Bookkeeping

As new technologies come about to help them harvest more crops or improve the lifespan of various livestock, farmers will always do what it takes to stay productive while also staying on top of the latest trends. Software companies quickly realized that accounting for a farm is much different than accounting for a construction company […]Continue reading

It considers taking special orders if the costs involved will generate income in the long run. A special order occurs when a customer places an order near the end of the month, and prior sales have already covered the fixed cost income tax calculator of production for the month. As supervisor’s salary is a fixed […]Continue reading

These costs are relevant since these expenses change in the future due to the buying decision. The cost effects relate to both changes in variable costs and changes in total fixed costs. A particular cost may be relevant for one situation but irrelevant for another. The opposite of relevant costs is sunk cost or irrelevant […]Continue reading

Thus, these costs increase as the production increases or drops with low production. Maintenance cost for machinery is $3,000, $2,000 for material, $2,500 for labor, and $1,500 for miscellaneous costs. Billy’s might continue with cheese production if the expenses are lower, like $ 7,500. A company that deals with making finished goods requires specific parts. […]Continue reading

By the same argument, book values are not relevant as these are simply the result of historical costs (or historical revaluation) and depreciation. ‘Relevant costs’ can be defined as any cost relevant to a decision. A matter is relevant if there is a change in cash flow that is caused by the decision. Future Cash […]Continue reading

Unfortunately, there aren’t many free nonprofit-specific accounting software options. (Nonprofit Treasurer, our favorite free option, recently closed its doors.) If you’re looking for fully featured free accounting software, though, your best bet is Wave Accounting. It offers accounting and bookkeeping features comparable to QuickBooks Online and Xero but for exactly no dollars. Unfortunately, NetSuite’s site […]Continue reading

You might be on the moon after making a $50k profit on a $150k property, provided you spent $10k for maintenance. However, you might miss that you did better last year when you flipped a property at $150k after purchasing it at https://www.bookstime.com/ $100K and spending $12.5K on it. The gross profitability in the first […]Continue reading

This helps in organizing financial data efficiently, ensuring accurate reporting and analysis. With proper understanding and implementation, you can leverage QuickBooks’ powerful categorization features to stay organized, gain insights, and achieve financial clarity in your business endeavors. Furthermore, taking advantage of advanced features like importing categories from other sources can save time 9 common hoa […]Continue reading