1099s are issued to taxpayers who earned non-employment income over the previous year. There are several different kinds of 1099s, depending on the type of income. Dividends, stock income and independent contractor service payments are all reported differently. If your business uses the services of independent contractors or vendors, you’ll need to issue a 1099 …
Charts of accounts (COAs) are a financial organizational tool. Companies should be able to provide a clear snapshot of their financial health for interested parties, such as investors, shareholders and more. COA contents can vary, depending on the type of business you run. Typically, they contain a list of assets, liabilities, revenue, expenses and equity, …
What Is a Chart of Accounts, and Why Do You Need One? Read More »
When you run a small business, understanding what the cost of goods sold (COGS) is and why it’s important will help you keep track of your company’s profitability. Typically, COGS includes the cost of production, inventory, labor and/or raw materials. It does not include indirect costs, like marketing, advertising and distribution. Knowing the exact COGS …
