Category: Bookkeeping

The bank is your partner regarding funding, and you want to be sure you choose the right one. Some types of businesses are overwhelmed with excess inventory, while others are trying to keep up with a surge in customer demand. Both situations can lead to lower sales, a poor customer experience, and financial instability if […]

While addressing current revenue backlog issues is critical, it is equally important to monitor and prevent future revenue backlogs to maintain financial stability over the long term. However, the presence of a backlog can have positive or negative implications. On the other hand, it could suggest increasing inefficiency in the production process. Reevaluating pricing strategies […]

It provides detailed information about the different cost components involved in the production process, including both direct and indirect costs. Work-in-progress (WIP) is the cost of unfinished goods in the manufacturing process. This includes all your production costs such as the costs of direct labor, raw materials and manufacturing overhead. This differs from finished goods, […]

This time, I’ll be sharing how how to account for dividends paid: 12 steps I managed to grow my followers on LinkedIn. This received a ton of media attention because it was around the time when people first learned about Bitcoin after its massive price increase from only a few dollars to over $1,000. Choose […]

Executives and managers running companies can use net income as a yardstick of success, and once they know how successful a business is, they can use this financial metric to strategize. If a company is generating substantial net income, its current operations may have little reason to change. The income statement and your net income […]

These periodic statements are aggregated into total values for quarterly and annual results. An income statement provides valuable insights into various aspects of a business. It includes readings on a company’s operations, the efficiency of its management, the possible leaky areas that may be eroding profits, and whether the company is performing in line with industry […]

As you can see, it starts with current assets, then the noncurrent, and the total of both. Like assets, liabilities can be classified as either current or noncurrent liabilities. Noncurrent assets include tangible assets, such as land, buildings, machinery, and equipment. how to calculate net income formula and examples If the company takes $10,000 from […]

How much does an accountant cost for professional tax preparation on average? Alternatively, you can opt to have your taxes filed by one of the larger, well-known companies that advertise around tax season. This is a legitimate concern, right along with the CPA cost per hour. Many small-business owners often choose to work with CPAs […]

One of the main reasons businesses outsource to the Philippines is the cost advantage. Labor costs in the Philippines are significantly lower than in Western countries, allowing companies to access highly skilled professionals without exceeding their budget. Here are answers to some common questions about hiring and working with an accounting virtual assistant, helping you […]

Despite innovations such as data mining and data warehousing, organizations realized they lacked an efficient and systemic way to manage and organize their data. Experimentation with different management systems began to take place, with “transparency” becoming a particularly valued characteristic for organizations seeking to make better decisions. Eventually, this led to the proliferation https://www.bookstime.com/ of […]