant financial statements businesses and organizations should prepare as part of financial accounting. A multi step income statement is one of two types of...
March 17, 2022
Charles Lutwidge
CPA vs Accountant
You may have come across different terms, such as an accountant and a CPA. But what is the difference between these two? An accountant is someone who has a bachelor’s degree in accounting. But a CPA is a designation that...
March 16, 2022
Charles Lutwidge
Net Cash Flow Formula
The concept of “net cash flow” reflects the amount of cash generated or lost by a company during a specific period. The periods of calculating may be different: week, month, quarter, annual. In simple words, the concept reflects a business’s...
March 15, 2022
Charles Lutwidge
Taxes For Small Businesses
The taxable income of a small company varies depending on the business structure, location of the business, industry, etc. For example, companies registered under sole-proprietorship might meet a 13% federal tax rate. Businesses registered under a partnership or S-corporation structure...
March 14, 2022
Charles Lutwidge
Fixed Cost: Definition and Formula
Expenses are the basis for calculating the cost and planning the price of goods or services. Companies traditionally categorized expenses as fixed, variable, and irregular. Fixed costs reflect expenditures that aren’t affected by sales or production levels of the company....
March 11, 2022
Charles Lutwidge
Tax Form 1120 – What It Is, How to File It
Taxpayers need so many forms to fill out and send to the IRS, contractors, businesses that it can create a lot of confusion. Most small businesses claim that filing taxes is one of their biggest concerns when the end of...
