Sales taxes are different from city to city, town to town, and state to state and as we know, calculation of taxes is not an easy task. Sales tax is generally calculated by multiplying the purchasing price by the applicable tax rate. The seller or vendor collects it at the time of the sale. […]
As a real estate business owner, it’s essential to understand the Real Estate development accounting principles and practices for your industry. Proper accounting not only helps you track your financial performance, but it also helps you make informed business decisions, plan for future growth, and comply with regulatory requirements. In this post, we will provide […]
Just over 53% of businesses have integrated the cloud into multiple aspects of their operations, such as client communication, project management, accounting, etc. With today’s valued-crazed and fast-paced business environment, accounting work is no longer limited to the traditional 9-5 job. Traditional accounting software is seen as cumbersome for small and medium businesses because they […]
The Corona pandemic has placed unprecedented stress on the accounting and taxation processes. The epidemic has not only affected the field of business management, but even businesses that were well-established organizations, performing in the market for so many years and which were considered highly stable against recession, were also adversely affected. Millions of people have […]
COVID-19 has left the very foundations of global financial markets in a state of recession. The effects of this epidemic are increasing day by day and the undisclosed arrival of the Corona outbreak has caused major losses to small accounting firms. At Mindspace US we provide accounting and outsourcing bookkeeping services for accountants. So today […]
Zapier, an automation tool, can help you tie together two or more web apps to leverage their functionalities in an almost automatic way. This essential time-saver tool assists accountants focus on their most important work by saving time through the means of automation. Much like any other tool, Zapier is also a part of […]
It’s the middle of 2020, and there’s no time like RIGHT NOW to get your money sorted. It is necessary to stay on top of your budget, but you have got to start somewhere, right? Sure, you know the ABC’s of sorting your finances, but sometimes it gets a little overwhelming, and you tend to […]
Virtual accounting departments are difficult to set up because of the logistics of obtaining and then returning the receipts of the departments you are trying to provide services for. In traditional accounting companies, you would have a drop and a physical location where companies and the organisations can deposit their receipts on a weekly and […]
Xero is the best accounting software globally. Xero accounting software provides many features that can help you analyze key parameters in a couple of minutes. Xero has grown from an accounting perspective to a small business, making banking relationships core to the small business community. The main features of Xero accounting software include automatic bank […]
Save one penny a day for a rainy day. – It simply means putting aside some amount of money that you can dip into later in case of an emergency. It can be used for car repairs, house repairs, an unexpected medical bill, paying for basics if you lose your job, and so much […]
Financial reporting and management reporting are two sides of the same coin One is the key to your business’s success, and the latter is key to your company’s operations and performance. Let’s dig in and understand the differences and why both of these reports are essential for the success and growth of your business. Financial […]
Whether you are doing any small and mid-size business whether it is property management, e-commerce, handmade, software, legal adviser, or any other business, one thing is certain you are earning and spending money and in maintaining these financial records the one that helps you is the bookkeeper. Rarely, one would wonder what exactly an accountant […]
1099 Form There isn’t one “1099 tax form” – there are many various sorts of forms under the 1099 umbrella. this type is for reporting income made as a non-employee, for income made up of a one-time work event; money earned from self-employment. It doesn’t mean you owe tax on the cash, rather it’s included […]
Cash flow is the funds that are wont to manage the day-to-day operations of a corporation. These are the funds that are flowing in and out of your company in a month. Even though it does seem sometimes that income works only in a method i.e. out of the business but it does flow both […]
Choosing the right accounting services for any small and mid-size business is not a trivial matter, you have to invest some time. The best bookkeeping services for small and mid-sized businesses can be found in 5 ways: Identifying the company’s bookkeeping requirements, setting priorities, gate referrals, select experienced accounting professionals. As an entrepreneur, it is […]
The Canada Emergency Wage Subsidy (CEWS) supports employers that are hardest hit by the pandemic and protects the roles Canadians depend upon. The subsidy generally covers 75% of an employee’s wages – up to $847 per week – for employers of all sizes and across all sectors who have suffered a drop in gross revenues […]
Accounts and accountants have been strong pillars supporting the business since the beginning of time. However, as time progresses, accounting systems are also changing. The way of working of accountants has changed in today’s technological age. Sitting in one room, surrounded by books, bills, bank statements, etc. and manually calculating them throughout the day. All […]
Many accounting software and business modern solutions have come to the accounting market. It is, therefore, necessary to analyze the specific features and functionalities of these bookkeeping software apps and tools. Choosing the right software depends on your business demands. To run your business properly and smoothly, you must have an understanding of the accounting […]
In today’s world, keeping in mind the real business situation, we want to tell two things to all business owners. 1. Give your customers what they want. 2. Help them improve their business and give them strategic advice to navigate the complexity of bookkeeping. Most of the time we discuss with clients, CEOs and business […]
The Paycheck Protection Program helps small businesses keep their employees during this COVID-19 situation. Paycheck Protection Program will help small businesses and self-employed individuals and independent businesses. The Paycheck Protection Program is a loan to provide an incentive for small businesses to keep their workers on the payroll. SBA will waive off loans if all […]