Consolidated Omnibus Budget Reconciliation Act (COBRA)
What Is COBRA? COBRA, which stands for the Consolidated Omnibus Budget Reconciliation Act, is a federal law that allows former employees to continue their employer-sponsored health insurance for a limited period after leaving a job. Coverage typically extends up to 18 months following termination, a layoff, or a significant reduction in work hours. Understanding COBRA […]
Control account
What Is a Control Account? A control account is a summary account in the general ledger that consolidates the balances of several related subsidiary accounts. Instead of listing every individual transaction, the control account reflects a total, offering a concise overview of specific financial activities within a business. Why Control Accounts Matter in Accounting Control […]
Contractor
What Is a Contractor? A contractor is an individual hired by a company to perform a specific job or deliver a particular service, without being treated as a regular employee. Unlike full-time staff, contractors typically work independently and are engaged for short-term or project-based needs. Understanding the Contractor Relationship Hiring contractors allows businesses to avoid […]
Contingent worker
What Is a Contingent Worker? A contingent worker is someone brought in by a business to complete a short-term task or provide specialized expertise, without being hired as a permanent employee. These workers typically operate on a freelance, contractual, or temporary basis, depending on the project needs. The Role of Contingent Workers in Today’s Workforce […]