By consistently calculating and monitoring your COGS, you gain valuable insights into your business’s efficiency and profitability. This empowers you to make informed decisions about your pricing strategy, inventory management, and overall financial health. In the realm of retail, inventory management stands as a cornerstone of success. It’s the art of balancing the delicate dance…

Melio is ideal for nonprofits, contractors, freelancers, and SMBs, offering robust management of business payments for clients. Xero is not an alternative to project management software, but it has some useful project management features for companies involved in various projects. It offers tools for time tracking, project planning, budgeting, expense monitoring, quoting, and invoicing. QuickBooks…

But I think learning to communicate more clearly has been my biggest area of growth over the past 8 years. In order to succeed in both companies, I’ve had to learn how to deeply listen to teammates, referral sources, partners, and clients. I’ve had to learn to articulate with “compassionate candor” (as Kim Scott puts…

Declared dividends are a debit to the retained earnings account whether paid or not. Stock dividends, on the other hand, are the dividends that are paid out as additional shares as fractions per existing shares to the stockholders. We can find the net income for the period at the end of the company’s income statement…

After reading numerous accounting software reviews, you’ve made the decision to use QuickBooks Online software. All you have to do to use QuickBooks is create your company file. You can then set up your customers, vendors, items, and financial accounts. Once you have a handle on day-to-day use of the QuickBooks Online accounting software, try…

Contingent liabilities are liabilities that could happen but aren’t guaranteed. During the operating cycle, a company incurs various expenses for which it may not immediately pay cash. Instead, these expenses are recorded as short-term liabilities what are liabilities accounting on the company’s balance sheet until they are settled. The operating cycle refers to the period…

If the rented space was used to manufacture goods, the rent would be part of the cost of the products produced. Generally, expenses are debited to a specific expense account and the normal balance of an expense account is a debit balance. A contra account is one which is offset against another account. So for…

The reconciliation process involves comparing what is a death spiral definition meaning example internal financial records with external documents to identify and correct discrepancies. This includes investigating any differences, making necessary adjustments, and documenting the process for accuracy. Finally, the reconciliation is reviewed and approved to ensure the financial records are accurate and complete. Reconciliation…

You must have an Oregon Tax Information Authorization and Power of Attorney for Representation form. Oregon taxes on alcohol and tobacco This relative decline of the corporate income tax has occurred despite an environment of strong corporate profits. The IRS’s Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs offer free basic…

Businesses must use accrual accounting if it is publicly traded or receiving federal funding. Some investors also prefer accrual accounting since it more accurately records income and expenses when they were earned. In this guide, we’ll cover the steps to get started with law firm accounting. We’ll also share tips, resources from our team, and…