Build4Success http://www.build4success.com Wed, 16 Dec 2009 03:57:40 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 Are you ready for Year End 2009? http://www.build4success.com/are-you-ready-for-year-end-2009/ http://www.build4success.com/are-you-ready-for-year-end-2009/#comments Wed, 16 Dec 2009 03:57:40 +0000 admin http://www.build4success.com/?p=121 Review your vendors/subcontractors and make sure your W-9 information is correct.
Reconcile your accounts payable payments for 1099 vendors for accurate reporting in January 2010.

]]> http://www.build4success.com/are-you-ready-for-year-end-2009/feed/ 0 Review your employee information, has anyone moved? http://www.build4success.com/review-your-employee-information-has-anyone-moved/ http://www.build4success.com/review-your-employee-information-has-anyone-moved/#comments Wed, 16 Dec 2009 03:56:27 +0000 admin http://www.build4success.com/?p=119 Reconcile your payroll for the year for accurate reporting for the W-2; January is just around the corner


]]> http://www.build4success.com/review-your-employee-information-has-anyone-moved/feed/ 0 Employee vs. Independent Contractor? http://www.build4success.com/employee-vs-independent-contractor/ http://www.build4success.com/employee-vs-independent-contractor/#comments Wed, 16 Dec 2009 03:54:25 +0000 admin http://www.build4success.com/?p=117 Classification depends on the degree of control exercised by the business – all evidence of the degree of control.  Facts that are evidence of control vs. independent fall into 3 categories: 

Behavioral Control;
Financial Control;
Relationship between the parties.

]]> http://www.build4success.com/employee-vs-independent-contractor/feed/ 0 Generally Accepted Accounting Principles http://www.build4success.com/generally-acepted-accounting-principles/ http://www.build4success.com/generally-acepted-accounting-principles/#comments Sun, 14 Dec 2008 07:02:57 +0000 admin http://build4success.com/?p=38
  • Principle of regularity: Regularity can be defined as conformity to enforced rules and laws.
  • Principle of consistency: The consistency principle requires accountants to apply the same methods and procedures from period to period.
  • Principle of sincerity: According to this principle, the accounting unit should reflect in good faith the reality of the company’s financial status.
  • Principle of the permanence of methods: This principle aims at allowing the coherence and comparison of the financial information published by the company.
  • Principle of non-compensation: One should show the full details of the financial information and not seek to compensate a debt with an asset, revenue with an expense, etc.
  • Principle of prudence: This principle aims at showing the reality “as is”: one should not try to make things look prettier than they are. Typically, revenue should be recorded only when it is certain and a provision should be entered for an expense which is probable.
  • Principle of continuity: When stating financial information, one should assume that the business will not be interrupted. This principle mitigates the principle of prudence: assets do not have to be accounted at their disposable value, but it is accepted that they are at their historical value.
  • Principle of periodicity: Each accounting entry should be allocated to a given period, and split accordingly if it covers several periods. If a client pre-pays a subscription (or lease, etc.), the given revenue should be split to the entire time-span and not counted for entirely on the date of the transaction.
  • Principle of Full Disclosure/Materiality: All information and values pertaining to the financial position of a business must be disclosed in the records.


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