Category: Bookkeeping

This is due to the lightweight polyester fabric and minimal rubber outsole. These shoes also feel reasonably lightweight when wearing them around. They have slightly stiffer materials, which translates to a more noticeable feel. All in all, we were happy with the lightweight feeling of these. Less manual work and fewer errors = Time savings…

Insurance expense is important in finance because it is a necessary cost for protecting against potential financial losses. It is also considered a fixed expense, meaning it does not fluctuate based on the level of business activity. Deductible selections play a crucial role as they represent the amount the policyholder must pay out of pocket…

The ability to logically analyze and evaluate information is a key bookkeeping skill. For example, Dyninno Group, a group of companies covering five sectors under one umbrella, used communication and other tests to improve its recruitment productivity by 400%. Communication is paramount for companies that expand rapidly and cover multiple sectors like finance, technology, and…

Accounts Payable include any debts and obligations the firm owes to third parties on a more immediate timescale. Once the Purchase Order (PO) is acknowledged and approved by the vendor, they will ship the products to your warehouse or shop, along with the invoice. Automated systems can track due dates, send reminders, and integrate with…

To solve the problem of work-in-progress, we can calculate equivalent units of production (or “effective production”). The output of a department is always stated in terms of equivalent units of production. Since we are using FIFO method, we first include the entire beginning WIP in the cost of units transferred out and then include units…

In the realm of financial management, it is crucial to have a comprehensive understanding of various accounting concepts and terminology. One such concept is “footing,” which holds significant importance in the field of accounting. It is important to note that footing should not be confused with casting, which involves totaling the rows of a financial…

If there’s any change in your bookkeeping team, we’ll let you know as soon as possible and make sure the transition is a smooth one. We use Plaid, which lets you securely connect your financial accounts to Bench in seconds. This feature saves you the time and effort of manually uploading documents. Request a Consultation…

The restaurant example shows a $3,000 wage expense and a $3,000 wage liability balance posted on March 31. When the business owner pays cash on April 5, the liability balance decreases. If a state has an unemployment tax rate of 4% and an unemployment wage base of $14,000, it means that the employer’s maximum payment…

The accounting rate of return (ARR) is a simple formula that allows investors and managers to determine the profitability of an asset or project. Because of its ease of use and determination of profitability, it is a handy tool to compare the profitability of various projects. However, the formula does not consider the cash flows…

All you need is an Internet connection and a browser! If you’re on-the-go, you can also send invoices from your phone or other mobile device using the Wave app. With Wave’s Pro Plan, you can set up recurring invoices and automatic credit card payments for your repeat customers. Switch between automatic and manual billing whenever…