Discover the essentials of Cost of Goods Manufactured (COGM) in this article. Learn how to calculate COGM, understand its key components like direct materials, labor, and manufacturing overhead, and see how it impacts your pricing and profit strategy.
Accounting conventions serve as foundational guidelines ensuring transparency, consistency, and accuracy in financial reporting. This blog explores how conventions like consistency, full disclosure, and conservatism shape financial statements, helping businesses present reliable data for better decision-making.
Financial models are essential tools in finance, enabling professionals to analyze data, forecast future performance, and make strategic decisions. There are different types of financial models. Each serves a unique purpose, supporting financial analysis and business planning at various levels.
BOI (Beneficial Ownership Information) reporting is an essential compliance task for businesses. If you’re a small business owner, you might be wondering whether to handle this task yourself or outsource it. This guide walks you through the process of filing your own BOI report step-by-step to ensure you get it right.
Managing 1099 contractors is a key responsibility for U.S. businesses. QuickBooks Online simplifies this process, helping you stay compliant with IRS reporting requirements. This is the step-by-step guide to tracking and preparing 1099 forms for contractors in QuickBooks Online.
Preparing 1099s is often one of the most dreaded tasks for accountants and business owners alike. From chasing down missing W-9s to navigating last-minute data corrections, the process can feel overwhelming. But it doesn’t have to be! This post breaks down why 1099 prep can be such a hassle and share practical tips to make it easier for everyone involved.
Efficiently managing customer sales and payments in QuickBooks Online helps keep your business finances organized. This guide covers essential tasks like creating invoices, recording sales receipts, and using the Undeposited Funds account. Learn how to streamline your workflow and maintain accurate records for better financial insights.
Borrowing costs encompass all expenses related to borrowing funds, particularly interest costs. For specific assets like manufacturing plants or large-scale construction projects that take substantial time to complete, these costs are often capitalized. Proper capitalization requires that the asset is likely to bring future benefits, and the borrowing costs can be reliably measured.
When purchasing an asset on an instalment basis, accurate accounting is essential to track both the asset and the associated liabilities. This guide provides a comprehensive look at how to properly record the transaction, manage monthly payments, and account for depreciation over time. Learn the step-by-step process of maintaining clear financial records, ensuring compliance, and gaining valuable insights into your company’s assets and liabilities.
Struggling with QuickBooks reconciliation? If you’re seeing a beginning balance alert, it could mean that cleared transactions were changed or edited since your last reconciliation. From adjusting transaction amounts to fixing deleted entries, this guide walks you through how to resolve common reconciliation issues and get your account back on track. Whether it’s voluntary edits or involuntary mistakes, these simple steps will ensure your financial records stay accurate and up to date.
Understanding payroll deductions doesn’t have to be complicated. In this simple guide, we break down the different types of deductions like taxes, social security, and health insurance, helping you make sense of your paycheck and ensure you’re prepared for financial responsibilities. Whether you’re an employee or employer, this post offers a clear explanation to help you navigate payroll deductions with confidence.
Cryptocurrency and blockchain technology have sparked a financial revolution, challenging traditional systems and enabling decentralized transactions. This blog post explores the origins of cryptocurrency, tracing the development of blockchain technology from its early concepts to its impact on global finance. Discover the key milestones and visionary figures that have shaped this digital currency revolution.
Embracing a paperless operation streamlines workflows and offers substantial benefits such as cost savings, enhanced data security, and environmental sustainability. In this post, we explore the key advantages of going paperless, practical steps for a smooth transition, and real-world examples of successful implementations. Discover how to unlock the full potential of a paperless business.
Video content is essential for businesses to engage their audience and convey messages effectively. Creating an impactful business video involves creativity, strategic planning, and technical know-how. This guide covers everything from defining your target audience to selecting the right equipment and editing techniques. Follow these steps to produce professional-quality videos that elevate your brand and captivate your audience.
Accumulating Undeposited Funds (UF) in QuickBooks Online can cause serious financial issues. It can lead to duplicated sales entries, distorting your financial picture and inflating taxable income. Learn how to prevent these problems and ensure accurate financial records with proper UF management and professional bookkeeping services.
Small towns have great opportunities for people who want to start their own business. There are lots of interesting ideas that could work well in a small town, that people might not think of in a big city. This blog post will give you ideas for businesses you could start in a small town.
Explore five unique ways to stand out in the accounting field, challenging typical stereotypes. Learn how embracing creativity, technological fluency, and strong interpersonal skills can elevate your accounting career, making you as distinct and memorable.
Discover ten innovative waste management business ideas in this blog post. It explores the challenges and solutions in recycling, e-waste, upcycling, and more, highlighting their role in driving environmental sustainability and economic growth. Dive into a world where waste turns into opportunity, shaping a greener future.
Want to boost your business efficiency and gain a competitive edge? This guide on Business Process Management (BPM) reveals how to optimize workflows, cut costs, and improve customer satisfaction. Elevate your business today—read on to unlock the transformative power of BPM.
In finance and accounting, grasping fundamental principles and conventions is crucial. This blog post delves into these concepts, demystifying accounting principles vs. conventions. Whether you’re student, an aspiring accountant or a business enthusiast, this insightful read sharpens your financial understanding. Dive in to explore the foundations of accounting.Â