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This user review score helps us give more credit to software products that deliver a consistent service to their customers. The software must have features that allow users to set sales tax rates, apply them to invoices, and enable users to pay sales tax liability. The main differences between the two QuickBooks plans are the…

Most importantly, Plus will separate the cost of your ending inventory from COGS using first-in, first-out (FIFO). You’ll need to make this tedious calculation in a spreadsheet if you choose a lower-tier plan. QuickBooks Simple Start lets you process payroll for your employees when you sign up for QuickBooks Payroll, which requires a separate how…

But Xero’s reporting is more robust thanks to its detailed accounting features. FreshBooks’ unlimited time tracking feature and invoicing capabilities are better-suited for freelancers, independent contractors and other self-employed professionals. Choosing the right accounting software can ensure your small business manages its finances well. If you’re searching for the best accounting software, you might be…

Essential features are available in all FreshBooks plans, like invoicing, time tracking, expense tracking, online payments, and reporting. Xero is also gearing up to launch Just Ask Xero (JAX), a generative AI assistant designed to help businesses complete accounting tasks like creating invoices or paying bills. While details on pricing and a hard launch date…

Retained earnings represent a useful link between the income statement and the balance sheet, as they are recorded under shareholders’ equity, which connects the two statements. The purpose of retaining these earnings can be varied and includes buying new equipment and machines, spending on research and development, or other activities that could potentially generate growth…

These can include tax law changes or employee changes like benefit withholding updates. At the end of the day, with the sheer number of taxes, rules, and deadlines, payroll taxes can seem very intimidating. Luckily, however, in addition to getting a better understanding of how these taxes work, there are a handful of other actions…

Will you operate as a sole proprietorship, partnership, LLC, S corp, or C corp? This choice has significant implications for your tax obligations, so it’s not a decision to take lightly. Your business structure impacts how you file taxes, the rates you pay, and your personal liability. For example, as a sole proprietor, your business…