Bookkeeping

Most businesses use either FIFO or LIFO, and sole proprietors typically use average cost. Keeping track of all incoming and outgoing inventory costs is key to accurate inventory valuation. what is a simple tax return Try FreshBooks for free to boost your efficiency and improve your inventory management today. FIFO and LIFO are two common […]

If we just pay extra online, they count it against the next month’s payment (meaning that we then would owe less the following month, but they do not count it against the interest we owe). The specific amount you’ll pay in escrow depends on your property tax and insurance rates. Your lender may reevaluate your

Outstanding shares are the total number of common stocks owned by investors. A company that announces a 2-1 stock split as of a certain date doubles its number of shares outstanding on that date. If that event occurs on, say, December 15th of the year, it can distort the company’s apparent number of shares outstanding

A bookkeeper typically focuses on processing and recording transactions, including things like invoices, receivables, payments, and other essential functions. As your startup grows, you’re going to need a greater degree of accounting proficiency to create budgets, handle your financial statements, develop forecasts, and provide reports to your board. Raising capital or considering an acquisition means

Note that the acceptable labor cost percentages are around 25 and 40 percent for a restaurant. For example, businesses in the service sector might expect the ratio to be 50 percent or more, but the figure may be under 30 percent in the manufacturing sector. When a company sets the sales price for a product,

You can use unrestricted funds for any mission-oriented purpose, including paying general operating expenses and salaries. Simply, it reports your organization’s revenue and expenses during a specific period and the difference between them. The Statement of Activities is the Income Statement of a nonprofit organization. Code for Science & Society depicts their financial expenses on

Initially, Congress authorized up to $349 billion in forgivable loans as part of the program. In 2020, Congress pushed through the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act—called the CARES Act—to provide economic assistance for American workers, families, small businesses, and industries. The Office of Recovery Programs is providing self-resources to assist recipients

Direct costs are typically assigned to specific cost codes within the accounting system, which allows for detailed tracking and management of these expenses. Construction accounting is a vital discipline that extends beyond the traditional bounds of financial management. It’s the backbone of successful construction project management, providing the framework necessary to track, evaluate, and control

This includes manufacturing labor and other direct labor expenses tied to production. You need to know how much you spent on goods you sold during an accounting period. This helps figure out your gross profit when subtracting COGS from your sales revenue. Cost of Goods Sold (COGS) covers all the direct costs that go into

It also a snap to capture bills and receipts with Hubdoc, and we like the included 24/7 support available online. Rather, there is a 30-day free trial with no credit card requirement, and also there a 90% offer for the first three months. Our top free bookkeeping software recommendation is Wave Accounting. It offers five