Whether you’re an employee or self-employed, you will most likely need to deal with income tax at some point. Income taxes are a standard practice and the IRS requires all citizens to pay taxes on their earnings. If you’re not automatically being deducted for your taxes, there’s probably a good reason why. Most people get an annual W-2 from their employer, which outlines how much they earned and how much they owe in taxes. There are various deductions available that can help reduce your tax burden, but it’s important to understand the rules before filing or you could end up owing more than what’s recommended. 

Financial planning is not a one-time event. It’s an ongoing process that involves making financial decisions every day. Whether you’re just starting out in your career or about to leave the workforce for retirement, it’s important to understand how money works and how you can manage your personal finances to improve your quality of life. In an ideal world, we would all have sufficient resources to cover any unexpected expenses and maintain a comfortable standard of living throughout our lifetime.

Keeping your books organized and stress-free is not an easy task, especially as a small business owner. There are so many things you have to remember and track, which can get overwhelming at times. The best way to manage all the details is to implement some simple and proven principles that will help keep your accounting as stress-free as possible. Working in your business instead of on it is the first step to keeping your accounting as stress-free as possible.

Accounts payable turnover is one of the most widely used financial metrics for monitoring and measuring operational efficiency. A high accounts payable turnover ratio typically indicates that company vendors are being billed and paid faster than the average in your industry, which means you can get the cash from selling inventory sooner. A low accounts payable turnover ratio tends to indicate longer payment terms or difficulty getting vendors to accept your checks or credit terms. 

Today’s increasingly digital world has transformed how businesses operate, buy and sell goods, and pay for services. The rise of the Internet of Things (IoT), artificial intelligence (AI), and other digital innovations have changed the way businesses process invoices, purchase orders, contracts and more. This also impacts the entire procurement and payment cycle; after all, a company must first identify what they need before they can purchase it. And while business processes have been streamlined in nearly every department over the years, many are still unnecessarily complex—and in some cases even redundant. The acquisition and payment cycle is one such area that could benefit from greater simplicity.

When your business is just starting out, keeping track of the money can be a challenge. Without careful budgeting and accounting, it’s easy to lose track of how much money you have, where it’s going, and what cash you should have left on hand at any given time. In fact, many small businesses fail because they are not able to keep their books organized and understand their financial situation.