Tax authorities need businesses to maintain accurate and organized financial records, including proper invoices, to follow tax regulations. Discrepancies can trigger audits, What is partnership accounting penalties, or fines from tax authorities for non-compliance. It can further burden the business with financial liabilities and time-consuming investigations. Sequential invoice numbering is the most common method used […]

An invoice number acts as a unique identifier for each transaction. It allows small businesses and enterprises to track and reference specific payments in their records. You can organize and retrieve information from the invoice number to ensure accuracy in financial reporting, auditing, and reconciling accounts. When you number invoices, you’ll keep track of their […]

In this module, we will begin to look at the foundational construction of government financial statements. Segregation of duties is a fundamental internal control practice, where responsibilities for financial transactions are divided among different individuals to reduce the risk of fraud. For instance, the person responsible for approving expenditures should not be the same individual […]

Whether you’re an HR professional, in management, or an employee, understanding this term can avoid confusion and mistakes about wages. Gross income is the starting point in calculating an individual’s or business’ tax liability. Individuals calculate gross income by adding wages or salary, tips, dividends, interest, capital gains, income from rental properties, alimony, and pensions. […]