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Intuit’s Credit Karma Deal, Buy Buttons, Restaurant Apps Top This Week’s News

PYMNTS

The bookkeeping software firm will now add the personal credit score website to its roster, among other names such as TurboTax, Quickbooks and more. The coronavirus has already dented supply chains — notably those that serve auto manufacturers and retailers, among others. Intuit Reportedly Set To Spend $7B To Buy Credit Karma.

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Different Types of Accounting Methods (And How to Choose the Right One for Your Business)

Analytix Finance & Accounting

We’ve seen retail businesses save over $12,000 in a single tax year simply by using the right accounting method that aligned with their cash flow patterns. This integration creates accountability for every product you purchase and sell, which reduces inventory shrinkage by an average of 22% according to one retail study.

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How to Set Up Accounting for a New Business: A Full Guide

xendoo

Online payments only – if you’ll only be accepting online payments, you can use PayPal or Shopify if you are an online-based retailer. As we saw, there are various online bookkeeping software options that can help record transactions and streamline various accounting processes. Set up a payroll system.

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Rules for When To Issue a 1099 Form to a Vendor – Updated for 2023

Nancy McClelland, LLC

A good example of this would be if you received a 1099-K for credit card payments, but also received a 1099-NEC from the company that paid you (this is quite common… it is extremely challenging in most bookkeeping software to distinguish how a bill was paid in most reports).

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Rules for When To Issue a 1099 Form to a Vendor – Updated for 2023

Nancy McClelland, LLC

A good example of this would be if you received a 1099-K for credit card payments, but also received a 1099-NEC from the company that paid you (this is quite common… it is extremely challenging in most bookkeeping software to distinguish how a bill was paid in most reports).