Accountable Plans A plan under which an employee is reimbursed for expenses or receives an allowance to cover expenses is an accountable plan only if the following conditions are satisfied: there must a business condition for the expenses the expense must be in connection with performance of services as an employee the reimbursement must be…
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Effective Management of Business Finances Most small business owners and entrepreneurs juggle every aspect of business management, from administrative tasks to bookkeeping and accounting duties. Many small business owners and entrepreneurs reach a point where managing every task becomes overwhelming and an ineffective use of time. Effective management of business finances is critical for reporting,…
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A very common question that comes up, particularly with new small businesses, is whether you should separate your business bank account from your personal bank account. The general rule of thumb is that you should not comingle your bank accounts and here is why. It prevents you from using the business funds for a personal…
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