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Business expenses include the cost of goods sold along with the ordinary and necessary operational expenses associated with keeping a business running.
Separating business finances from personal finances helps you track your business expenses more effectively.
Tracking business expenses is essential for maintaining healthy cash flow and qualifying for tax deductions that could reduce your taxable income.
This article is for aspiring entrepreneurs and new small business owners who want to improve their accounting practices with careful expense tracking.
Keeping tabs on business finances – including tracking specific business-related expenses – is crucial to running a business. Proper accounting improves cash flow, the oxygen your business needs to survive. Additionally, careful expense tracking helps your company qualify for valuable tax deductions that reduce your adjusted gross income. Here’s what you need to know about business expenses and how to track them.What are business expenses?
Business expenses are expenditures directly related to starting a business and maintaining operations. Business expense examples include inventory purchases, payroll, salaries and office rent.
Business expenses fall into one of two categories:
Cost of goods sold (COGS)
“There are two types of business expenses: cost of goods sold, which are costs associated with making your product; and operating expenses, which include rent, salaries, business licenses and permits, and self-employment taxes,” explained Jeff Fazio, head of small business specialists at TD Bank.
Separating business expenses from personal expenses is crucial for proper small business tax management because business expenses can help you qualify for tax deductions. Tax deductions are applied to your taxable income, potentially lowering the overall rate you’ll pay.
“Business expenses are ordinary and necessary costs a business incurs to operate,” noted Nicholas Holmes, founder of Product Reviewer. “Businesses need to track and categorize their expenditures because some expenses can count as tax deductions, resulting in significant cost savings.”
Did You Know?
Tax deductions should not be confused with tax credits, such as research and development tax credits, which are applied directly to your tax bill, not your taxable income.
Check with your accountant about crazy but legal tax deductions. For example, limos, gym memberships, pets and even hair dye may qualify – under the right circumstances.
Check out our review of Zoho Books if you need an accounting solution for a very small business. If you need a more robust solution, read our in-depth review of QuickBooks Online – our choice as the best accounting software for small businesses.3. Manage your receipts.
In addition to digitally tracking expenses, take photos of physical receipts for cash payments or payments made on a personal credit card. For example, if an employee takes a client out for lunch and pays with their card, ask them to record the transaction by taking a photo of the receipt and sending it to you for your records.
Other physical receipts to track include car mileage, train tickets for commutes, internet bills and other reimbursement expenses.
Consider using receipt-tracking tools for your business. For example, the Expensify app can automatically read a photo of a receipt and convert it to a logged expense.What are the benefits of tracking business expenses?
Tracking business expenses has benefits beyond qualifying for tax deductions. Here are a few notable ones.1. Tracking business expenses helps you understand your business’s cash flow.
Business owners can more easily understand cash flow – an essential business survival factor – when they accurately track expenses.
“One of the primary reasons why most businesses fail is the mismanagement of the cash flows,” Holmes warned. “Owners can manage their cash flows through daily expense management so that expenses don’t outstrip the income at the end of the month.”2. Tracking business expenses demonstrates your business’s profitability.
Effectively tracking business expenses allows business owners to gauge how well their business is doing by illuminating its profit margin. Tracking can also provide a clear financial record to lenders, improving the chances that a business can secure the funding it needs to grow.
“The percentage of profit tells how much a company is generating money and helps attract the investors, funds the day-to-day activities and aids in getting financing,” Holmes explained. “Every business wants to be profitable at a glance, but many struggle to calculate it, as they don’t keep accurate records of their income and expenses.”3. Tracking business expenses identifies potential cost savings.
Good accounting software can help you separate unreimbursed expenses from deductible expenses, allowing you to tag specific line items by expense category. This includes tags like personal expenses, entertainment expenses, meal expenses, travel expenses and capital expenses. Separating expenses is helpful for reporting purposes at the end of the tax year and allows you to examine your business expenses on a granular level and determine where you might find cost savings.4. Tracking business expenses keeps you within your budget.
As a business owner, understanding your budget is crucial to making the right financial decisions. Tracking your expenses will give you further insight into how much money you’re spending, what you’re spending money on and whether your current budget needs adjusting.
For instance, perhaps your expenses are higher than anticipated. You might need to increase your budget or cut back on spending to ensure you stay within your budget. Either way, this knowledge helps keep you financially aware.5. Tracking business expenses improves employee satisfaction.
By tracking your business expenses, you can more quickly reimburse employees for out-of-pocket expenses like travel, commuting, meals, business supplies and training materials. Offering this reimbursement perk to employees can act as a recruitment and retention incentive. Employees will feel more valued and satisfied if their business expenses are covered.Tracking business expenses is crucial to success
If you are starting a business or looking to grow in the near future, you must track your business expenses meticulously and transparently. You’ll be able to reduce your taxable income and better manage your business.
When cash flow suffers, review your business expenses and find areas where you can cut expenses. Conversely, when your business is doing well, you can examine where you have opportunities to invest in growth.
Tracking business expenses can also help you demonstrate to lenders that your business is fiscally responsible and can be a trusted borrower when you need financing.
Sammi Caramela contributed to this article. Source interviews were conducted for a previous version of this article.
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What is chúng tôi & Should You Disable it? Disabling it isn’t recommeded for those who use pen-enabled devices
Although chúng tôi is a legitimate Windows file, it may cause a number of issues.
Terminating it with Task Manager won’t do as Windows automatically restores it in a reboot.
To disable it, you can use the Local Group Policy Editor or Command Prompt.
INSTALL BY CLICKING THE DOWNLOAD FILE
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Fortect is a tool that does not simply cleans up your PC, but has a repository with several millions of Windows System files stored in their initial version. When your PC encounters a problem, Fortect will fix it for you, by replacing bad files with fresh versions. To fix your current PC issue, here are the steps you need to take:
Download Fortect and install it on your PC.
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Many users have reported that the chúng tôi process has caused problems for their OS, including consuming high memory. This begs the question of whether it’s safe to remove it because it’s a Windows component.
If you’ve also run into the same issue, keep reading for some effective solutions.What does chúng tôi do?
The chúng tôi system file is an abbreviation for Windows Ink Services Platform Tablet Input Subsystem. It’s part of the Windows Ink Workplace, the service enabling handwriting on office and note-taking software.
The executable gets automatically installed along with any Microsoft Office, Adobe, or Journal viewer software.Is chúng tôi safe?
The chúng tôi file is a legitimate Windows one. However, that doesn’t mean it can’t damage your computer. The problem with the file is that it remains active in the background even when no touch screen or pen input is available or used by the system.
This consumes many system resources, slows your CPU, and can even harm other software. So, while it might be safe to stay, as it’s a legitimate file, do you even need it on your PC?
Disabling it isn’t recommended for most users, especially touch screens and pen-enabled devices. The executable’s vital for the optimal performance and functionality of note-taking, drawing, or design apps.
However, if you do not own such a device or do not intend to use any pen input component, disabling the process might free up some valuable system resources and positively impact your PC performance.
You can terminate the chúng tôi process from Task Manager, but this is just a temporary solution. Windows is set to automatically restore it every time you reopen an app that needs it or reboot your computer.
Scroll down below for some effective solutions to ensure that chúng tôi remains disabled.
Keep in mind that disabling it may render certain features of apps, such as Microsoft Office, Snipping Tool, and Adobe, unusable.How can I stop wisptis.exe? 1. Disable the process from auto-start using Command Prompt 2. Disable the App-V client
Keep in mind that if disabling the App-V client harms your computing experience, you can re-enable it by following the steps above, but this time choosing Automatic under Startup type, followed by another restart.3. Use the Local Group Policy Editor
So that’s how you disable the chúng tôi process. Additionally, you may disable the entire Windows Ink Workplace feature.
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Vsync is an option that you’ll see in most PC video games and sometimes even in other applications. But what is Vsync? What does it do? Should you switch it on or off?
The answer to this is complicated, but once you understand the purpose of Vsync you’ll know when to switch it on or leave it off.
Table of ContentsWhat Is Vsync?
The first thing you need to know is that your monitor can show a certain number of discrete images every second. This is known as the refresh rate, which is how many times the monitor can completely refresh the image on-screen with something new.
If you don’t already know, the illusion of moving pictures on a screen is created by rapidly displaying a sequence of still images. Each image shows the subject in a different slice of time. Most movies you watch in the cinema are filmed at 24 frames per second. So you see 24 slices of time shown within each second.
There’s also plenty of content recorded at 30 and 60 frames per second. Action camera footage, for example, is typically recorded at 60 frames per second.
In a computer system, the GPU (graphics processing unit) prepares frames to be sent to the display. However, if the display isn’t ready for a new frame because it’s still working on drawing the previous one, it can cause a situation where parts of different frames are displayed at the same time. Vsync is meant to prevent this situation, by syncing the frames from the GPU to the refresh rate of the monitor.Typical Refresh Rates
The most common display refresh rate out there is 60Hz. That is, 60 refreshes per second. Most computer monitors and televisions offer at least this much.
You can also buy computer monitors in a variety of refresh rates, which include; 75Hz, 120 Hz, 144 Hz, 240 Hz and 300 Hz. There may be other oddball numbers as well, but these are typical, with higher refresh rates being rarer outside specialized gaming systems.
Televisions are almost all 60 Hz units, with 120 Hz sets now entering the mainstream market along with the latest generation of gaming consoles that support that refresh rate.Matching Frame Rates to Refresh Rate
The refresh rate of the screen doesn’t have to match the frame rate of the content exactly. For example, if you’re playing 30 frames per second video on a 60Hz display, then you just need to display two identical frames at 60Hz, totaling 30 unique frames.
24fps footage poses a challenge, since 24 does not divide neatly into 60. There are different ways to solve this. Some screens use a form of video conversion known as a “pulldown” that compensates for the mismatch at the cost of running the content at a slightly different speed than intended.
Many modern displays can also switch to different refresh rates. So a TV might switch to 48 Hz or even 24 Hz to get perfect synchronization with 24fps footage. 120Hz TVs don’t have to do this, since 24 divides evenly into 120.When to Use Vsync
With video games, frames aren’t produced in such an ordered fashion as with film or video. Left without any limiters, the CPU, GPU, and game engine try to produce as many frames as possible. However, since the workload that the game engine puts on these components can vary, the frame rate may fluctuate.
As mentioned above, when the GPU is sending frames that are not in sync with the monitor’s refresh rate, you’ll get that tell-tale screen tearing look where different parts of the image don’t line up.
When you activate Vsync, your GPU only sends out a frame to be displayed when the monitor is ready to draw a new frame, also effectively limiting the rate at which frames are rendered. But this can actually cause yet another issue that results from how frames are “buffered”. Next, we’ll discuss two common types of frame buffering.Double- Versus Triple- Buffered Vsync
So-called “double buffering” is the norm today. There are two buffers, taking turns to act as the “front” and back” buffer. The display draws the frame from the front buffer, while the GPU writes to the back buffer. Then the two buffers switch roles and the process repeats.
Without Vsync, the two buffers can be swapped at any time. So it’s possible that the screen will draw part of each buffer in the frame, which results in tearing. When you switch Vsync on, that tearing does go away. However, if the GPU doesn’t manage to finish writing to the back buffer in 1/60th of a second, that frame is skipped. This results in an effective 30 frames per second.
Unless your computer can consistently render 60 frames per second, you’re liable to experience either a locked 30fps or wildly swinging framerates snapping between 30 and 60.
Triple-buffering adds a second back buffer, which means that there’s always a frame ready to be swapped to the front buffer, making it possible to have odd numbers such as 45 or 59 frames per second on a 60 Hz screen. If you’re given the option, triple-buffering is always a good option.Enhanced Vsync Types
Nvidia has AdaptiveSync and FastSync, each with their own intelligent approach to Vsync. The former only switches on Vsync if a game’s frame rate is equal or higher than the refresh rate. Should it drop below that, Vsync is disabled, eliminating buffer latency. The latter solution is better as it enables triple buffering and provides the highest frame rate without tearing.
AMD has Enhanced Sync, which is like AdaptiveSync.Vsync Versus Variable Refresh Rate
There’s a powerful alternative to Vsync known as variable refresh rate. Nvidia’s technology is known as G-Sync and AMD has developed FreeSync, but have made it free and open for anyone to use.
Both technologies let the monitor and GPU talk to each other in such a way that frames are synced with near flawless precision. In other words, all drawbacks of Vsync are addressed here.
The main caveat is that the monitor itself has to support the technology. It’s rare to find monitors that support both standards, but Nvidia has recently relented and added FreeSync support for certain monitors. You can also attempt activating FreeSync on monitors not whitelisted by Nvidia, but the results may not be great in some cases.
So let’s summarize what you need to know about using Vsync:
Facebook has now launched its own video conferencing app and has knighted it as the “Messenger Rooms” to go serve its large base of faithful users that also comprise of Instagram and WhatsApp. While it might sound like its new and next big gig to the uninitiated, it is a being labeled as a marriage between Zoom and Houseparty.
Not only does Messenger Rooms have Zoom’s unique features, it has also stepped it up by evading the footsteps that led Zoom straight into controversy. We do know now whose empire is really at stake.
What is Messenger Rooms?
Messenger Rooms is a tool to start and share virtual meetings with upto 50 people. Hosts can either lock their virtual rooms or keep it open to allow friends to join a meeting whenever they want. The rooms also allow hosts to remove participants in case of illicit behavior and also report such instances.
A plus point which will attract many Zoom users to Messenger Rooms is that there is no time limit for your video conferences. Facebook’s blog post that announced the release of Messenger Rooms said that “spending time with each other should be spontaneous, not strained.”
Here, it spitefully takes a dig at Zoom’s 40 minute time constraint that was meant for its free users and says, well, their users deserve time, a lot of it.
How Rooms work?
You can create and share a room on Facebook through Groups, News Feed and Events. After creating a room, you must invite users to join the room, who can join the room even without a Facebook account.
You can then choose to lock the room or keep it open, in which case, anyone with the link will be able to join. If your friends have created rooms that are open to you, you will find them on the top of your own News Feed.
Facebook asserts that Messenger Rooms is not end-to-end encrypted as it is difficult to do so with video chats with multiple users. It claims however that the content shared through Rooms is encrypted which will make it difficult for hackers to access the shared link.
This is another shot at Zoom’s privacy blunder when the app had once falsely claimed that the content shared therein was end-to-end encrypted. Let’s hope that Rooms’ claims are not received as an open challenge that will hurl it off the driver’s seat of the approaching quarantine bandwagon before it can get on it.
How to get Messenger Rooms?
Facebook doesn’t require invitees to have a Facebook account or to download an additional app to participate in Messenger Rooms. The only requirement to access the room is the link shared by the host.
If you have to create a room however, you must do it through Facebook Groups, News Feed, or Events. Messenger Rooms will go live this week and based on the country you live in, it will take a couple of weeks before it reaches you.
RELATED: How to create a room and invite friends in Messenger Rooms
How many people can use Messenger Rooms?
Messenger Rooms allows multiple users to chat at a time. Upto 50 participants can video chat together in Rooms which is less than Zoom’s 100 people cap, but still more than Facetime’s 32 people cap.
People can access Messenger Rooms through their phones or computers and make unlimited video calls to their friends and families.
RELATED: Call duration and participants limit on Zoom, Google Duo, Google Meet, and other apps
How is Rooms a Zoom rip-off?
The launch of Messenger Rooms has come at a time when the use of the Zoom app is surging. This has led to claims that it is an exact copy of the latter. Messenger Rooms appears to be an offshoot of Zoom because of the exact replication of certain Zoom features like the video chat made accessible via a shareable link and its multiple participant features.
It has also replaced Zoom’s “Touch Up My Appearance” feature with its own 14 ambient lighting feature that does the deed. Its 360-degree background feature is definitely more catchy than Zoom’s preloaded virtual backgrounds.
Facebook has further carefully screened Zoom’s mistakes in the field and has made improvisations to its security and privacy features. In Messenger Rooms, the host can control the accessibility and visibility of the room by the additional “lock room” feature.
RELATED: Zoom vs Messenger Rooms
This evades the sort of Zoombombing invasion that its nemesis had to suffer. Unlike Zoom’s work centered reputation, Messenger Rooms is tailored for casual video chatting with family and friends. Facebook’s blog asserts that they are “announcing features across our (their) products that make video chat and live video easier and more natural.”
It is developing a more casual and social brand than Zoom, where one celebrates birthdays, joins book clubs or plays group games.
What new and exclusive features Messenger Rooms comes with?
In addition to Messenger’s existing AR-powered features like the bunny ears, Rooms is treating its consumers with AI-powered features like mood lighting and 360-degree backgrounds like Space Cats, Lake Forest, Raining Donuts, Black Hole, Chic Apartment, Ball Pit and Sunset Beach to offer immersive experiences that show off its fun side.
This means that you can hold up your phone and the background will persist while you move along the room. As the host will be able to lock rooms and manage room visibility, this will allow people to video call freely. Facebook also said that they would add 14 additional camera filters to Messenger Rooms.
As Zoom continues to climb upwards of 300 million users, Facebook has claimed that it will add the “Rooms” feature to Whatsapp, Portal, and Instagram Direct. Facebook has already set out to claim fallen empires through Messenger Rooms, its knight in AI armor. It is interesting now to see how Zoom fares through this attack and what does it do to combat the impact of Messenger Rooms by Facebook.
Table of ContentsWhat You’ll Find In This Guide
In order to help you find the information that you need more quickly, here’s a breakdown of what to expect in this guide:
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Since premium VR started out as a product few could afford, other options soon emerged. The most successful example is Google Cardboard. This is a simple cardboard enclosure into which you slide your smartphone. VR smartphone apps then split the screen into two separate images and you view them through inexpensive lenses.
Ironically, the most relevant form of smartphone VR enclosure is still the original Cardboard. It makes it easy for businesses and schools to share basic mobile VR experiences or media such as 360-degree videos for a relatively low cost. It’s also inexpensive for individual users to try, but it’s ultimately a novelty now.
Which means that the onboard hardware doesn’t also have to do the job of being a phone. The built-in displays are also tuned for VR and they have much more thermal headroom than razor-thin phones, which means the mobile processors can be pushed much harder. The end result is some very impressive VR, for a very reasonable price.Important Technical Specifications IPD – Interpupillary Distance
If you want to get into VR, then InterPupillary Distance (IPD) is something you’re going to hear a lot. This is basically the distance between your pupils when looking straight ahead.
If your IPD is outside of that range, you won’t get a clear image. There are various guides on the internet that show how you can measure your IPD, but any optometrist can quickly give you the right number.Field Of View (Horizontal) Display Panel Specifications Internal Or External Tracking?
Tracking head movement is a key aspect of how VR works. The tracking has to be very precise, with no perceptible lag. If there’s a mismatch between your head movements and what’s on screen, that’s a recipe for motion sickness.VR Controllers
The most basic VR controller is the plain old console gamepad. Most VR games support using a standard controller. While it may not be the most immersive control system, it’s still very functional and there’s a good chance you already have one.
These controllers not only give you a set of traditional gamepad controls, but also track the motion of your hands. They may also have a pressure-sensitive “grip” feature, which lets you pick up and manipulate VR objects in a more natural way.
The Valve Index is packed with cutting edge features. For example, it’s LCD display panels can reach refresh rates of 144Hz and it’s field of view is phenomenal, at 130-degrees.
While the Index full kits represent the pinnacle of consumer VR right now, if you already own equipment from the HTC Vive or Vive Pro, such as controllers or base stations, they’ll work with the Index. This Provides a little relief when it comes to the full kit’s eye-watering price tag. Regardless, the Index is the embodiment of second generation modern consumer VR. If you have the budget for it, this is as good as it gets.
While the PS4 pales in comparison to the typical gaming PC, it’s still miles ahead of the graphics power found in smartphone chips. Sony and the various PSVR game developers have also found ways to squeeze as much power from this popular console as possible.
Even if you don’t have a PS4, the total cost of a PSVR and the console itself is still less than the typical tethered PC VR system. The PSVR also boasts an impressive library of games. The main downside here is that games are the only type of application you can run on this system.
Windows 8.1 is going out of service. What should you do?
The Windows 8.1 operating system will go out of service starting in January 2023.
You will have to prepare if your personal and business security are main concerns.
Here’s what you will need to do when this deadline finally comes early next year.
As you surely know by now, Microsoft will terminate support for the Windows 8.1 operating system early next year, which means you will have to take some measures on your end.
Security-wise, the Redmond-based tech company strongly recommends an upgrade to one of the later, supported operating systems.
Users that still haven’t upgraded to Windows 11, or Windows 10 for that matter, are already being bombarded with notifications.How can I prepare for Windows 8.1 end-of-service?
Yes, this isn’t a joke, and Microsoft will terminate all Windows 8.1 support on January 10th, 2023, so right after the new year.
For those of you thinking that you can ride this train a bit longer, just know that Microsoft will not be offering an extended support package for Windows 8.1.
If you are a Windows 8.1 user, you surely know that Microsoft originally retired all Windows 8 support in 2024, but the updates will completely stop starting with January 2023.
So, you either purchase a new PC, if the one you are using is only good for obsolete versions of Windows or officially pay to upgrade to either Windows 10 or Windows 11.
Furthermore, businesses won’t be able to pay for additional security patches and will have to upgrade or accept the risk of running software without security updates.
That being said, know that it’s not just Windows, either. The tech giant encourages users to subscribe to Microsoft 365, which continually offers updates, patches, and new features, as part of an ongoing subscription.
With that in mind, Microsoft will stop providing both patches and new features for Microsoft 365 users running Windows 8.1.
So, you can see how the implications exceed simply having to deal with annoying notifications and deadline reminders.What should I know about upgrading from Windows 8.1?
Some of you were probably thinking about upgrading directly to the last version of Windows, which is Windows 11, so we’re going to have to shed some light on that.
First of all, Microsoft was adamant about the new system requirements for Windows 11, so an upgrade from Windows 8.1 to 11 is pretty much out of the question.
Also, as the Redmond company stated, upgrading directly from Windows 8 to Windows 11, if it even works, will overwrite your hard drive, erasing its contents.
There’s something to think about when considering such a huge operating system leap. Creating a backup of your data is highly recommended.
Instead, an in-place upgrade, which will preserve your data, is possible when upgrading from Windows 8.1 to Windows 10.
You can then move further and upgrade from Windows 10 to the last operating system released by Microsoft, Windows 11.
However, there’s no need to upgrade to Windows 11 if you don’t feel like it right now, or don’t have the resources to upgrade your rig.
Keep in mind that Windows 10 will continue to receive support until October 14, 2025, so there really isn’t any rush.
If you need information on how to perform the upgrade to Windows 10, we have prepared an awesome article for you.
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