Utilities used in the manufacturing process will be part of the cost of the products manufactured. The accrual basis of accounting recognizes utilities expenses as incurred compared to the cash basis accounting method when the bills are paid. However... Read more
Although they all roll up into the umbrella of accounting, bookkeeping, payroll, tax preparation, and financial reporting are actually all very different functions. Worse yet, as an owner, you might even be tempted to just tack on your payroll or acc... Read more
In these circumstances, proactive maintenance and other methods are still necessary to ensure assets reach their expected life and do not have to be replaced prematurely. The useful life of an asset is an estimate, not an exact number.... Read more
In his first term, President Trump has imposed more than $80 billion of tax increases in the form of tariffs. Recently, the president said he would impose tariffs on companies that do not move jobs back to the United States from overseas. Whether thi... Read more
Great accountants end up saving you a lot of money in taxes due to their in-depth knowledge about the tax laws. Having the best technology won’t help unless your bookkeepers know how to use them efficiently. So, invest time and find the right p... Read more
The direct material usage variance is the difference between the actual and expected unit quantity needed to manufacture a product. The variance is used in a standard costing system, usually in conjunction with the purchase price variance.... Read more
A perpetual system tracks every transaction as it happens, including purchases and sales. The system also tracks all information pertinent to the product, such as its physical dimensions and its storage location. Here, we’ll briefly discuss the... Read more
That helps you protect yourself from the interest and penalties that accrue if your paper return gets lost. View and download a large catalog of forms and publications at the Internal Revenue Service website or have them sent to you by mail. You won&... Read more
The higher the total asset turnover ratio, the better and the more efficiently you use your assetbase to generate your sales. A turnover ratio represents the amount of assets or liabilities that a company replaces in relation to its sales. The concep... Read more
When selecting this option, you are given access to a personal Account Manager and customized training in the use of FreshBooks. There is also cross-integration between this platform and QuickBooks and Xero. The lowest is the “Simple Start&rdqu... Read more
