5 Questions Online Retailers Must Ask Before Selecting a Sales Tax Solution

This guest post is from our friends at TaxJar. Please refer to TaxJar.com for updates on the latest sales tax news. For online retailers, managing state sales tax has increased in complexity ever since the South Dakota v. Wayfair ruling back in 2018. Under the Wayfair ruling, individual states can require online retailers to collect sales tax – even […]

5 Warning Signs in Your Profit & Loss (Income Statement)

The profit and loss statement, also known as the income statement, is one of the essential financial elements that a company must produce in the same way as the balance sheet. The income statement reflects the performance of the company’s activity during a financial year and makes it possible to know whether it is making […]

How Ecommerce Businesses Can Use the Profit First Method at Tax Time

Profit First is an exciting idea for ecommerce sellers to manage their capital efficiently. With this electrifying concept, you can now use your finances more productively while maintaining your comfort zone. Parkinson’s Law has underpinned this beneficial idea. Imagine your excitement when you realize that your bank account is escalating than your expectations, ultimately boosting […]

Comparing Accounting Methods: Cash Basis Accounting vs. Accrual Accounting

Cash or accrual accounting—which method should you choose? At ProBooks NY, we discuss the pros and cons of each method with young startups every day. Here’s what we tell entrepreneurs so they can make an informed decision—including how their choice impacts business taxes.  The difference between cash and accrual accounting is important to understand, whether […]