Bookkeeping

Recall from Chapter 1 that manufacturing overhead consists of all costs related to the production process other than direct materials and direct labor. Because manufacturing overhead costs are difficult to trace to specific jobs, the amount allocated to each job is based on an estimate. The process of creating this estimate requires the calculation of […]

It works well for industries where the products are similar, like food production. However, process costing is less accurate when you’re creating custom items. When determining income tax or other government liabilities, costing is useful to the government. Additionally, it aids in the establishment of industry standards, the fixation of product prices, tariff planning, cost

Digital tools like QuickBooks exist to help small business owners like you save time — so you can turn more of your minutes into dollars. The allowable expenses you can claim under Self Assessment must be for business use only and they vary depending on the business you’re in. You can read more about this

Finally, an integrated payroll system is a game changer when it comes to calculating net pay. Instead of juggling different spreadsheets or trying to manually apply deductions, an integrated system brings all your payroll-related data together in one place. Net pay is the money you get after taxes, deductions, and fees are taken from your

Of course, there are other important considerations as well, but if you can wrap your head around the yield ratio you’ll be off to a good start. By taking the time to implement some of these strategies, you can improve yield ratio and increase efficiency in the long run. Doing so will help you save

Many nonprofits include these statements in their annual reports to demonstrate accountability. The statement of functional expenses gives donors more details on how the organization spends funds. The IRS also requires nonprofits to include this statement when filing Form 990. The operating activities section of the SCF reports the changes in cash other than those

Many nonprofits include these statements in their annual reports to demonstrate accountability. The statement of functional expenses gives donors more details on how the organization spends funds. The IRS also requires nonprofits to include this statement when filing Form 990. The operating activities section of the SCF reports the changes in cash other than those

Many nonprofits include these statements in their annual reports to demonstrate accountability. The statement of functional expenses gives donors more details on how the organization spends funds. The IRS also requires nonprofits to include this statement when filing Form 990. The operating activities section of the SCF reports the changes in cash other than those

Larger businesses with substantial accounting teams may want to consider the QuickBooks Advanced plan. It covers up to 25 users and provides dedicated customer support and advanced reporting features. QuickBooks Desktop is more traditional accounting software that you download and install on your computer, while QuickBooks Online is cloud-based accounting software you access through the

The equity capital/stockholders’ equity can also be viewed as a company’s net assets. You can calculate this by subtracting the total assets from the total liabilities. To compute total liabilities for this equity formula, add the current liabilities such as accounts payable and short-term debts and long-term liabilities such as bonds payable and notes. Overall,