Can You File Bankruptcy Without Filing Taxes? Filing for bankruptcy without having filed taxes is possible, but it depends on whether you were legally required to file tax returns in the first place. You can still proceed with bankruptcy if you aren’t required to file taxes. Still, the bankruptcy trustee will likely require you to […]
What is an Installment Note? An installment note is a type of loan in which the borrower agrees to pay the amount along with interest through regular payments. These payments are equal in amount and can cover personal loans, business loans, and mortgages. The installment note reminds us of a couch we bought on a […]
The A – Z Of Tax Rebate for Visitors to Canada One of our clients visited a foreign country and looked for a popular coffee place. The experience was worth it, but when she saw the receipt, she felt in awe and said, “What’s this? There’s a tax on my coffee”? Even though the amount […]
What Is Internal Shrink? Internal shrinking refers to employee loss of inventory, cash, or other business assets. It hurts business operations through theft, fraud, or missing items. It’s a significant issue for businesses, especially in retail. Internal Shrink directly impacts a company’s profitability, particularly in retail businesses with low margins and high sales volumes. When […]
What Is Collusion Accounting? Collusion accounting is a common but unfortunate practice in business. It happens when employees within the organization manipulate financial records for personal gains. Collusion accounting can involve frauds, false transactions, and inflating profits. It reminds us of Despicable Me. Gru works with his adorable Minions to execute sneaky plans.
Apply These 5 Secret Techniques to Improve HVAC Profit Margins Have you ever observed a sushi chef? They meticulously craft each roll, adding a perfect balance of rice and fish. Their every movement is delicate and organized. They don’t throw extra rice or soy sauce and do not ignore the customer’s preferences. You’ll think […]
What Is an Equity Sale? An equity sale happens when business owners sell part of their business to investors or buyers. Buyers don’t buy the whole business; instead, they buy a portion of it, like shares of a company. In an equity sale, the company itself remains unchanged, with only the ownership structure transferring from […]
What Is Benchmark Accounting? Benchmark accounting compares a business’s financial performance with competitors, historical data, or industry standards. The key elements of benchmark accounting are revenue, expenses, and profit margins. Its main purpose is to identify areas of improvement and check if the business is on the right track. In some cases, a business may […]
How To Value a Plumbing Business? It’s Easier Than You Think During our teenage years, we tried to assemble IKEA furniture without instructions. Dad was skeptical and bet we couldn’t do it, and he was right! Halfway through assembling, we looked and saw an unusual piece of furniture that was good for nothing. The story […]
What Is a Contra Expense? A contra expense reduces the total expense balance on the financial statement. Rather than adding the costs, contra expenses offset them. For instance, if you received a discount from the supplier, it is recorded as a contra expense, thus lowering the overall expense balance. Contra expense accounts are not commonly […]
