Category: Bookkeeping

Eventually, the fixed overhead cost will be expensed when the inventory is sold in the next period. Figure 6.13 shows the cost to produce the 8,000 units of inventory that became cost of goods sold and the 2,000 units that remain in ending inventory. There are no uses for variable costing in financial reporting, since… Continue reading Variable Cost: What It Is and How to Calculate It

Conceptually, the ARR metric can be thought of as the annualized MRR of subscription-based businesses. ARR stands for “Annual Recurring Revenue” and represents a company’s subscription-based revenue expressed on an annualized basis. For a project to have a good ARR, then it must be greater than or equal to the required rate of return. Remember… Continue reading Annual Recurring Revenue Calculator

Paying on time can make a real difference in these situations, helping to prevent supplier bankruptcy and maintain the overall health of the supply chain. In terms of expense recognition, the matching principle of accounting comes into play. This principle dictates that expenses should be recognized in the same period as the revenues they helped… Continue reading Accrued Expenses vs Accounts Payable: What’s the Difference?

If there are employees physically present at a work location, no exceptions apply. Form I-9 is a fillable form, which means you can type your answers directly on the form instead of printing a blank form and writing your answers by hand. Form I-9 may be generated, signed, and retained electronically, in compliance with Department… Continue reading How to Complete I-9s for Remote Employees

You’ll automatically get expense updates as they are made, prompting employees to fill in their report details easily before submission. Most businesses will regularly perform audits to make sure that all expense documents are accurate and comply with both company policies and local regulations. However, doing this traditionally is known to be time-consuming and complicated.… Continue reading Expense Management Guide: Streamline Your Business

While automated expense management is good on its own, it’s even better if you can integrate your software with tools like corporate cards and accounting systems. Expense management systems that are automated provide employees with better visibility into expense management automation their spending, allowing them to keep track of business expenses in real-time. Automated expense… Continue reading Expense Management Software

In an ever-changing business environment, the ability to accurately forecast future financial performance is essential. Accountants employ advanced techniques to project financial outcomes based on various scenarios. They analyze historical data, market trends, and industry factors to predict future revenue, expenses, and https://www.facebook.com/BooksTimeInc cash flows. By using their knowledge of financial forecasting techniques and software,… Continue reading 15 Ways A Business Accountant Can Improve Your Profitability

Live Assisted Business empowers you to complete your taxes on your own, with expert help when needed. While you file your business taxes, our experts will help answer any questions for you, including assistance entering income and expenses, maximizing industry-specific tax deductions and credits and more, so you can file with confidence. If the LLC… Continue reading Things to remember when filing 2023 tax returns Internal Revenue Service

The new IRS Form W-4 is available on the Y.E.S. website and can be updated by employees at any time. Instructions for Agencies have been updated in TraCorp under the Agency Payroll Specialist role. Don’t hesitate to leave a comment below if there’s anything else you need concerning payroll. Biweekly Pay Period Calendar 2021 Adp… Continue reading Pay Period Calendars National Finance Center

When there is no obvious start or finish because the manufacturing process is endlessly repetitive, the management turns to a process costing system to accumulate and allocate manufacturing costs. As opposed to the other costing techniques, process costing is a method where the cost of products is determined on the basis of different levels of… Continue reading What is Process Costing: Definition and Example