Amazon to pass on UK digital tax to sellers in fees hike

In July, the UK’s digital services tax (DST) became law after receiving royal assent. The 2 percent tax applies to revenues from social media platforms, internet search engines, and online marketplaces.When developing tax policy, lawmakers often ignore the incidence of a tax, or who actually pays the tax. Many times, this is different from who is legally required to pay the tax. Just because a 2 percent revenue tax applies to large digital companies does not mean that the companies will bear the entire cost of the tax.Read More :Why Does Accounting matter for your Amazon Store?One online marketplace has already provided evidence of this. According to reporting from Bloomberg, Amazon has announced that it will be increasing a variety of fees on UK sellers by 2 percent beginning in September.The announcement comes a year after Amazon announced a similar fee increase for French sellers when France adopted a 3 percent digital services tax.The digital services taxes in France …

What is the 4 most common Software for Small business bookkeeping?

Whether you're starting a new business or you're already in business everyone needs a great accounting solution to keep their business running smoothly.
Let's Begin the Best Software for Small Business Bookkeeping 1. Spreadsheets whether you're using Google sheets or Microsoft Excel can be extremely powerful for small businesses spreadsheets allow small businesses to organize their information faster and more accurately than plain old paper and pen in addition spreadsheets can act as great aids when it comes to financial reporting and tax reporting at the end of the year one of the downsides to spreadsheets is that.
They're extremely manual and therefore they take a lot of time to update especially if you fall behind another downside is that spreadsheets tend to be local based meaning they're stored on your computer directly and you'll have to access them from that computer or using special software so makes collaboration a little harder spreadsheets are great…

What is Business Monthly Bookkeeping Services?

Are you confident in the numbers you have within your business most business owners lack the confidence and their numbers they not sure if their sales are right if their expenses are right and they just don't have the faith within their bookkeeping.
4 STEPS TO GET YOUR MONTHLY BOOKKEEPING Bookkeeping tips and general business advice so that you can be a savvy business owner to grow your dream.
We follow each and every month to create and update and maintain online bookkeeping services these four steps are so important within your business because you need to know how much money you've made where your money is going and what the heck do you do with it. 1. Recordit is the most important you need to make sure your numbers are accurate that will determine all of your reporting all of your decisions if you have accurate numbers it will make life so much easier for you so what does it actually mean to record it means recording your transactions. Adding Transactions Coding Tra…

Manufacturing Index - Empire State Survey July 2020

The monthly survey of manufacturers in New York State conducted by the Federal Reserve Bank of New York.

Supplemental Survey Report ongoing recalls despite pandemic adjustment costs will be released

Business activity increased in New York State for the first time in several months, according to firms responding to the July 2020 Empire State Manufacturing Survey. The headline general business conditions index rose to 17.2, its first positive reading since February. New orders and shipments also increased, and unfilled orders were steady. Delivery times were somewhat longer, and inventories declined. Employment levels and the average workweek were little changed. Input price increases were not much different than last month, while selling prices edged lower. Firms remained optimistic about the six-month outlook, though less so than in June.
Here are best accounting practices for Manufacturing Business set by The International Accounting Standards Board and the Financial Accounting Standard…

Restaurant Business : How to Calculate Your Cost of Goods Sold?

What is Cost of Goods Sold?Have you ever wondered what the actual calculation is for cost of goods sold for your restaurant maybe one of the most important calculations you're ever going to do in your business.
knowing your cost of goods sold could be one of the most important things you're going to measure in your business and to measure it you have to have the right equation and the right information so how do we do this. Read More : Choosing the Right Accounting For Restaurants Beginning Inventorywell it starts off with knowing your beginning inventory beginning inventory is what was on the shelves the last time you counted well that means we have to be taking inventory minimum on monthly basis preferably on a weekly basis to know the value of everything on the shows that includes all of our batch. items meaning desserts side dishes soups anything that I manufacture myself for instance if I have a tenderloin I cut it up into fillets that isn't in transit and gone that wo…

How Can Accounting Software Reduce the Impact Of Coronavirus For Small Businesses?

During tax season, many business owners provide me their tax data in various ways:  boxes of receipts, clumps of expenses stapled together with adding machine tape totaling each type of expense, or a listing of income and expenses in a spreadsheet format. When the information is fed to me by these means, I often wonder what expenses may have fallen through the cracks. I often have to ask after some deductions that appear to be missing such as bank charges and credit card interest.
But when a client sends over a computerized accounting file that has been kept up to date and includes cash and credit card purchases, I’m fairly confident that every eligible deduction will be included on the tax return.
Read More :5 Tips - How to Tax Filing 2020?
I encourage all serious business owners to keep their books on computerized accounting software. Aside from completeness of data, there are other good reasons to track your business’s financial transactions using accounting software:

1. B…

Top 5 Common Restaurant Accounting Mistakes and How to Avoid Them

Just as there is an ideal means to do restaurant accounting, there is certainly a wrong way. We're mosting likely to think you're not an accountant, and so we're going to inform you some common mistakes to stay clear of, too.
1. Not using a restaurant-specific accountant Restaurants have KPIs, reports, and business as well as tax structures that are distinct to the restaurant industry. Not all sectors need to take care of suggestions, regular coverage durations, and hyper-sensitive labor and inventory metrics. Considering that accounting is made complex as well as the restaurant industry is unique, the professional accounting you select must be an expert in both. 2. Bookkeeping errors To err is human. When you're going into row upon row of information is also human, to miskey numbers. Is falling short to acknowledge meal price cuts or mis-logging sales as revenue. When you enter inaccurate details right into your books, you're additionally skewing financial report…