Category: Bookkeeping
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The difference between product costs and period costs
If you’re currently in business, you need a good way to manage costs. Today, we’re breaking down these two concepts to understand their general aspects, relationship with financial statements, and overall impact on business decision-making. Those costs would not be accounted for on the income statement until they are sold. Job costing is used when…
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Best Payroll Software for Small Businesses of August 2024
Review time sheets and compare them to employee schedules, checking for errors. There are two ways to go about getting payroll processed; you can do it yourself manually or use a service provider. When processing it manually, you must do all the steps on your own. It is important to know that ignorance or honest…
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The 10 Best Bookkeepers in Phoenix, AZ with Free Estimates
Established in 2004, the company offers tax preparation, payroll services, sales and use of taxes, tax problems, bankruptcy, bookkeeping, and wage garnishments. Any individual with a preparer tax identification number (PTIN) is eligible to file your income taxes on your behalf. However, this doesn’t necessarily mean they will be the best candidate to provide the…
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9 Best Payroll Services For Small Business Of 2024
The best way to do this is to be extremely familiar your budget and anticipate financial growth. Entrust your budget to more than one trusted individual and regularly check your financial progress and goals. I recently did a cost of living adjustment at 153%, and another right after that at 97%. Cost of living across…
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Statement of Retained Earnings Overview, Uses, How to Set Up
In addition to this, many administering authorities treat dividend income as tax-free, hence many investors prefer dividends over capital/stock gains as such gains are taxable. Retained earnings refer to the residual net income or profit after tax which is not distributed as dividends to the shareholders but is reinvested in the business. Typically, the net…
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Expenses in Accounting: Definition, Types and Examples
Due to the increase in demand for its high-profiled iron sheets, the company executives decide to buy a new minting machine to revamp production. They estimate the new machine will be able to improve production by 35%, thus closing the gap in the demanding market. Company Y decides to acquire the equipment at the cost…