Consulting vs Advisory: Is There a Difference?

If you answered yes to any of these questions, accounting advisory is right for you. Even when clients come to you with a simple request, like “file my tax return” or “handle my payroll”, they often are looking for much more. These advisors assist in creating effective marketing strategies, improving sales processes, and expanding market […]

Expense Accounts: List and Explanation

While most costs of doing business can be expensed or written off against business income the year they are incurred, capital expenses must be capitalized or written off slowly over time. Common expenses include payments to suppliers, employee wages, factory leases, and equipment depreciation. Businesses are allowed to write off tax-deductible expenses on their income tax […]

Contribution Margin: Definition, Overview, and How To Calculate

Contribution margin 1 is the difference between the sales revenue and the variable costs of a product or service. Contribution margin 2 is calculated by deducting the area-specific fixed costs from CM1, i.e. the fixed costs that can be directly allocated to a specific product area or product group. Contribution margin 3 is calculated by […]

Direct Material Price Variance

We need just a bit more info from you to direct your question to the right person. A financial professional will offer guidance based on the information provided and offer a no-obligation call to better understand your situation. Someone on our team will connect you with a financial professional in our network holding the correct […]

Direct Material Price Variance

We need just a bit more info from you to direct your question to the right person. A financial professional will offer guidance based on the information provided and offer a no-obligation call to better understand your situation. Someone on our team will connect you with a financial professional in our network holding the correct […]

Video: How to Recover Past Tax Returns

The first step in printing your tax return from TurboTax Online is to log in to your TurboTax account. If you don’t already have an account, you can easily create one by visiting their website and following the instructions to set up your profile. However, some taxpayers prefer to have a physical copy of their […]

How to hire a bookkeeper 10 questions to ask when hiring a bookkeeper or accountant

Let’s dive in and make hiring a bookkeeper a breeze for your business. Now that you know the answer to the question “How much does a bookkeeper cost? You may also consider using online bookkeeping services and accounting software to save time and money, all while meeting your bookkeeping needs. On the other hand, accounting […]

Understanding Accounts Payable Process and Examples: Definition and Recording of AP

Thus, the accounts payable turnover ratio demonstrates your business’s efficiency in meeting its short-term debt obligations. So, whenever your supplier provides goods or services on credit to your business, there are accounts payable outstanding on your balance sheet. This means the accounts payable account gets credited as there is an increase in the https://www.bookkeeping-reviews.com/ current […]

Manufacturing Overhead Formula: What Is It And How To Calculate It

To calculate your overhead rate per unit, simply take your total overhead costs and divide by the number of units produced. Generally accepted accounting principles (GAAP) and international financial reporting standards recommend including manufacturing overhead costs in inventories and income statements. Calculating these costs is important because it helps companies determine the cost of the […]

Base Year: Significance, Analysis, and Global Perspectives

As you can see, the management of base year expenses can potentially save (or cost) you thousands of dollars over the course of your lease term. By including a gross-up clause in your lease, you’ll be protected from significant spikes in variable expenses like utilities as the building fills up. There is no continental table […]