There’s a problem with the FICA tax because Social Security and Medicare are so poorly run by the government. The government itself estimates that Social Security is underfunded by around 25% – 30%. Either payouts must decrease by 30%, or the minimum age to start receiving Social Security must rise from age 62. Meanwhile, if you…
The purpose of a balance sheet is to give interested parties an idea of the company’s financial position, in addition to displaying what the company owns and owes. https://kelleysbookkeeping.com/ It is important that all investors know how to use, analyze and read a balance sheet. The analysis of current liabilities is important to investors and…
Custom bank feeds get rid of tedious data entry by downloading, categorizing, and updating transactions automatically in QuickBooks. From bookkeeping to strategic advising, accounting pros have the power to be a financial superhero for small businesses. If that sounds like you, QuickBooks Online Accountant has the tools, training, and community to support you every step…
Specializing in a career field can help to set you apart and lead to career stability and longevity. You may also be expected to take on more advisory and analytical roles as bookkeeping becomes more automated. Managing the general ledger is part of your daily responsibilities as a bookkeeper. You may determine if any payments…
Gross margin measures profitability in terms of how a company’s revenue exceeds its cost of goods sold (or is exceeded by its cost of goods sold). The formula for calculating it is gross profit divided by revenues, and it’s expressed as a percentage. Gross profit, always expressed as a dollar amount, is a simplified way…
When companies use GAAP, investors can trust that the information they receive is accurate, thereby enabling clear, easy comparisons between multiple companies. The ease of comparison enables investors to make decisions based on an accurate understanding of organizations’ financial health. Together, these principles are meant to clearly define, standardize and regulate the reporting of a…