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What is a Small Business Tax Audit? A small business tax audit formally examines the firm’s financial records and tax returns by a tax authority, such as the Internal Revenue Service (IRS) or state/local tax agency. A tax audit aims to ensure that the business has accurately reported its income, deductions, and other financial information… Continue reading Small Business Tax Audits Unveiled: The Most Detailed Guide for Businesses

ACH Transfer ACH (automated clearing house) transfer is an electronic system that facilitates direct deposits, bill payments, and B2B transactions. ACH transfers involve multiple stages, including initiation, authorization, processing, and clearing/settlement. The sender provides their banking and recipient’s information to their financial institution. The payment request is transmitted to the ACH network after authorization, which… Continue reading ACH vs. Wire Transfer: Navigating the Path to Seamless Payments

Types of Credit Cards Payments 1. Dipped Transactions EMV (Europay, Mastercard, and Visa) is a type of credit card transaction. Here, the card is placed into the reader. The chip verifies the transaction by interacting with the terminal. Later on, the chip creates a unique code for each payment. This is a standard type of… Continue reading How to Accept Credit Card Payments? Unlock the Process

Why is it Important for Online Payments to be Secure? Sensitive consumer information, including credit card numbers, personal details, and financial data, must be transferred while making an online purchase. Cybercriminals may find this information useful and exploit it for various illegal actions, such as credit card fraud, identity theft, and unauthorized access to bank… Continue reading 10 Best Practices for Online Payment Security: Protect Your Customers and Your Business

Choose Your Method of Taxation Once the tax season rolls in, you might want to file for your LLC’s taxes. But here, IRS likes to throw some curve balls in the process. You cant file for taxes as IRS does not recognize LLC as a taxable entity. Bummer, you still need to pay your owed… Continue reading How to File Taxes for an LLC in the U.S.? The Ultimate Guide

What is a Quote? A quote is a document specifying an agreement between a customer and a service firm to provide a service at a fixed price and within a particular period. It could be a price quotation, sale quote, service quote, or any other quote. A quote is crafted to meet the requirements of… Continue reading Winning the Bid: How To Create a Quote for Job?

What is Accounts Payable? Accounts payable refers to the unpaid bills your business owes to suppliers, vendors, or service providers. The moment you receive goods or services from third parties, but haven’t paid for them yet, then such amount becomes your accounts payable. This means you are obliged to pay them the agreed amount within… Continue reading How to Organize Accounts Payable Invoices in 8 Ways

Why is Pricing Plumbing Jobs Important? Plumbing services are required in almost every household, and hence, you need careful attention when it comes to pricing. Pricing your plumbing job is not about adding a bunch of pricing schemes; it is about ensuring each project you work on is profitable over time. Let’s find out why… Continue reading How to Price Plumbing Jobs? – Steps, Cost Factors, and More

A Quick Glance at the Best Business Expense Tracking Apps 1. Moon Invoice – One of the best expense tracking softwares for businesses of all sizes that helps them to manage expenses digitally through advanced features. 2. FreshBooks – This is a well-known expense management app that offers advanced features to help businesses streamline their… Continue reading Best Business Expense Tracking Apps for Your Small Business