Category: Bookkeeping

If you operate in this industry, you’ll be subject to additional reporting requirements under IRS Form 8300 for cash transactions that are over $10,000. With a chart of accounts tailored to the needs of your medical marijuana business, you can streamline financial record-keeping, enhance reporting accuracy, and ensure compliance with regulatory requirements. Medical marijuana businesses…

This step is handled by your payroll processor, if you have outsourced this service. Once the payroll account and TAN are obtained, you need to decide the factors that are a part of employee compensation. These factors include employee salaries, additional benefits, commissions, incentives, etc. Additionally, you should decide the compensation structure for each designation…

To fully understand how important the results are, compare them with industry averages. If a company’s accounts receivable percentage is significantly higher than competitors, it could indicate slower collections or generous credit policies that may impact cash flow. It’s not just a number; it’s a reflection of your business’s financial health and market positioning. You…