$150 is the original base cost of the item, 8% is the sales tax rate and $12 is the sales tax. Collect an additional $31.92 from the customer for sales tax. The customer’sRead More
Every time you create a new entry, the responses will be recorded, and the Spreadsheet will change dynamically. Studies show that managing inventory costs helps reduce 10% of business costs. In line withRead More
This allowance helps to ensure that a company’s financial position is accurately reflected. This provision allows businesses to anticipate potential losses and adjust their financial records accordingly, maintaining transparency and reliability in theirRead More
There are several product backlog management tools available in the market today. Organizing and prioritizing tasks is vital to help your team focus on what is most important. To organize and prioritize tasksRead More
GAAP is a set of standards and principles designed to improve the comparability and consistency of financial reporting across industries. The financial statements that summarize a large company’s operations, financial position, and cashRead More
Please note that the above cash flow from operating activities is just for the second month. The cumulative cash flow for two months would look like the one shown in the table below.Read More
This helps to ensure that all credit card transactions have been accurately recorded in the business’s financial records. One account will get a debit, and the other account will receive a credit forRead More
Another important monthly task is to prepare and file sales tax returns if applicable, keeping compliance in check. Running a cleaning business can be a rewarding venture, providing essential services to clients whileRead More
With bookkeepers, there are a lot of minutiae involved, and keen attention to detail is paramount. Accountants, on the other hand, tend to use the bookkeeper’s inputs to create financial statements and periodicallyRead More
Nonprofits often have multiple funds designated for different purposes, such as restricted, endowment, or program-specific funds. Implementing a fund accounting system helps track income and expenses for each fund separately, ensuring compliance withRead More
