Instead of dividing by the number of years in the depreciation calculation, the term (1 / Useful life) used in the formula above, can be converted to a depreciation rate. The straight-line method operates under the assumption that the usefulness of an asset — and thus its value — declines evenly over time. In reality, […]
Our connected global construction platform unites all stakeholders on a project with unlimited access to support and a business model designed for the construction industry. As the construction industry changes, higher education institutions have started to implement building information modeling (BIM) at a rapid pace. If architecture, engineering and construction (AEC) companies want to work… […]
Its primary objective is to instil confidence among investors, creditors, and other external stakeholders by ensuring the accuracy and reliability of financial information presented by the entity. In the complex business operations landscape, ensuring financial integrity and compliance is paramount. Among the strategies employed to achieve this, internal and external audits are cornerstones, each playing […]
From here, you get to watch the request go up the chain of your organization until it has reached final approval. There are many reasons, but here are the highlights of how using purchase orders can help your business. With this, the PO is closed, unless the seller has more items to deliver to fulfill […]
Hence, we have reconciled the control account and receivable balance in the general ledger. Now, we are confident in the accuracy of the receivable balance and can be used to form a financial statement. It serves the purpose of the reconciliation that increases our confidence in the ending balance of accounts receivables. Like the trade […]
Traditional statements calculate gross profit margin, which is determined contribution margin statement by subtracting the cost of goods sold (COGS) from revenue. Contribution format statements produce a contribution margin, which is the result of subtracting variable costs from revenue. Variable costs are less than COGS, which also may include fixed and variable costs, so a […]
In fact, they’re one of the best ways to ensure your nonprofit’s financial practices are strong, donors continue confidently supporting your work and your mission stays on track. This guide will walk you through what financial audits are, why they matter, and how to ensure your next audit not only meets compliance standards but strengthens […]
The earned wage access (EWA) capability allows employees to receive up to half of their pay as many as two days before their scheduled payday. The wages are transferred to a Paycor-issued Visa card and are accessible from the Paycor mobile app’s wallet. Other QuickBooks Payroll integrations link your payroll operations with time-tracking apps, such […]
We are fully capable of assisting a range of non-profits including religious organizations, art centers, social welfare organizations, recreational clubs, business leagues, schools, and an array of charities. Our goal is to help them manage their bookkeeping and accounting needs so that they can do what they were established to do – help their local […]
To find out which is the right option for your business, check out our article detailing the best accounting software for small businesses. When you’re starting a company, there are many important financial documents to know. It might seem overwhelming at first, but getting a handle on everything early will set you up for success […]
