Period Costs Definition, Example, vs Product Costs
Managers are always on the lookout for ways to reduce costs while trying to improve the overall effectiveness of their operations. These costs should be monitored closely so managers can find ways to reduce the amount paid when possible. During the fourth quarter of 2016, Company XYZ expected to pay $150,000 in rent and utilities […]
Lower of Cost versus Net Realizable Value Financial Accounting
If the replacement cost had been $20, the most we could write the inventory down to would be the floor of $30. By providing a more realistic view of a company’s financial health, NRV aids investors, creditors, and internal decision-makers in making more informed strategic decisions. For some companies, NRV is done annually or quarterly, […]
OPERATING CYCLE: Definition, Formula, Calculations & Examples
Continuing with our example of the manufacturing company, let’s say they have identified that their inventory conversion period is longer than desired. They can then focus on streamlining their procurement process, negotiating better terms with suppliers, and implementing lean manufacturing techniques to reduce production lead times. These efforts will help them shorten the inventory conversion […]
A guide to outsourced accounting: All you need to know
Virtual and outsourced bookkeeping and accounting services are a happy medium between do-it-yourself software and pricey in-house bookkeeping. If that description fits what you’re looking for, one of the nine best virtual bookkeeping providers can save you time, money, and stress. Along with offering the typical outsourced bookkeeping services, AccountingDepartment.com provides outsourced controller services. Though […]
Manufacturing Accounting: Everything You Need to Know
Outsourced accounting from a CPA firm is less expensive and may be enough to meet your needs. Getting expert tax and accounting advice is worthwhile for virtually every business. A Certified Public Accountant (CPA) with experience in your industry can provide valuable financial insight and ensure you meet your tax obligations. Standard costing is very […]
How To Start An LLC In 7 Steps 2024 Guide
Deducting premiums and leveraging Health Savings Accounts (HSA) can yield big tax savings. Given that you should probably already have an accountant anyway, I’d encourage you to find one now. An accountant will be able to recommend ways for you to use your LLC to improve your tax situation. How to do Accounting for an […]
Top 10 Bookkeepers Near Me What To Consider Remote Quality Bookkeeping
Whether you’re a small business owner or an individual looking to manage your finances, our team of experienced bookkeepers can help. Our bookkeeping services are more cost-effective and secure than hiring a traditional, in-house bookkeeper. Whether you’re a small start-up bookkeeping business near me or an established national business, we offer customized pricing specifically for […]
Using a cleanup checklist for successful QBO cleanups
First, it ensures the inventory balance on the balance sheet is accurate. Second, it allows the company to adjust its inventory levels based on changes in demand. Third, it provides useful information for negotiating better terms with suppliers. Form 1099 is a tax document used to report income not subject to withholding. A Unified Financial […]