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The biggest and most obvious drawback of implementing AI is that its development can be extremely costly. One estimate says that the cost for a fully implemented AI solution for most businesses ranged from $20,000 to well in the millions. The first major advantage of implementing AI is that it decreases human error, as well […]

QuickBooks Online is easier to learn and use on a daily basis with the accessibility of offers across multiple devices and the number of available automations and applications. However, the program is more “generic” and won’t give you the most industry-specific capabilities. It also lacks the level of customization that some companies may prefer. This […]

Businesses using the LIFO method will record the most recent inventory costs first, which impacts taxes if the cost of goods in the current economic conditions are higher and sales are down. This means that LIFO could enable businesses to pay less income tax than they likely should be paying, which the FIFO method does […]

The ratio looks at how much of the debt can be covered by equity if the company needed to liquidate. Solvency stresses on whether assets of the company are greater than its liabilities. Assets are the resources owned by the enterprise while liabilities are the obligations which are owed by the company. It is the […]

Additionally, implementing efficient AP solutions can enhance tracking and auditing capabilities, reduce petty cash theft, and facilitate quicker identification of suspicious activity. Accounts payable outsourcing and accounts payable automation are two methods businesses use to improve their accounts payable workflows and processes, and they often overlap in practice. Outsourcing accounts payable involves sharing sensitive financial […]

Source documents and data can be uploaded to cloud storage where they can be accessed from any remote location. For example, if your business reaches a growth threshold, you can pay $239 a month for a plan that will also prepare and file both your personal and business taxes. Square Payroll’s contractor-only plan doesn’t have […]

The example they cited as Other Current Assets was a overpayment of taxes due to the company. That means they are going to get the money at some point but it wasn’t cash. I’ll help with your question about using the Undeposited Funds account in QBO, Joe2021. Sign up to receive more well-researched small business articles […]

All wages, salaries, cash gifts from employers, business income, tips, gambling income, bonuses, and unemployment benefits are subject to a federal income tax. Unlike most other states in the U.S., Pennsylvania does not exempt contributions to 401(k)s, 403(b)s and other retirement accounts from income taxes and withholdings. However, once you reach retirement and begin taking […]

Moreover, it makes it simple to monitor and control the cash flow in the organization. We selected AlignBooks in our list of top bookkeeping software owing to its rich set of features suitable for small-to-mid-sized businesses across industries. We focused on five distinct categories using 25 separate metrics to arrive at our ratings for the […]

A lower gross profit margin, on the other hand, is a cause for concern. It can impact a company’s bottom line and means there are areas that can be improved. The gross profit ratio only shows the profitability of a business, not its liquidity or cash position. Also, it doesn’t consider other expenses that are […]