Businesses do better when they have a complete picture of their CARES Act finances, and bookkeepers and accountants each look at a business’ numbers through different lenses. Engaging both a bookkeeper and an accountant ensures that you receive the best advice for your business. As the month moves along, bookkeepers match transactions in their accounting...Read More
The main reasons why you feel shaky after drinking are that alcohol messes with your brain’s neurotransmitters, dehydrates you, and can lower your blood sugar. One of the primary causes of hangover shakes is alcohol-induced dehydration. Alcohol is a diuretic, meaning it increases urine production and leads to fluid loss. In some cases, shivering when...Read More
Many companies choose FIFO as their best practice because it’s regulatory-compliant across many jurisdictions. In some cases, a business may not actually sell or dispose of its oldest goods first. However, FIFO assumes that it does so for the sake of accounting. Let’s say you’re running a medical supply business, and you’re calculating the COGS...Read More
Credit sales interact with a balance sheet through the customer receivables account, which is a short-term asset. Along with merchandise and cash, accounts receivable represent resources a business will use in the next 12 months. Examples include real property, production equipment, manufacturing plants and computer gear, all of which go under the “property, plant and...Read More
If you choose its chief financial officer (CFO) services, your CFO will be a certified public accountant (CPA) at a minimum. Its features include automation of tasks, Gusto payroll processing, balance sheet production, income statements, accuracy checks and transaction databases. If you need a bit more support, Bench also offers outsourced accounting services, including tax...Read More
You need to calculate the contribution margin to understand whether your business can cover its fixed cost. Also, it is important to calculate the contribution margin to know the price at which you need to sell your goods and services to earn profits. The first step to calculate the contribution margin is to determine the...Read More
By calculating the contribution margin, businesses can determine the point at which they will break even and start generating a profit. This allows them to set sales prices that will support their long-term financial goals and ensure sustainability in the market. Once you know that you have a net loss on your hands, you can...Read More
To calculate DOL, gather the necessary financial data from the company’s income statement for the periods being compared. Extract the operating income and sales revenue for both the current and previous periods. Basically, when there is a shift to more fixed operating costs in relative to variable operating cost, there will be greater degree of...Read More
The blue collar worker definition indicates that these workers perform primarily manual labor. Other similar classifications include white collar, pink collar, black collar and more. Some jobs are for unskilled labor but today’s blue-collar workers often need substantial specialized training and earn high wages. In today’s dynamic workforce landscape, the recruitment and retention of blue-collar...Read More
According to the Construction Financial Management Association, pre-tax net profits average between just 1.4% and 3.5% for contractors and subcontractors. This can make it difficult to track revenue and costs on a single project, let alone many. And if it’s mistakenly paid to each state they worked in, contractors shouldn’t expect to be contacted for...Read More
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