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Even though I'm not an authority on accounting--yes, I hire one--I do know how to set up an invoicing system that's easy to maintain and use. Follow these tips to keep your invoicing on track!
This is an estimation of your salary - you may have to add to subtract depending on unpaid days off, additional work hours and tax and other deductions. Follow these easy steps to calculate your...
Amuse your friends at cocktail parties by explaining how to calculate their stocks' gross profit margin.
ARM loans, or Adjustable Rate Mortgage loans, are home loans that have interest rates that can fluctuate with market conditions. These loans first became available to real estate speculators who...
Metropolitan populations and cost of living increases force people to live farther and farther away from their places employment. Before making the move or altering your commuting preferences, a...
Depreciation is the process of writing an asset off for its use. For instance, when you bite into an apple, the part you bite into will turn brown. Think of this as depreciation. While it is a...
Depreciation is considered a non-cash expense by financial analysts. This is because it does not result in a real cash outlay. You can think of depreciation as the brown on an apple. When you bite...
Gross margin return on investment (GMROI) is an effective tool used in retail business. It measures the amount invested in procuring an inventory against the amount made from selling the inventory...
Gross profit is always revenues or sales minus the cost of goods sold (CGS). Investors and investment analysts look at gross profit as a proxy for how successful the business model is. The ratio...
A not-for-profit ad agency provides consultations and marketing services without accruing annual profits. Not-for-profit agencies utilize advertising fees and commissions to hire personnel,...
In business, cash is king. This is clear at the end of every month when accountants scramble to close the books and create reports for senior management. One key benchmark that managers are always...
You want to "sell it all," but sometimes it seems you barely have the storage space for paper clips and a few reams of paper, much less stacks of inventory. If so, get creative and explore these...
Pareto's Law is an economic theory espoused by Vilfredo Pareto stating that 20 percent of the population earns 80 percent of the income. It can also be known as the "80-20 rule."
Business costs often are sorted into fixed and variable costs. Fixed costs are costs which occur regardless of the level of business activity. Variable costs are costs which vary depending on...
A cost volume profit analysis chart (often called a break even chart), is a useful tool for businesses for two main reasons. First, it's a simple line graph that almost anyone can understand...
FIFO accounting is one of the two most popular ways of accounting for inventory. It stands for "first in, first out," which is another way to say that the first inventory in is the first inventory...
Many business owners assume that healthy revenue and adequate profit margins automatically translate into success. Revenue does not always come in when earned, however. Many sales result in...
Financial analysts sizing up a business generally take into account a few key measures of performance, including sales, gross margin, net income and operating margin. These line items, which are...
Budget variance is the difference between the actual fixed overhead costs and the budgeted fixed overhead costs. It measures how far from the budget fixed overhead costs of a company deviate. ...
The predetermined overhead rate is the budgeted rate that is calculated based on the denominator level of activity. The denominator level of activity is the planned level of business activity...
Manufacturing cycle efficiency (MCE) measures the relationship between productive value-added time or process time, and throughput time or manufacturing cycle time. Throughput time is the sum of...
The variable overhead efficiency variance measures the difference between actual hours and the standard hours that are allowed for the actual level of activity. The variable overhead efficiency...
The variable overhead spending variance measures the difference between the actual rate of variable overhead spending and the standard rate of variable overhead spending. The variable overhead...
The funds flow statement is not one of the more commonly used financial statements---at least not in annual reports. However, it is commonly used in business plans and proposals as a way of...
The labor efficiency variance measures the difference between actual and budgeted labor hours. The labor efficiency variance measures how productive direct labor is. The actual level of activity...
Most manufacturing and retail businesses have inventory which is used to make a final sale and turn a profit. Companies purchase inventory with cash and then turn the inventory into a product...
Overhead is a term used by management accountants that refers to all shared costs of an organization. The term is primarily used to refer to the shared costs for manufacturing- and service-related...
The accounting departments of companies that manufacture products distinguish between direct and indirect labor costs on their balance sheet. Direct labor costs are tied directly to production...
Outstanding shares, also known as "shares outstanding," is a financial term used to describe the shares of a business' stock that are owned by the public, including individuals within the business...
Calculating operating capital is a useful process for business planning because it enables you to anticipate shortfalls and surpluses, providing information that can be instrumental when...
The direct margin, also known as "direct costs margin," indicates the profit a business makes on the sale of an item after subtracting the costs associated with selling this item. Determining an...
Each budding or established company needs an audit plan, and a power plant is no different. It may seem that a business which focuses on production rather than sales needs less bookkeeping or...
To improve income, many farmers are looking to expand their crop production by adding acres for additional crops--maybe even new ones. If farmers are not able to expand their farms, there are many...
Business success is never guaranteed. All businesses face the risks of ultimate failure due to mishandling of finances. Credit is a tool that can fund business expansion, if used properly....
A business is an activity directed towards providing or acquiring or acquiring wealth though buying and selling of goods. Irrespective of size and scale of business, the following characteristics...
Federal grants allow you to receive free funding for your business, but it isn't always easy to receive one. Grants are typically only available to nonprofit organizations or other specialized...
Any basketball business should have broad appeal to multiple age groups and provide many types of basketball services. Make sure the activities you create are age group specific. With younger...
An absolute auction is an auction in which the highest bid wins the property being auctioned. There is no reserve, or minimum bid, required, and, as a general rule, the seller or his agent are not...
Understanding depreciation is critical to business accounting. Nearly every business requires the acquisition of fixed assets, such as office or manufacturing equipment. Calculating depreciation...
A comprehensive annual financial report is a common requirement imposed on governments from the local to the federal level by the National Council on Government Accounting. As the name implies,...
Accounting for human capital can be difficult, especially when you have to account for accounting labor. The issue is determining a basis for measurement. One commonly used framework is full-time...
Time is one of the most standard units of measurement used across the world. The entire world speaks the language of time, and depending on where you live, you may be in a different time "zone."...
A budget revenue report analyzes the previous fiscal year's budget as to accuracy and execution. It compares the budget numbers to the actual funds spent on projects or business expenses and...
Depreciation is a non-cash expense which is used by accountants to measure the wear and tear on a physical asset. There are three main depreciation methods used by accountants. You need to know...
Sticking to a budget is tough, whether you are an individual or a multinational corporation. When it comes to business, it is important for the management team to constantly look for innovative...
Managing business by the check book is to avoid debt, both personal and professional. However, how does one manage a business by the check-book, thus avoiding the debt implosions that have killed...
Being creative with your office space may provide an opportunity for you to improve your bottom line without having to move to a smaller building or office. Keeping up with overhead while staying...
Microsoft Excel is an excellent program for designing spreadsheets. Using formulas, Excel will automatically total columns, subtract, multiply and divide. Once you have finished your spreadsheet,...
An essential component of business accounting is annual depreciation. Depreciation represents the cost of an asset expressed as an expense, taking into account the usable life of the item....
An easy step by step tips and guide on how to start your own small business on a shoe string budget.
Toxic waste is defined as waste that is a threat to the public health and/or the environment. Toxic waste has at least one of several characteristics, including being flammable, corrosive,...
A comprehensive annual financial report serves a number of purposes for the general public, investors and other interested groups. One of the most significant purposes of a comprehensive financial...
A comprehensive annual financial report (CAFR) is a standard accounting requirement followed by local and state governments to show how tax money is spent. The report serves several purposes which...
We all want to improve our financial circumstances. Getting a loan can help, but if you are not careful, a loan will only plunge you deeper in debt.
If you want to go into business or sell your goods in a certain state, you will have to pay a sales tax on your sales. In order to make sure your taxes are properly facilitated and captured, you...
Job order cost systems are used as an inventory control tool when products are made for specific orders. This is especially useful for service-oriented job tasks. Each job is treated like a...
In hard economic times, when sales and revenue drop, businesses need to pay extra close attention to their costs. Many small businesses do not keep a monthly budget to keep track of expenses. As...
Depreciation expresses loss of value over time of fixed assets in a business. It is a fundamental concept of business accounting. Depreciation is recorded as an expense on the books. Figuring...
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