Supplies and inventory have to be properly accounted for because the company usually pays sales tax for supplies while inventory is taxed when they are sold to the customer. When a customer or business makes a purchase on credit, a general ledger account known as accounts payable is created or the current one is increased. Read more about Purchase Journal Overview What is Purchase Journal in Accounting? Video & Lesson Transcript[…]

Cost accounting is the process of determining the cost of a product, service, or activity, and is a critical part of financial management. By understanding the cost of a cost object and by measuring that cost using a cost unit, a company can make informed decisions about how to manage costs and improve its bottom Read more about Unit Cost: Definition, Formula & Calculation Video & Lesson Transcript[…]

Cost accounting is the process of determining the cost of a product, service, or activity, and is a critical part of financial management. By understanding the cost of a cost object and by measuring that cost using a cost unit, a company can make informed decisions about how to manage costs and improve its bottom Read more about Unit Cost: Definition, Formula & Calculation Video & Lesson Transcript[…]

If your prospective virtual bookkeeping service understands the value of adding to the conversation, then it is a good sign that they will be genuinely helpful to your business. It can be difficult to trust a virtual service with your books, and even harder to know which service to choose. To help ease the process, Read more about Bookkeeping Virtual Bookkeeping Solutions[…]

Cost-plus pricing also doesn’t consider the customer, what their perceived value of your product is, or how much they’re willing to spend – it’s very company-centric. The key disadvantage of cost-plus pricing is it doesn’t factor your competitors into the equation. By ignoring competitor pricing, there’s a good chance you could end up charging considerably Read more about How to Calculate Markup As a Component of Selling Price[…]

The statements are open to interpretation, and as a result, investors often draw vastly different conclusions about a company’s financial performance. The balance sheet provides an overview of a company’s assets, liabilities, and shareholders’ equity as a snapshot in time. The date at the top of the balance sheet tells you when the snapshot was Read more about 12 Things You Need to Know About Financial Statements[…]

On one hand an overview on changes in cash and cash equivalent during the year is presented by the cash flow statement. On the contrary, Balance Sheet provides a clear picture of the company’s assets held and liabilities to be paid by the company. The understanding is that the couple will make payments each month Read more about Bitcoin Depot: Analog Approach To Digital Currency NASDAQ:BTM[…]

Content What to look for in a legal accountant It Helps You Grow Always keep your trust and business accounts separate Onsite bookkeeping for lawyers State Bar association rules require law practices to record transactions meticulously so there is no impropriety when dealing with Interest on Lawyers Trust Accounts (IOLTA), or other trust accounts. Use Read more about Mandatory Accrual Accounting for Law Firms[…]

Content Rigbooks‍‍ Best for Owner Operators & Small Fleets Find high-quality accounting partners Find Suppliers, Insights, Tools and More… What is Trucking Accounting Software? Self-employment tax That flexibility lets you consolidate your company’s accounting with project management and client relationship data. Features of accounting for trucking businesses include everything from basic invoicing and billing to project management Read more about Find the Best Types of Payroll Software for Trucking Companies, Including with Direct Deposit, Managing Payroll Taxes, and Settlement Processes[…]