So, if the contract between them provides for retainage, they are allowed to do so under the terms set forth, even if the government is not withholding retainage from the prime. Governor Kathy Hochul signed Senate Bill S.3539/A.4167, popularly referred to as the 5% Retainage Bill, into law on November 17, 2023. This bill modifies […]

As a free service, it is a good option for freelancers, entrepreneurs and small business owners who would like to keep their overhead low. While the invoicing platform is not easy to integrate with popular third-party payroll apps like Gusto or OnPay, Wave does have its own payroll software. Small businesses that plan to hire […]

The classified balance sheet uses sub-categories or classifications to further break down asset, liability, and equity categories. For example, in the balance sheet above, equipment and fixtures are listed together under assets in the amount of $17,200. On the classified balance sheet below, equipment and furniture are listed separately under a fixed asset category instead […]

We will discuss the role of accounting in a business and the reasons why it is important for every company. Our bookkeeping and accounting services ensure your financial infrastructure is both resilient and primed for development. Partnering with KAD Alliance means you can concentrate on your core business activities, assured that your complex financial matters are in expert […]

The typical accounting for any revenues generated from byproducts is to offset them against the cost of goods sold for the primary products that are generated from the manufacturing system. It is also acceptable to record these revenues as miscellaneous revenue. However, recording the sale of byproducts as miscellaneous revenue will result in a minor […]

Use this check-in call as an opportunity to build on your relationship with your client and let them know you value their business. Have a list of questions prepared and summarize all the work that has been done in the past 30 days. When the call is over your client should feel confident that they […]

Churches can use this feature to save time (and, so, money), eliminate late fees and error-proof their accounting. You can set rules to automate your church accounting such as rules to automate payments, categorize transactions and auto-charge cards for recurring transactions. PowerChurch offers full-featured accounting software with general ledger, bill pay, income management, payroll processing […]

You need to search for the relevant SSIC Code to denote the primary and secondary business activity of your company. Singapore’s Accounting and Corporate Regulatory Authority (ACRA) has a fully computerized online system which completes the registration procedures in 1-2 business days. You need to login to the BizFile+ system using your SingPass and identification […]

If the business entity had paid its employees, the cash would be credited. Accrued payroll is reported as an operating expense in the income statement in the period in which it is incurred, regardless of whether companies have made any cash payments on any owed wages and salaries. Yes, businesses can generally deduct accrued payroll […]

All you have to do is multiply an item’s original retail cost by 1.1. Imports into Australia are subject to the Goods and Services Tax, you’ll have to pay GST on imported goods. Exports from Australia are generally GST-free, you won’t charge GST on sales to customers outside of Australia. Specific rules apply, so it’s […]