Accounting Tools

MAY 10, 2024

For example, the overhead costs incurred by a casino will vary dramatically from those incurred by a manufacturer of sports equipment. For example, a business might have rented too much office space, and should sub-lease it whenever the activity level of the business declines. Related Article Non-Manufacturing Overhead Costs

Cost Accounting 40

Cost Accounting Accounting Accounting 40

Accounting Tools

AUGUST 25, 2023

In this article, we note a number of pros and cons associated with the concept. Greater Productivity This is more of a surprise to those accustomed to working in the office, who assume that close interaction with their fellows is crucial to a high level of productivity. In addition, people who work from home tend to work longer hours.

Computation 40

Computation Payroll Accounting Accounting 40

Counto

FEBRUARY 4, 2024

Examples include administrative fees, office supplies, and direct labor costs like salaries and wages. Here are some common examples of tax-deductible expenses: Rent and Lease Expenses: Necessary office space rent and utility costs are deductible. It includes materials, product transportation costs, and manufacturing expenses.

Tax 52

Tax Payroll Accounting Accounting 52

Counto

MAY 4, 2024

Equipment and Technology Considerations Equipping your restaurant with the right tools and technology is vital for efficient operation: Kitchen Equipment: Invest in essential equipment like ovens, freezers, and utensils. Maintain cleanliness of equipment, utensils, and the premises. Read our CPF guide here.

Tax 52

Tax Accounting Accounting 52

Accounting Tools

SEPTEMBER 7, 2023

Instead, a business can choose which accounts will be included in each balance sheet line item.

Computation 75

Computation Financial Statements Tax Accounting 75

Accounting Tools

OCTOBER 22, 2023

Examples of indirect expenses are accounting, auditing, and legal fees, as well as business permits, office expenses, rent, supervisor salaries, telephone expense, and utilities. A cost object is any item for which you are separately measuring costs. Indirect expenses may or may not be allocated.

Cost Accounting 40

Cost Accounting Auditing Accounting Accounting 40

Counto

APRIL 21, 2024

There’s a risk that employees in roles that cannot accommodate flexibility, such as those on the production floor, may feel unfairly treated compared to their office-based counterparts. Providing training that equips them with the skills to manage remote or flexibly working teams effectively is essential.

Billing 97

Billing Tax Accounting Accounting 97

Accounting Tools

NOVEMBER 4, 2023

Boiler and Machinery Insurance The boiler and machinery insurance policy was initially designed to provide coverage for boiler explosions, but has since expanded to include coverage against equipment breakdowns (depending on the exact coverage purchased). Related Articles Accounting for Insurance Proceeds Insurance Claims Administration

Accounting 40

Accounting Accounting 40

Accounting Tools

AUGUST 4, 2023

There may be a number of fixed asset accounts, such as Buildings, Furniture and Fixtures, Land, Machinery and Equipment, Office Equipment, and Vehicles. The cost of an asset can include any associated freight charges, sales taxes, installation fees, testing fees, and so forth.

Accounting 76

Accounting Accounting Accounts Payable Accounts Payable 76

Accounting Tools

AUGUST 3, 2023

Examples of fixed assets are buildings, computer hardware and software, furniture and fixtures, land, manufacturing equipment, office equipment, and vehicles. Also, it is not expected to be fully consumed within one year of its purchase.

Computation 40

Computation Auditing Accounting Accounting 40

Accounting Tools

JANUARY 26, 2024

Matching Principle for Depreciation A company acquires production equipment for $100,000 that has a projected useful life of 10 years. It should charge the cost of the equipment to depreciation expense at the rate of $10,000 per year for ten years, so that the expense is recognized over the entirety of its useful life.

Accruals 75

Accruals Bookkeeping Financial Statements Invoicing 75

Accounting Tools

JUNE 21, 2023

Related Articles Fixed Asset Accounting How to Account for Self-Constructed Assets How to Record Construction-in-Progress Charges When to Stop Assigning Costs to a Fixed Asset Which Costs to Assign to a Fixed Asset

Cost Accounting 40

Cost Accounting Tax Accounting Accounting 40

Accounting Tools

JULY 30, 2023

Examples of Fixed Overhead Costs Examples of fixed overhead costs that can be found throughout a business are rent, insurance, office expenses, administrative salaries, depreciation, and amortization. Alternatively, the recognized impairment of a fixed asset may reduce the amount of depreciation expense associated with that asset.

Cost Accounting 75

Cost Accounting Budgeting Accounting Accounting 75

Counto

MAY 4, 2024

Fostering a Future-Ready Workforce: It emphasises preparing students with necessary digital skills, ensuring they are well-equipped for the demands of a technology-driven future. Obtain Necessary Licences: Depending on your service offerings, certain licences may be required.

Tax 52

Tax Accounting Accounting 52

Accounting Tools

OCTOBER 3, 2023

Division Department Description 10-00-010 Boston xxx Cash 10-00-020 Boston xxx Petty cash 10-00-030 Boston xxx Accounts receivable 10-00-040 Boston xxx Reserve for bad debts 10-00-050 Boston xxx Marketable securities 10-00-060 Boston xxx Raw materials inventory 10-00-070 Boston xxx Work-in-process inventory 10-00-080 Boston xxx Finished goods inventory (..)

Petty cash 40

Petty cash Computation Accounting Accounting 40

Accounting Tools

OCTOBER 3, 2023

Account Number Description 010 Cash 020 Petty cash 030 Accounts receivable 040 Reserve for bad debts 050 Marketable securities 060 Raw materials inventory 070 Work-in-process inventory 080 Finished goods inventory 090 Reserve for obsolete inventory 100 Fixed assets – Computer equipment 110 Fixed assets – Computer software 120 Fixed assets (..)

Petty cash 40

Petty cash Computation Accounting Accounting 40

Accounting Tools

OCTOBER 3, 2023

Related Articles 3-Digit Chart of Accounts 7-Digit Chart of Accounts How to Improve Your Chart of Accounts Chart of Accounts Numbering Chart of Accounts Overview For example, the accounting department in the example has an account for bank charges that the production department is unlikely to use.

Petty cash 40

Petty cash Accounting Accounting Computation 40

Accounting Tools

JUNE 9, 2023

Administrative overhead includes those costs not involved in the development or production of goods or services, such as the costs of front office administration and sales; this is essentially all overhead that is not included in manufacturing overhead. Manufacturing overhead is all of the costs that a factory incurs, other than direct costs.

Cost Accounting 40

Cost Accounting Tax Accounting Accounting 40

Accounting Tools

JUNE 21, 2023

Examples of short-term assets are: Cash Marketable securities Accounts receivable Prepaid expenses Examples of long-term assets are: Land Buildings Office equipment Furniture and fixtures Software Related Articles Asset Accounts Asset Classification Asset Recognition Criteria The Difference Between Assets and Liabilities Total Assets Types of Assets (..)

Bookkeeping 75

Bookkeeping Billing Accounts Receivable Accounts Receivable 75

Remote Quality Bookkeeping

JUNE 19, 2023

This article will explore some of the most common expenses related to running a small business and how you should categorize them when trying to get an accurate picture of the expense side of your business. The amount your business pays for its office space is a regular expense that doesn’t change frequently.

Bookkeeping 52

Bookkeeping Budgeting Tax Payroll 52

Remote Quality Bookkeeping

JUNE 19, 2023

This article will explore some of the most common expenses related to running a small business and how you should categorize them when trying to get an accurate picture of the expense side of your business. The amount your business pays for its office space is a regular expense that doesn’t change frequently.

Bookkeeping 52

Bookkeeping Budgeting Tax Payroll 52

Nolan Accounting Center

JANUARY 15, 2023

In this article, we’ll explore a few tax tips for small business owners to help you as you prepare to file taxes in April. Take the Home-Office Deduction If you work from home, you can qualify for a home-office deduction when you dedicate a portion of your home to running your business.

Tax 52

Tax Payroll Financial Reporting Billing 52

Nolan Accounting Center

JANUARY 15, 2023

In this article, we’ll explore a few tax tips for small business owners to help you as you prepare to file taxes in April. Take the Home-Office Deduction If you work from home, you can qualify for a home-office deduction when you dedicate a portion of your home to running your business.

Tax 52

Tax Payroll Financial Reporting Billing 52

Nanonets

MARCH 20, 2024

Securing net 30 accounts for business use is a must, and in this article, we’ll showcase why that is. Get electronics, office supplies, and even employee training programs with ease, thanks to this net 30 vendor.  Software, office supplies, storage, and networking devices are also available.

Accounting 52

Accounting Accounting AP Invoicing 52

Accounting Tools

MARCH 19, 2024

Assign the base unit to the most appropriate asset class for which there is a general ledger category (such as furniture and fixtures, office equipment, or vehicles). List the number on the company-provided tag (if any) affixed to the equipment. Enter the manufacturer-provided serial number on the equipment.

General Ledger 40

General Ledger Auditing Computation Accounting Software 40

Accounting Tools

JANUARY 14, 2024

For example, the lessee may have decided to replace the office photocopier once every three years, and so enters into a series of operating leases to continually refresh this equipment. Related Articles Operating Lease Accounting The Difference Between a Finance Lease and an Operating Lease

Accounting 40

Accounting Accounting 40

Accounting Tools

JULY 28, 2023

Related Articles Budgeted Financial Statements Budgeted Income Statement If the amount of this plug is material, it can call into question the reliability of the information in the budgeted balance sheet, and so may trigger an examination of the assumptions and formulas used to construct it.

Budgeting 40

Budgeting Financial Statements Accounts Payable Accounts Payable 40

Accounting Tools

JUNE 21, 2023

Also, only put trade accounts receivable in the numerator, since other receivables (such as from officers of the company) may not be collectible in the short term. Example of the Defensive Interval Ratio Hammer Industries is suffering through a cyclical decline in the heavy equipment industry, but the cycle appears to be turning up.

Accounts Receivable 40

Accounts Receivable Accounts Receivable Account Receivables Financial Statements 40

Nanonets

NOVEMBER 14, 2023

In this article, we delve into the nuances of AP transformation, and how it is a strategic move in financial operations that helps businesses stay competitive in a constantly evolving economic landscape​ What is Digital Transformation in Accounts Payable? This transparency allows for better tracking, auditing, and financial planning.

Accounts Payable 52

Accounts Payable Accounts Payable AP Invoice Processing 52

Gaviti

APRIL 24, 2023

New business processes could have changed their work without adequately equipping them with the skills to complete tasks effectively. Work with compliance officers and attorneys where necessary and always use compliant AR software. Even if they initially entered their roles with the right skill sets, a lot has changed since then.

Accounts Receivable 95

Accounts Receivable Accounts Receivable Account Receivables AR 95

Accounting Tools

JANUARY 13, 2024

Examples of fixed assets that can be depreciated are buildings, furniture, and office equipment. Related Articles Accelerated Depreciation Is Depreciation a Direct Cost or Indirect Cost? What is Depreciation? Depreciation is the systematic reduction of the recorded cost of a fixed asset. Is Depreciation a Source of Funds?

Accounting 40

Accounting Accounting Auditing Tax 40

Spenmo

NOVEMBER 3, 2022

Employees will occasionally spend their own money to pay for work-related expenses—office supplies, sales calls, and meals and lodging during business trips and company events, among others. This article will discuss some challenges of company expense policy implementation and the steps in creating an effective expense reimbursement policy.

Expense Reports 52

Expense Reports Budgeting Account Reconciliation Deposits 52

Less Accounting

JUNE 15, 2023

In this article, we’ll cover everything you need to know about bookkeeping for marketing agencies, from tracking income and expenses to generating financial reports and using financial data to make informed decisions. Deductible expenses include salaries, office rent, and equipment. Stay organized to avoid penalties.

Bookkeeping 52

Bookkeeping Record Keeping Financial Reporting Budgeting 52

NextProcess

DECEMBER 6, 2022

You’re paying employees, paying for products and services, replacing office equipment, and many other routine expenses. In this article, we’ll be talking about two types of software-as-a-service solutions related to payments and disbursements. Every company has expenses. disbursing cash for an authorized expense).

Accounts Payable 52

Accounts Payable Accounts Payable AP Accounting 52

AvidXchange

JANUARY 28, 2022

Revenues, hiring and spending on tools and equipment are expected to increase for significant numbers of construction contractors. In an article for Construction Executive , AvidXchange Vice President of Construction Jim Campbell explained how making timely payments to subcontractors could be the answer.

AP 52

AP Invoicing Purchase Order Accounts Payable 52

Nanonets

JANUARY 17, 2024

These costs are often broken down into mileage, food, and office supplies. For example, purchasing new equipment, the expense of the company's vehicle, bad debts, and employees' salaries, etc. Read more Accounting Articles: What is accounts payable process? What Is a Monthly Expense Report?

Expense Reports 52

Expense Reports Budgeting Account Reconciliation Accounts Payable 52

Nanonets

APRIL 5, 2023

This article will explore the benefits of using automation to filter customers early on in the lending process, including how it can help lenders minimize risk, improve efficiency, and increase profitability. By using Nanonets, lenders can streamline the loan application process, saving time and reducing the workload for loan officers.

Data Entry 52

Data Entry Tax 52