The US GAAP and IFRS are two of the most widely used accounting standards in the world, and both aim to enhance the quality of financial reporting. US GAAP is primarily followed in the US, while IFRS is adopted by over 165 jurisdictions globally. The US GAAP and IFRS have different interpretations and treatments of…
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When to Capitalize vs Expense Payments Made
The decision should be based on whether the cost improves the asset vs merely restores the asset to its original operating condition. Capitalized payments create an asset on your balance sheet, while expensed payments reduce the net income on your income statement. In general, payments to purchase or repair fixed assets should be capitalized if…
Business Money Market vs High-yield Savings: Which Is Best?
Business money market accounts (MMAs) and high-yield savings accounts are two interest-bearing deposit accounts businesses can use to earn passive revenue on a company’s reserve funds. They are very similar, and the terms are often used interchangeably, even though there are slight differences between business money market vs high-yield savings accounts. Business MMAs often allow…
Relay vs Lili Business Checking: Which Is Best?
Both Relay and Lili offer affordable digital-only business checking platforms that provide access to useful banking and bookkeeping tools. However, these providers target different types of users. Relay is better at accommodating large teams. Designed to facilitate collaboration, the platform lets you create multiple accounts and debit cards for your team. Meanwhile, Lili is better…
Novo vs Lili Business Checking: Which Is Better for You?
Novo and Lili are two of the best business banking providers for small businesses and freelancers. Both are fee-free and integrate with popular business software like QuickBooks, PayPal, and Shopify. Here is a summary of what each provider is best for: is best for rapid access to funds and faster payments. Novo Boost allows users…
Lili vs Found Business Checking: Which Is Best?
Lili and Found reduce the cost of business paperwork by providing a single platform for your banking, accounting, and other cash management needs. When comparing Lili vs Found business checking accounts, Found is more affordable. But while Lili locks most of its digital business tools behind paid plans, its paid plans offer features unavailable with…
Pros and Cons of an LLC
Operating a limited liability company (LLC) comes with the advantages of limited liability protection, ease of setup, flexibility in ownership type, and the ability to specially allocate distributions. Meanwhile, drawbacks include inconsistency in state law, finite entity life, and self-employment tax. While an LLC does have disadvantages, the benefits frequently outweigh the cons for small…
Clover vs Square Comparison: Price, Features & Reviews
If you are considering Clover vs Square, it is hard to go wrong. Both offer excellent cloud-based point-of-sale (POS) systems for small businesses, with in-house hardware solutions, key POS features, and add-ons to support your growth. The biggest difference between the two POS systems is that Clover can operate with thousands of merchant services, giving…