Category Archives: Bookkeeping

In this case, the actual hours worked per box are 0.20, the standard hours per box are 0.10, and the standard rate per hour is $8.00. This is an unfavorable outcome because the actual hours worked were more than the standard hours expected per box. As a result of this unfavorable outcome information, the company […]

Katherine Haan is a small business owner with nearly two decades of experience helping other business owners increase their incomes. She has spent the last five years working on small business content to help entrepreneurs start and grow their businesses. She’s well-versed in the intricacies of LLC formation, business bad debt definition taxes, business loans, […]

Three of the seven board members—Christine Botosan, Harold Schroeder, and Gary Buesser—wrote a joint dissent to state that the new rules will not improve U.S. Access Xero features for 30 days, then decide which plan best suits your business. You can keep a close eye on KPIs by using an app like Spotlight , Calxa […]

Monitor your cash flow, stay organized, and stop sweating tax season. With Bookkeeping, you outsource your bookkeeping to us and let the pros handle it. With Accounting Coaching, we ensure you are set up correctly and coach you on how to do it yourself. Customizable invoicing NerdWallet independently reviews accounting software products before determining our […]

The use of the term “reserve” in this concept is discouraged, since it implies the recordation of a contra asset against the inventory line item in the balance sheet. In a persistently deflationary environment, it is possible for the LIFO reserve to have a negative balance, which is caused by the LIFO inventory valuation being […]

Next up, the Growing package costs $32 per month and lets you send invoices and quotes, enter bills and reconcile bank transactions. Xero’s Established plan, meanwhile, is $62 per month and on top of the Established features includes multi-currency, expenses (capture and manage claims) as well as having Projects, which allows for project time tracking […]

It is different from the specialized journals like sales, purchase etc, where only items related to them are recorded. It mainly keeps the details of five major accounting heads which are assets, liabilities, revenue, expense and capital. It is necessary that a business continues to maintain its general journal and make accurate entries regularly so […]

If this is an expense that is directly for your cost of doing business, keep track of these receipts. Gross receipts are the total amount of money a business brings in before any deductions or expenses, including sales of goods or services, rental income, interest, dividends, and other forms of income. Business receipts and/or email […]

It is considered a managerial ratio because companies rarely report margins to the public. Instead, management uses this calculation to help improve internal procedures in the production process. Yes, it means there is more money left over after paying variable costs for paying fixed costs and eventually contributing to profits. You can calculate the contribution […]

For example, a cleaning company may keep an inventory of cleaning supplies. If current assets are low, a company should be able to liquidate non-current assets to settle their liabilities. By defining an account as being liquid, it means that a company can turn the balance of the account into cash relatively quickly. Current assets […]