Bookkeeping

This transparency allows internal and external parties to grasp the corporation’s fiscal status, performance, and cash flow, which are critical for enlightened decision-making. Moreover, if you have inaccurate information, you might inadvertently mislead your lenders, creditors and investors, which can have serious legal consequences. Finally, if your books are disorganized, you might provide inaccurate information […]

Christmas gifts aren’t considered taxable wages if the gifts are items of property having nominal value (for example, a turkey or a ham). The process of repaying advances is a straightforward yet important aspect of the financial relationship between an employer and an employee. When an advance is issued, the terms of repayment are typically

Then, the phone builder may plan to park the next top-shelf machine in that equipment’s floor space and sell the aging equipment to a mass-market manufacturer for $2 million. In this case, the company would depreciate the first machine’s costs by $2 million annually ($12 million minus $2 million equals $10 million, divided by 5).

This year, 2789 responses for the salary survey were received from around the globe. While this may seem like a rather limited pool to draw from, this represents an increase from those surveyed in previous years. Because more often than not, you see this weird occurrence where lower-ranked professionals can earn higher than those of

So, while volume is an important factor to consider when evaluating liquidity, it should not be relied upon exclusively. Liquidity refers to the efficiency or ease with which an asset or security can be converted into ready cash without affecting its market price. Consequently, the availability of cash to make such conversions is the biggest influence on whether a market

We work with each client individually so services are tailored to your unique needs. Our business solutions are as much or as little as you need – simple, flexible and affordable. Manufacturing businesses need to identify margins for each product line. This involves costing the raw components for each product including labor, materials and overhead.

Businesses include things like raw material costs, labor costs, and other overhead expenses when calculating their COGM. As we have seen, the total manufacturing cost and cost of goods manufactured are very similar metrics. The cost of goods manufactured in the total production cost of goods produced and completed by the company during an accounting

There are some other accounting methods that can be compared to the cost principle. The two below are the best for comparison, and highlight where the cost principle can fall short. It is assumed that the majority of business owners know what their assets are. However, to be thorough, it is important to state that

The goal of relevant costing for decision-making is to select the decision that would result in the highest incremental benefit to the company. Sunk costs, on the other hand, are existing expenses that have already been incurred and are unrecoverable. Relevant costs can be thought of as future expenses that are incurred the inventory costing

When you partner with us, you will benefit from a team of accountants who share your goals. Each month, Cofer Bookkeeping Services manages your books and provides bookkeeping services fort lauderdale an overview of your company’s finances for the time period. We want you to be able to focus on taking care of your clients and