Bookkeeping

Audits help identify inefficiencies, protect against fraud, and demonstrate credibility. Independent audits show donors and investors that your organization takes financial integrity seriously. You’ll need to verify the accuracy of your payroll records and employment tax filings as part of your audit prep. Verifying records also includes gathering and organizing proper documentation for all employees […]

Thus, companies often depreciable assets use depreciation—an accounting method that spreads these big-ticket expenses over time. Depreciation is the recovery of the cost of the property over a number of years. You deduct a part of the cost every year until you fully recover its cost. Useful Life Businesses can deduct depreciation costs in many