Joe Harris 
Per diem, derived from the Latin phrase “per diem,” meaning “per day,” is a term commonly used in the realm of business and travel. At its core, per diem refers to a daily allowance provided to employees or individuals to cover expenses incurred while away from their usual place of residence. This financial provision is… Continue reading What is Per Diem and How Does It Work?
Owner’s equity is a fundamental concept in the realm of finance and accounting, playing a pivotal role in assessing the financial health and value of a business. Essentially, owner’s equity represents the residual interest of the owners in a company’s assets after deducting liabilities. This financial metric is a key indicator of the business’s net… Continue reading Owner’s Equity: What It Is and How to Calculate It in 2024
Adjusting entries plays a crucial role in ensuring that a company’s financial statements accurately reflect its financial position and performance. These entries are made at the end of an accounting period to align the reported financial results with the economic events that occurred during that period. While regular day-to-day transactions are recorded throughout the accounting… Continue reading What is Adjusting Entries and is it important in 2024?
The accounting profession is on the cusp of a revolutionary shift driven by the accelerating pace of artificial intelligence (AI) innovation. While number-crunching might seem an unlikely domain for cutting-edge technologies to make inroads, AI is already automating rote tasks, enhancing fraud detection capabilities, and generating increasingly accurate forecasts in accounting firms around the world.… Continue reading The Future of AI in Accounting: Trends and Predictions
Navigating the intricacies of the tax landscape can be challenging, especially when dealing with international income. Fortunately, the U.S. tax system provides some mechanisms to prevent double taxation on foreign-sourced income. One such provision is the Foreign Tax Credit. Summary of the Foreign Tax Credit The Foreign Tax Credit is a non-refundable tax credit that… Continue reading How to Use the Foreign Tax Credit to Offset US Tax Liability
Introduction to GST Goods and Services Tax (GST) was implemented in India on July 1, 2017. This comprehensive, multi-stage, destination-based tax replaced multiple indirect taxes and was designed to bring about tax uniformity in the country. It is levied on every value addition in the production and service delivery processes. GST Structure There are three… Continue reading A Detailed Guide to GST Categories for Business Owners in India
The accounting industry is undergoing a transformative shift as artificial intelligence (AI) technologies continue to gain traction. From automating routine tasks to providing data-driven insights, AI solutions offer a plethora of opportunities for accounting firms to streamline their operations, enhance efficiency, and deliver better client services. However, with the abundance of AI solutions available in… Continue reading Choosing the Right AI Solutions for Your Accounting Firm: A Comprehensive Guide[2024]
Form 3921 is a tax form that must be filled out by companies who issue their employees Incentive Stock Options (ISOs) during the tax year. This form is also known as the Exercise of an Incentive Stock Option Under Section 422(b) form. In this article, we will discuss what Form 3921 is, why it is… Continue reading What is Form 3921?
Financial models are essential tools for startup CEOs, helping them make informed business decisions, attract investors, and manage their company’s financial health. In this post, we will walk you through the process of creating a financial model, provide examples, and offer a template to get you started. Understand the purpose of the financial model Determine… Continue reading A Comprehensive Guide to Creating a Financial Model for Startup CEOs
By the end of this lesson, accountants will be able to accurately account for SAFE notes in a company’s financial statements.