Analyzing sales trends can aid in anticipating future sales, optimizing inventory management, and strategically planning for growth. By tracking inventory valuation, manufacturers intangible assets can anticipate cash flow challenges and adjust marketing strategies accordingly, paving the way for a…
Advertising, market research, sales salaries and commissions, and delivery and storage of finished goods are selling costs. The costs of delivery and storage of finished goods are selling costs because they are incurred after production has been completed. Therefore,…
ProjectManager has the features you need to lead your project to profitability. As you work to calculate the cost-benefit analysis of your project, you can get help from some of the free project management templates we offer on our…
The software assumes a basic understanding of double-entry accounting, so the learning curve may be a bit steep for someone with no prior accounting knowledge. Some hurdles a church bookkeeper faces are managing the complexity of church finances, dealing…
Closing entries involves adjusting the trial balance and moving the temporary account balances to the income summary and retained earnings accounts. Rather, their balances are displayed in the financial statements. The difference between temporary and permanent accounts is that temporary…
Compare the costs of outsourcing services against the potential savings and efficiency gains. It’s a common misconception that all tax outsourcing services are performed outside the United States and that firms only outsource for the offshore cost benefits. The…
One of the most significant drawbacks of AP outsourcing is the reduced control over your financial processes. When you delegate AP tasks to an external provider, you’re no longer overseeing the daily operations directly. This can make it difficult…
You’ll automatically get expense updates as they are made, prompting employees to fill in their report details easily before submission. Most businesses will regularly perform audits to make sure that all expense documents are accurate and comply with both…
Construction companies should use a percentage-of-completion method that recognizes both revenue and expenses as they are accumulated over time. It aligns with the project completion ratio and most lenders or guarantors require this. Sage 300 is as comprehensive as…
The Internal Revenue Service also requires consistency for the purpose of filing small-business taxes. If you choose an accounting method and later want to change it, you must get IRS approval. Our partners cannot pay us to guarantee favorable…