QuickBooks is the most popular accounting software suite widely used by small businesses to manage their financial transactions. It lets you invoice customers, pay bills, generate reports, and print reports to be used to prepare taxes. The QuickBooks product line includes several solutions to support different business needs, including QuickBooks Online, QuickBooks Payroll, QuickBooks Time,…
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SBA Form 1919: What It Is & How to Complete It
SBA Form 1919, also known as the Borrower Information Form, is designed to gather various information about the borrower, the owners of the business, and the financing request. This can include basic identifying information, the purpose of the loan, and the nature of the company’s products and services. Lenders use the information provided to determine…
Background Check Policy: What to Include + Free Template
An employment background check is a process for verifying a candidate’s background and qualifications and screening for red flags by checking criminal records, credit reports, driving history, and more, when applicable. Before conducting one, it is important to implement a background check policy to ensure fairness, transparency, and legal compliance. Your background check policy should…
Employment Probation Period: What It Is + Free Policy Template
An employment probation period, referred to as a probationary or employment training period, is a time frame used to determine if the new hire is the right fit for the position and the company is right for the employee. A typical time frame for a probation period is around 30/60/90 days. Once you’ve determined your…
What Are Compiled Financial Statements? Scope & Relevance
A compiled financial statement (FS) is a set of FS prepared by a certified public accountant (CPA) without giving any kind of assurance. Companies need to enter a compilation engagement with a CPA to have their FS compiled. Given that it’s a nonassurance engagement, the CPA will not issue any kind of opinion to the…
Payroll Compliance: Important Payroll Laws to Know
Payroll compliance refers to the legal obligation businesses have to adhere to local, state, and federal laws related to employee compensation. It’s not just about paying your employees on time, but also ensuring that you’re withholding the correct amounts for taxes, providing the right benefits, and complying with labor laws. When you have remote workers,…
What Is a Portfolio Loan? Types, Rates & Terms Explained
A portfolio loan is a type of mortgage loan that a lender retains and does not sell on the secondary market. Since it is never sold to another investor, a lender has more control over the eligibility criteria it deems acceptable. This makes a portfolio loan a good option if you do not qualify for…
What Is Fixed Asset Impairment in Accounting?
Fixed asset impairment is a reduction in the value of a long-term fixed asset (like property, plant, or equipment) when its book value exceeds its recoverable amount. This reflects a decrease in the asset’s future economic benefits. Impairment can happen due to various reasons, such as physical damage, economic downturns, obsolescence, and changes in business…