So I thought this would be a simple problem to resolve. 7 days later and 6 hours spent on the phone with QuickBooks and they can’t figure out a way to let me pay and update my account. So they have said I have to start again from scratch with a new account. I feel […]
For example, law firms, architects, and medical professionals have accounting systems to track the costs of serving individual clients. Although it might not be called job order costing, the basic approach is the same. Choosing between job order costing and process costing can feel overwhelming, but it all begins with understanding your business’s accounting needs. […]
Ideal for employers and HR professionals, this members-only toolkit offers essential information on eligibility, salary thresholds, and job duties to ensure compliance and effective workforce management. The rule does not affect overtime requirements for workers who are paid hourly. Where non-cash payments are made to employees in the form of goods or facilities, the reasonable […]
In cost accounting, money is cast as an economic factor in production, whereas in financial accounting, money is considered to be a measure of a company’s economic performance. Just as managerial accounting helps businesses make management decisions, cost accounting helps businesses make decisions about costing. Essentially, cost accounting considers all of the costs related to […]
After that, there’s only a single paid-for plan, which includes all features and an unlimited number of users, making this a great deal for teams but not so much for individual users. We list the best project management software, to make it simple and easy to manage projects more efficiently and effectively. Among the most […]
Depreciation allowable is depreciation you are entitled to deduct. If you depreciate your property under MACRS, you may also have to reduce your basis by certain deductions and credits with respect to the property. There are also special rules for determining the basis of MACRS property involved in a like-kind exchange or an involuntary conversion […]
Unlike assets—which are like the shiny toys you own—liabilities are the sources of funds, or how you paid for those toys in the first place. The amount of other comprehensive income is added/subtracted from the balance in the stockholders’ equity account Accumulated Other Comprehensive Income. Using debt (such as loans and bonds) to acquire more […]
Its purpose is to average costs across a high volume of homogeneous products, providing a standardized cost per unit. This approach simplifies cost calculation when individual unit costs are difficult to trace directly. Process costing is a method where costs are assigned to processes or departments rather than individual jobs or orders. This method is […]
An Inventory Management System provides real-time insights into stock levels, inventory turnover ratio rates, and demand patterns—crucial for reducing DIO. If you’re holding onto inventory for too long, you’re tying up valuable capital and increasing storage costs. On the other hand, moving stock too quickly without proper planning can lead to stockouts and lost sales. […]
In this method, estimates of historical account activity levels and other metrics are used. It’s a statistical approach that helps identify whether discrepancies between accounts result from human error or potential theft. The purpose of account reconciliation is to ensure that the money coming in and going out (debits and credits) always matches up. While […]