This number might be a little general, but it can still be insightful. Annotate your cash flow statement with important and helpful information for anyone trying to read and understand it. You might include notes about important definitions, how the numbers were calculated, which currency you’re bookkeeping using, and if you’re showing numbers in thousands or millions. Small businesses generally aim for positive free cash flow of at least 10% of revenue. This value is the total of all...

Form W-9 is used to provide basic taxpayer information so businesses can report taxable payments made to freelancers and contractors. Here’s what you need to know about W-9 forms before you file your return. If you’re a self-employed worker, then the person or business that hires you will typically ask you to fill out Form W-9. Businesses that pay independent contractors more than $600 during the tax year must report these payments to the IRS on Form 1099-MISC. The information...

Adhering to the updated Standards is crucial for maintaining the effectiveness and credibility of the internal audit function. By preparing thoroughly for and completing an EQA, internal audit functions can help ensure compliance, enhance their performance and provide valuable assurance and advisory services to their organizations. With the increasing complexity of financial reporting, organizations continue to rely on external auditors to assure regulatory compliance. Those services...