Day: October 23, 2023

What is Form 1096? Explanation & Examples

3D illustration of pen putting blue ticks on checklist papers. Election voting, successful fulfillment of business tasks, action plan for effective time management, quality control assessment form

  At EcomBalance, we are very familiar with Form 1096. That’s because this is the form that you need to use when you hire freelancers. Freelancers are part of the category of contractor. This means anyone you hire who is not an employee.   Form 1096 goes along with Forms 1099-NEC or 1099-MISC, which you… Continue reading What is Form 1096? Explanation & Examples

Cash Flow Forecasting: A Guide with Examples & How To’s

  Cash flow is the lifeblood of any business. The ability to accurately forecast cash flow is crucial for maintaining financial stability, making informed decisions, and ensuring your business’s long-term success.   In this comprehensive guide, we will explore cash flow forecasting in detail, including what it is, its benefits, types of forecasts, components, step-by-step… Continue reading Cash Flow Forecasting: A Guide with Examples & How To’s

Journal Entry Examples (Easy-to-Understand)

  Introduction   Journal entries act as the building blocks of financial accounting, providing a chronological record of all transactions made by a business. They enable companies to keep track of all financial transactions and ensure that the accounts are balanced.   Whether you’re a seasoned accountant or a small business owner acquiring accounting acumen,… Continue reading Journal Entry Examples (Easy-to-Understand)

Bookkeeping vs Accounting: What’s the Big Difference?

  In the world of finance and business management, the roles of bookkeepers and accountants are often used interchangeably, but they serve distinct functions. Understanding the differences between these two professions is essential for making informed decisions about your financial management needs.   In this comprehensive guide, we will explore the roles, responsibilities, qualifications, and… Continue reading Bookkeeping vs Accounting: What’s the Big Difference?

What is Goodwill on a Balance Sheet? Definition & Examples

  When examining a company’s balance sheet, you may encounter a somewhat enigmatic item known as “goodwill.” This intangible asset can significantly influence a company’s financial health. In this comprehensive guide, we’ll delve into the intricacies of goodwill on a balance sheet, exploring its definition, various types, calculation methods, implications, and tax treatment.   What… Continue reading What is Goodwill on a Balance Sheet? Definition & Examples

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