With automated payroll, however, a single pro’s work may be reduced to just a few hours or less. While this opens the door for more impactful work, it also helps curb burnout, a phenomenon many in HR are unfortunately familiar with. When hours worked and time off flows directly into payroll, it also encourages employees… Continue reading Automated Payroll vs Manual Payroll System in 2024
Developers and manufacturers take raw materials and convert them into finished goods. Depending on the scope of the undertaking, they may be better suited to report work in process or work in progress. Work in process usually refers to more standardized manufacturing practices of smaller products, while work in progress usually refers to larger, longer… Continue reading Work in Progress WIP Accounting Principles: A Subcontractor’s Guide to Healthy Financials
A transaction is a single unit of work that typically contains multiple T-SQL statements. The values for the properties of the current transaction, such as the transaction isolation level and access mode, are set using the SET TRANSACTION Statement in MySQL. It is important to note that these statements cannot be used while creating tables… Continue reading Understanding Your Bank Statement: a Comprehensive Overview
Accounts and financial statements must be accurate to provide a clear snapshot of the company’s financial position. Remember, finances are important not only to the company’s executives but also to stakeholders. By applying the accrual-based accounting method, entities ensure transactions are accounted for in the correct accounting period. Examples of deferred expenses are prepaid rent… Continue reading Adjusting Journal Entry Definition: Purpose, Types, and Example
It varies depending on the exact role, level of experience, and location. The median salary for all accountants and auditors was $77,250 in May 2021, according to BLS. But the earning potential could be much higher depending on the specifics of an accountant’s role. To entice people to join the industry, many accounting firms are… Continue reading What is a Personal Accountant? 15 Things Personal Accountants Do
Net income after taxes represents the profit or earnings after all expense have been deducted from revenue. Net income after taxes calculation can be shown as both a total dollar amount and a per-share calculation. To calculate a company’s after-tax profit margin, you’ll need to divide the company’s net income by net sales. One of… Continue reading Net Income After Taxes NIAT: Definition, Calculation, Example
If your business needs additional services, such as tax filing, payroll management, or budget preparation, Bookkeeper.com will create a customized quote based on the size and needs of your business. It also offers catch-up bookkeeping services, which is $140 for each month you’re behind. The rate goes down to $70 per month for months that… Continue reading What Is Virtual Bookkeeping and How It Works + Tools
EPS is typically used in conjunction with a company’s share price to determine whether it is relatively “cheap” (low P/E ratio) or “expensive” (high P/E ratio). Increasing basic EPS, however, does not mean the company is generating greater earnings on a gross basis. Companies can repurchase shares, decreasing their share count as a result and spread… Continue reading Basic Earnings Per Share EPS: Definition, Formula, Example
So if you sell a widget for $20 that had $10 worth of raw materials, you would record the sale as a credit (increasing) to sales and a debit (increasing) either cash or accounts receivable. The $10 direct materials would be a debit to cost of goods sold (increasing) and a credit to inventory (decreasing).… Continue reading Difference Between Product Costs and Period Costs Examples
Loan payable is the liability account, so loan payment will reduce the loan balance. This is a normal case as the chart of accounts of one company is usually different from another company, especially when they are in different sectors or industries. Likewise, one company may have a loan payable account while another company may… Continue reading How to record a loan payment that includes interest and principal