We are nearing the end of tax season, and one recent tax change could impact your business' bank account sooner than you think. In 2014, Massachusetts enacted a supplemental tax called the Employer Medical Assistance Contribution (EMAC), which is used to fund health insurance programs in the Commonwealth. In 2017, an Act Further Regulating Employer Contributions to Health Care was passed, temporarily changing the existing EMAC, creating a temporary supplemental contribution, and modifying the unemployment insurance rate schedule.
I help many of our clients manage their bookkeeping using QuickBooks, and I've found that regardless of the business type—recreation, manufacturing, technology—certain best practices apply across the board.
These five best practices are the fundamentals that I believe will keep your bookkeeping environment organized, efficient, and accurate: