Understanding Petty Cash & Managing It
The petty cash custodian will record the transaction in the petty cash book, noting the date, the amount of money given to the employee, and the purpose of the expense. The employee must also sign the petty cash book to acknowledge that they received the cash. Your first task is to identify and then set […]
Fractional CFO for Canadian SaaS Founders
The best fractional CFOs bring significant experience and know-how to your business and will hit the ground running from day one. SaaS businesses, particularly those at the stage where they’re ready to hire a fractional CFO, tend to be relatively lean businesses. It’s unlikely your business has a procurement process or an extensive legal review […]
Straight Line Depreciation Method Explanation & Examples
The three pieces of information needed to calculate straight-line depreciation are the asset’s cost, useful life, and salvage value. When an asset’s economic usefulness remains constant over time, like a storage facility, straight-line depreciation makes sense. While these depreciation expenses do reduce your net income, it’s important to note that they don’t impact cash flow […]
How To Complete 1099 For A Contractor An Easy-To-Follow Guide
This is often done if the subcontractor needs additional expertise or manpower to complete their portion of the project. The T5018 Summary (T5018SUM) represents the total of the information reported on all of the T5018 slips you prepared for each recipient for the calendar year. Complete the remainder of Form 1040, and submit your tax return electronically […]
Unit of Account: Definition, Example & Money Functions
The first learning platform with all the tools and study materials you need. No matter where you are in the world, gold holds its value and can be traded. It’s undeniable that your gold will still be valuable tomorrow, next month or even next year. At its core, a Unit of Account is like a […]
Shareholders’ Equity What Is It, Statement, Calculation Example
It is measured as a company’s total assets less total liabilities, or as the sum of share capital and retained earnings less treasury shares. Common stock, paid-in capital, retained earnings, and treasury stock are all examples of stockholders’ equity. Retained earnings are a company’s net income from operations and other business activities retained by the […]