Before I dive into how to do your bookkeeping, let’s cover the two main bookkeeping methods. According to this principle, parties should remain honest in all transactions. Whether you’re doing the accounting yourself or working with an external party, these phrases will come up. These 15 terms will create the foundation on which you’ll build […]
It’s essentially an online auction where buyers and sellers interact to determine the price of a share. Economic indicators, such as interest rates and inflation, can also impact market price per share. For example, rising interest rates can make borrowing more expensive, which can negatively affect a company’s stock price. Market price per share is […]
A low ratio may indicate slower payment to suppliers, which can strain relationships and affect credit terms. Before delving into the strategies for increasing the accounts payable (AP) turnover ratio, let’s understand the reasons behind the need for such adjustments. To calculate the average accounts payable, use the year’s beginning and ending accounts payable. Bob’s […]
QuickBooks Online offers more features on the go and is a better overall value than QuickBooks Desktop. If you don’t need the advanced features offered by the Desktop plan, the Online version will save you money. QuickBooks Desktop is a good choice if you need specialized features such as inventory tracking or forecasting, and you […]
If the actual direct labor cost is lower than the standard labor cost, this is great news for your business. If the actual direct labor cost is higher than the standard labor cost, this is an indication that your company is spending more revenue than recommended to produce one unit. Underutilized employees and workers with […]
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Additionally, the amount of space you have will also determine your costs. In the U.S., rental costs are often determined by the cost per square foot. The more square footage your space has, the higher the costs will be. Developing your budget with these factors and others will help determine how much money you’ll need […]
Accurate bookkeeping is the backbone of financial health for any business, ensuring that every transaction is properly recorded and accounted for. At the heart of this precision lies an understanding of normal account balances—a concept critical to maintaining the integrity of a company’s books. In my journey through the realm of finance, I’ve found that […]
Alternatively, it can also be calculated as the sum of shareholders’ equity and long-term debt. Knowing your business’s ROCE can tell you if you’re using your investments well to make more money compared to the costs like debts and expenses. This means for every dollar the company puts into its business, it makes 25 cents […]
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