By outsourcing your payroll accounting to us, you can focus on growing your business while leaving the complexities of payroll processing to our dedicated team. We offer personalized solutions tailored to your specific payroll needs, ensuring that your employees are paid accurately and on time, every time.
Determines Employee Costs: Payroll accounting allows you to maintain a record of employee costs. Understanding labour expenses helps you make informed decisions.
Cost of Hiring: It helps calculate the cost of hiring additional employees, whether full-time, part-time or contractors.
Properly record each transaction in financial journal entries.
Maintain a general ledger (GL) to track payroll expenses.
Consider using payroll software for efficiency.
Inventory accounting provides accurate financial insights and contributes to effective inventory management.
Inventory accounting offers several advantages for businesses.
Inventory accounting provides a precise view of the company’s financial health.
By tracking the value of items at different production stages, businesses can identify opportunities to increase profit margins.
Proper inventory accounting helps manage risks associated with inventory value fluctuations.
At Ashine, we review the vendor information and request for the W9/W8 forms for 1099 filing.
Form 1099 is used to report certain types of non-employment income to the Internal Revenue Service (IRS).
Form 1099 is issued by businesses to any payee (other than a corporation) who receives at least $600 in non-employment income during the year, exceptions exist.
The Form W-9 is used to prepare a range of various informational returns to the IRS.
The purpose of a Form W-9 extends beyond just this single situation. A bank or financial institution relies on the receipt of taxpayer information in order to properly report Form 1099-INT, 1099-DIV, or 1099-B.
The IRS has outlined several penalties for failure to furnish or comply with the reporting requirements of Form W-9.
