A service business is one that performs tasks or activities to its customers. The service is not a physical product. Customers exchange money for the benefit they receive from the service. Service businesses are generally the easiest form of business to start due to lower overhead. Examples of service businesses are:
- Beauty salons
- Medical care
- Consulting
- Accounting
- Cleaning
- Delivery
- Pet sitting
- Childcare
To learn more about how the financial statements for service businesses work, watch this video:
-
So You Want to Start a Nonprofit…Consider This
Starting a nonprofit can be a fulfilling way to make a difference in the community, but it requires careful planning and consideration. Here are key points to consider before embarking
-
Tax Liability Accrual Explained
Accruing tax liabilities in accounting involves recognizing and recording taxes that a company owes but has not yet paid. This is important for accurate financial reporting and compliance with accounting
-
Nonprofit Monthly Financial Close Process Overview
The monthly accounting close process for a nonprofit organization involves a series of steps to ensure accurate and up-to-date financial records. This process ensures that financial statements are prepared, reviewed,
-
Navigating Payroll Taxes for Nonprofits: Responsibilities and Compliance
Payroll taxes are the taxes that employers withhold from their employees’ wages and are required to remit to the appropriate government agencies. They include various taxes that fund government programs,
-
Understanding Form 990: Transparency and Accountability for Nonprofits
Form 990 is a reporting document filed by tax-exempt organizations in the United States with the Internal Revenue Service (IRS). It provides detailed information about the organization’s financial activities, governance,
-
Financial Disclosures for Affiliated Nonprofit Organizations
Disclosures related to revenue sharing, consolidated financial statements, noncontrolling interests, and related party transactions in the context of affiliated organizations within a nonprofit are crucial for transparency and accurate financial