It involves analyzing financial statements and other output of the accounting system to help make business decisions. In the course of selling goods to customers, your business should adopt a cost flow assumption, such as first-in, first-out (FIFO), last-in, first-out (LIFO), or average cost (AVCO) method. These cost flow assumptions determine the ending balance of… Read more »

To compute COGS, you should know the per-unit cost of inventory based on the calculations of your chosen cost flow assumption. Due to the timing difference between when a check is written and when it clears the bank, the bank and book balances of cash seldom agree. Bank reconciliation is an important process that a… Read more »

If you choose to work for a company internally instead of in public accounting, the starting salary range is very broad. In most cases, private companies do not pay more than the Big Four for young accountants with little experience. Public accounting generally pays the most to a candidate right out of school. In particular,… Read more »

However, it can also mean professionals in other areas that affect your financial well-being, such as data analytics and human resources. When considering outsourced accounting services, the cost factor is as diverse as the services offered. It’s not a one-size-fits-all scenario; instead, the price depends on the specific needs of your firm. In summary, using… Read more »

Many of the concerns that might be swirling in your mind have been addressed. Effortlessly manage finances with our secure, organized, and easy-to-follow process. FUTA taxes are reported annually using Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return. We evaluate your current accounting systems, partner with your staff, and work diligently to provide you… Read more »

You’ll then transfer these funds, along with your own contributions, via the Electronic Federal Tax Payment System (EFTPS). Businesses struggle with numbers all the time, and for multiple-entity businesses, this struggle is complicated as there are lots of financial statements to consolidate. This article will serve as a guide to help you learn the challenges… Read more »

Receipt scanner apps typically use security measures such as encryption, password protection and secure servers to protect user data. Some apps may also be compliant with industry regulations, such as HIPAA or GDPR. It is important to carefully review the security measures of any receipt scanner app before using it and to use strong passwords… Read more »

The app also allows users to identify missing paperwork or unmatched transactions, and export data as PDF or CSV files. Dext Prepare offers a Boost feature for prioritizing urgent tasks and can automate the creation of expense reports and connect to live bank feeds. We’ve reviewed the most powerful apps that let modern freelancers and… Read more »

Know when an invoice is viewed, becomes due, or gets paid, so you can take the right actions to manage your cash flow. Set up invoice reminders to automatically email your customers when payment is due. We built our Payroll tool for small business owners, so it’s easy to use AND teaches you as you… Read more »

Content What is the Inventory Cost Flow Assumption? Inventory Holding Cost FIFO, LIFO, and WAC Example Inventory Cost Flow Assumptions Ending Inventory, COGS, and Gross Profit for Specific Identification Using this method, Zapp Electronics assumes that all 100 units in ending inventory were purchased on October 10. Use the final moving average cost per unit… Read more »