These costs are typically arranged in a tiered fashion allowing you to save money by signing up for multiple sections at one time. If someone holds a CPA title, it’s a pretty good sign they’ve got some experience, but CPAs aren’t the only pros who can help you get your taxes done. Tax accountants tend […]
Category Archives: Bookkeeping
Basically, there are three types of sales transactions- cash sales, credit sales, and advance payment sales. The variation between these sales transactions simply lies in the timing of when cash is received. As opposed to cash sales, credit sales (or sales on credit) allow the customer to pay the seller at a later date. Perhaps […]
Preparing your payroll can be tedious and take time away from your business. Let Taylor Bookkeeping & Tax Service handle that burden. We’ll prepare your payroll checks or direct deposit is available. Regardless of whether you’re a new business owner or an established one, we’re here to streamline your financial management. When you partner with us, you’ll receive dedicated support […]
Financial statements summarize these transaction amounts for a given time period. Job costing is a method for allocating expenses and revenue to each specific job. Not only will this help you prepare for tax time, but it provides an accurate accounting of profitability for each contract. Consider the cost of insurance, travel, workers’ compensation, materials, […]
To make sense of business transactions, we can organize them into categories, such as revenue, expenses, assets, liabilities, and equity. Classification ensures that each transaction finds its rightful place in the financial landscape. Think of it like grouping brass or woodwind musicians in sections of an orchestra. At the heart of financial accounting is the […]
This is how we can find the total cost from the marginal cost. If marginal costs are plotted on a graph, the curve would be “U-shaped,” as costs gradually shift downward once production volume increases. Professionals working in a wide range of corporate finance roles calculate the incremental cost of production as part of routine […]
This is the case when there are bank fees or electronic transfers on the bank statement that have not yet been recorded in the company’s general ledger accounts. For example, the bank statement may reveal that a bank service charge was withdrawn from the account on the last day of the month. From time to […]
It’s common when budgeting or managing personnel resources for projects. Essentially, it relates to the actual hours both full-time and part-time employees work during a regular workweek. There are some exceptions when calculating FTE for the purposes of the small business tax credit. Your FTE number is also an important factor in determining if you’re […]
How can business leaders ease the burden of decision making and put this time and money to better use? Read on to learn the ins and outs of smart decision making—and how to put it to work. The fifth context, disorder, applies when it is unclear which of the other four contexts is predominant. The […]
Costs, also known as the cost of goods sold, is all the money a business spends to buy or manufacture the goods or services it sells to its customers. If your company is larger and more complex, you need to set up a double-entry bookkeeping system. At least one debit is made to one account, […]