Month: October 2018

Insolvency – Detection

Insolvency

Insolvency refers to the ability to pay bills in a timely manner. It does not mean bankruptcy but long-term insolvency is a underlying factor of bankruptcy. Many owners and/or managers of small business have no idea of how to determine if the company is insolvent or headed towards the inability to meet their day to day obligations.

Subcontractor Documentation

Subcontractor Documentation

Similar to documentation required for hiring an employee, companies must acquire certain documentation from their subcontractors. Without this documentation, most likely the hiring business entity will face stiff penalties and expose their company to unnecessary risk.

Cost of Services Rendered

Cost of Services Rendered

Service based operations do not use the traditional retail based format for the profit and loss statement which utilizes a ‘Cost of Goods Sold’ section, instead the service industry uses a ‘Cost of Services Rendered’ segment. The presentation format is very similar though.

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