If you want more hands-on assistance, contact your account representative to discuss having our consulting services team help you build something. Consider using Bridge by Smartsheet to create workflows and automate routine tasks. Sync your time data to…
A journal entry records the business transactions in the financial records. The General Journal is a catch-all journal where transactions that don’t fit into special categories are recorded. All modern GLs are computerized with accounting software like Quickbooks,…
Creating a budget for non-profit organizations often involves following historical patterns—budgeting based on last year’s numbers with minor adjustments. Variable costs, like program supplies, event expenses, and part-time staff hours, offer flexibility when funding fluctuates or new opportunities…
Under the new act we can recognize 100% of our business loss against business income and personal income. Since the IRS can neither force unprofitable companies to pay taxes nor compensate them for their losses, the IRS allows…
While break-even analysis has its limitations, it remains an essential tool for businesses to optimize their operations and achieve profitability. This means that the company needs to sell at least 200 units to cover its fixed and variable…
Changing methods should only be done if it results in more appropriate or reliable financial reporting. The straight-line method is the simplest and most widely used approach for calculating depreciation expense. It evenly distributes the depreciable amount of…
A next-gen inventory software can help you calculate this economic order quantity automatically, helping you make informed business decisions. Economic order quantity is a threshold value that helps businesses determine the ideal inventory that needs to be ordered…
The financial accounting reports’ objectives provide an overview of the company’s overall performance. The financial statements prepared in financial accounting are standardised and must follow Generally Accepted Accounting Principles (GAAP). The main financial statements are the income statement,…
Factoring involves selling invoices, while AR financing uses invoices as collateral for a loan. Each has its own set of pros and cons, and the choice between them depends on purchases journal your specific business needs and circumstances.…
