The W-8BEN will also let you claim tax exemption or a reduced tax rate if you live in a country that shares an existing tax treaty with the U.S. When subject to withholding of U.S. taxes, the single owner of … Continue reading →

The primary components of variable costs include materials, labor, and utilities which are directly involved in the production process. Other possible variable expenses are commissions, packaging costs, and shipping expenses. It’s important to differentiate variable costs from fixed costs, as … Continue reading →

We preferred platforms that integrated with POS systems and credit credit card processors for streamlined recordkeeping and financial management. We also considered how well the reporting tools forecasted profitability and whether the software aided with legal matters like sales tax … Continue reading →

You may have heard of both bookkeeping and accounting services and wondered if they were the same thing. It advertises a start-from price of $200 but the fine print indicates that the first month of full-service bookkeeping is $500. The … Continue reading →

A transaction is an event which can be expressed in terms of money and which brings a change in the financial position of a business enterprise. An event is an incident or a happening which may or may not being … Continue reading →

Both of the premium and pro plans come with all the features on the Business package, including integration with QuickBooks online, and eBay, email support, order fulfillment tools and so much more. For a price of $799 per month, Premium … Continue reading →

The Matching Principle further refines this precision by ensuring that expenses are matched to revenues in the fiscal period in which they both occur, providing a clear view of profitability. Additionally, the Cost Principle prescribes that assets and services should … Continue reading →

In addition to the basic reports — like an income statement and balance sheet — you can generate reports on inventory, fixed assets, suppliers, customers and changes in equity. Other more advanced features include the ability to create separate tax … Continue reading →