Bookkeeping

Prices range from $39-$159 based on the complexity of your tax return. There is also the option to add on other services, like an Audit Defense, which ensures you will have representation in the event that your return is audited. The idea of free tax filing software sounds too good to be true, and that’s […]

It sorts your accounts receivable into time periods, like 30, 60, or 90 days overdue, making it easier to spot problem accounts and act quickly. Accounts receivable refers to money owed to your business, but it’s not the same as revenue. In accrual accounting, revenue is recorded when goods or services are delivered, even if

After tax salvage value is like the retirement money for a company’s equipment. It’s the amount a company thinks it will get for something when it’s time to say goodbye to it. Companies use this value to figure out how much to subtract from the original cost of the thing when calculating its wear and

These meetings provide personalized support and allow you to get answers to specific questions or concerns. Your bookkeeper can offer financial analysis and advice based on your data, saving you time and allowing you to focus on growing your business. Since QuickBooks Online is my best small business accounting software, having direct access to trained professionals

Costs of payroll taxes and fringe benefits are generally included in labor costs, but may be treated as overhead costs. Labor costs may be allocated to an item or set of items based on timekeeping records. Yes, COGS includes expenses directly related to the production or acquisition of goods, such as raw materials, labor costs,

The revenue generated by a business minus its COGS is equal to its gross profit. Higher COGS with disproportionate pricing can leave your business in a deficit position if the prices are too low or alienate consumers if the price is too high. The earliest goods to be purchased or manufactured are sold first. Conversely,

The relevant cost refers to the cost’s response to the activity of the driver. In addition, approximate the relationship between costs and cost drivers using regression analysis. Most cost drivers simply cannot be eliminated, without having a serious effect on the business. Access and download collection of free Templates to help power your productivity and

This $10,000 is recorded as a deferred tax liability and affects the company’s overall tax provision. Most corporations that issue financial reports utilizing GAAP will need to calculate a tax provision in accordance with Accounting Standards Codification 740 , Accounting for Income Taxes. An income tax provision, which provides an important link between GAAP financial

So we’re going to do this for the income statement and the balance sheet. So let’s see what the base amount is going to be for each of those statements. Vertical analysis, also known as common-size analysis, is a technique used to assess the relative proportions of different line items within a financial statement. This

No adjustments are made to reflect fluctuations in the market or changes resulting from inflationary fluctuations. This cost principle is one of the four basic financial reporting principles used by all accounting professionals and businesses. It states that all goods and services purchased by a business must be recorded at historical cost, not fair market