Category: Bookkeeping

Sensitivity analysis only looks at one variable at a time. This helps finance teams prepare for various possible futures, offering a comprehensive perspective on risk and reward. The base-case scenario – You might base this on conservative estimates of market trends and projected sales, alongside the current operational cost structure. This analysis can give you […]

They are not merely administrative documents but carry significant implications for financial reporting and relationships between trading partners. Understanding their differences and proper application is crucial for any business aiming to keep its financial health in check. This includes authorization procedures and periodic reviews of issued memos. Reconciling debit memos in accounts receivable is a […]

A plantwide overhead rate is an accounting method used in cost accounting, where the entire overhead of a manufacturing plant is allocated to each unit of production. The Plantwide Overhead Rate, in finance, refers to the total allocation of a manufacturing plant’s overhead costs over its entire production volume. The shift towards more sophisticated cost […]

A trial balance includes a list of all the accounts in a ledger with their numbers, descriptions and debit or credit totals. General ledger, organized by balance sheet or income statement category, includes all accounting transactions by account for financial statements. Trial balance proves that all listed ending account balances are equal for debits and […]

Kruze Consulting specializes in startup accounting, relying on experienced accounting, tax, and finance professionals, using best-in-breed financial tools and systems. How does fixed-fee pricing work for a growing startup whose needs will change? Our fixed-fee model is designed for clarity and predictability, which is crucial when you’re managing a tight budget. We start by understanding […]

Several states require employers to pay tipped employees the full state minimum wage before tips, whereas others require employers to pay tipped employees a minimum cash wage above the federal minimum amount. Minnesota has different rates in place for different-sized employers, but instead of going by employee count, they measure a business’s size based on […]

In spite of its excellent reports and recurring invoices, though, FreshBooks falls short in a few bookkeeping areas. Most notably, its cheapest plan doesn’t include double-entry bookkeeping or free accountant access. For accountant access, more accurate bookkeeping, and detailed business health reports, you’ll need the $30-a-month Plus plan (non-promotional price). Sage Business Accounting starts at […]

The tax code outlines which expenses qualify as https://www.bookstime.com/ deductible for both individuals and businesses. For corporations, ordinary and necessary business expenses are generally deductible under Internal Revenue Code Section 162. This allows a business to maximize allowed deductions, minimizing its overall tax exposure. The value of this untaxed dollar is contingent upon the applicable […]

The straightforward AIA forms often eliminate the need to customize or deviate from standard templates. Efficient construction billing and payment processes allow contractors to keep their operations lean as they juggle various short- and long-term obligations. The project management and financial tools behind these processes have evolved into standard formats that benefit contractors as well […]

Sage 50Cloud combines desktop reliability with cloud functionality, offering robust features for inventory-heavy or multi-user businesses. It’s tailored for small businesses that require advanced bank reconciliation and in-depth financial management. Xero is cloud-based accounting software that connects businesses to their banks, accountants, bookkeepers, and other business apps. By leveraging our AI-driven accounting platform, you can […]