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You may wonder which income is considered PSI and which is not. Before we dive in, we’ll discuss the basics of personal service income (PSI). What is Personal Service Income (PSI)? Income is considered PSI when over 50% of the received income from a contract is a...
Managing business finances is one of the primary factors of a company that requires careful attention. One of the crucial components of this process is bookkeeping, which involves systematically recording of financial transactions of a company. Many business owners...
When it comes to payroll management, many business owners feel lost and overwhelmed. No matter whether you are managing payroll on your own or you have a team of professionals, it’s important to properly handle payroll. In this blog post, we’ll discuss the basics of...
Cash is the backbone of a business, that’s why it’s crucial to maintain cash flow of a company to run a business smoothly. When cash flow issues arise, they can affect small businesses in several ways, causing late fees, missed payments, etc. If left unresolved, cash...
Every business owner needs to keep and maintain accurate business records. Record-keeping is vital for cash flow management, meeting tax obligations, and understanding the financial position of a company. According to the law, you must explain all financial...
As a business owner, you might wonder why it is important to reconcile your bank accounts. Well, bank account reconciliation is essential that keep the business finances in order. Now, the question arises: what exactly you can prevent by preparing a bank...
Starting a new business comes with excitement as well as challenges. To keep your business running smoothly, ensure to get bookkeeping services for small businesses right from day one. Hiring a bookkeeper for your startup can be a smart decision that you can make....
As a business owner, you understand how crucial it is to maintain accurate records. However, amid daily activities, it's common for transactions to get lost. That's why bank reconciliation is essential. This important process not only helps ensure your records are...
Many business owners are unsure how long they must keep their financial records. Understanding the duration of keeping and maintaining financial records will help you avoid issues like the disorganisation of digital documents. Proper maintenance of financial records...
Keeping track of business income and expenses is crucial for every business. Maintaining records is essential because it helps businesses manage cash flow, comply with tax obligations, and understand the financial performance of a business. Business expense and income...