Tracking Use Tax in Xero

Tracking Use Tax in Xero can be challenging and sometimes cause small businesses to overlook the recording and remittance of Use Tax. Use Tax is the sales tax that would have been paid on an item if the purchase had been made in the state. When a company purchases goods from a vendor out-of-state, who … Continue reading Tracking Use Tax in Xero

Cash vs. Accrual: What Entrepreneurs Need to Know

The comparison between cash basis accounting and accrual basis accounting can create a lot of confusion for first-time entrepreneurs and others who are not well acquainted with accounting principles. Often this is caused because accountants or finance individuals tend to use terminology that assumes an underlying knowledge of the interactions between these three financial statements. … Continue reading Cash vs. Accrual: What Entrepreneurs Need to Know