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There are number of risks to a partnership that warrant careful attention. The most important risk is that any partner in the partnership can bind all the other partners so that each partner is individually liable for each obligation of the entire partnership. There are certainly ways around this problem and a number of statutory […]

If someone sues the business, they are limited to taking business assets to cover the judgment — they can’t come after your home, car or other personal assets. Similarly, if you establish a business as a sole proprietorship, this means for tax purposes, you’re a pass-through entity (the taxes are passed onto the business owner). […]

Reconciliation serves an important purpose for businesses and individuals in preventing accounting errors and reducing the possibility of fraud. Businesses and individuals may use account reconciliation daily, monthly, quarterly, or annually. Accounting software automation and adding a procure-to-pay software, like PLANERGY, can streamline the process and increase functionality by automatically accessing the appropriate financial records. […]

If the account reconciliation reveals that an account balance is not correct, adjust the account balance to match the supporting detail. Also, always retain the reconciliation detail for each account, not only as proof, but also so that it can be used as the starting point for account reconciliations in subsequent periods. Conversely, identify any […]