The process begins with identifying the accounts affected by a transaction. For instance, a sale would impact both the sales revenue account and the accounts receivable. By posting these entries to their respective ledgers, accountants […]

The entries need to be classified systematically and accurately or it may not serve the purpose of the Ledger. Yes, software like QuickBooks can automate posting, entering transactions into accounts in real-time. Automation increases efficiency […]

If 30 percent of your time on the phone is spent on business, you could legitimately deduct 30 percent of your phone bill. You’ll notice that the old-school paper receipts that clutter file folders and […]

In conclusion, saving grocery receipts can be beneficial for taxpayers, particularly business owners and tax advisors. While the process may be time-consuming and require proper organization, the advantages of accurate record-keeping, tax deductions, and audit […]

Goodwill refers to the value of certain favorable factors that a business possesses that allows it to generate a greater rate of return or profit. Such factors include superior management, a skilled workforce, quality products […]

Businesses often create intangible assets through marketing activities, displaying creativity and innovation or building customer loyalty. A well-known brand, for example, holds significant value due to consumer recognition and trust, even though it cannot be […]

If the contribution margin is too low, the current price point may need to be reconsidered. In such cases, the price of the product should be adjusted for the offering to be economically viable. The […]

Whether you sell millions of your products or 10s of your products, these expenses remain the same. For instance, you can make a pricier version of a general product if you project that it’ll better […]

Other activities may require periodic or ongoing subsidy from fundraising or other program areas. Deciding whether and how to support these services is a central strategic decision for nonprofits. Knowing the real costs of each […]

The review should include verifying that the budget is able to meet program and organizational goals. Budget planning includes some degree of forecasting and assumptions and boards should thoroughly vet assumptions before finalizing the budget. […]

When an investor purchases a CD, they essentially lend money to the bank or financial institution for a fixed period. In exchange, the investor receives a promise from the bank to repay the original amount, […]

This strategy can work to pay for a new car, a down payment on a house or a wedding. The strategy gets its name because each CD is like a rung of a ladder. Certified […]