Many small business owners begin by tracking transactions through an Excel spreadsheet. Yet, as the business grows, they start to realize that this is not a scalable solution. One way to solve this problem is to use accounting software like QuickBooks Online because it automates the bookkeeping process. The Importance...
Companies must stay informed about changes in legislation and ensure their payroll practices align with these regulations to avoid costly penalties. This requires ongoing training and resources dedicated to maintaining compliance in a dynamic industry. Timely and meticulous documentation is another best practice that construction firms should adopt. Each...
A lot of business-minded people want to take full advantage of the tax deductions, especially for frequent activities like traveling. Driving to and from job sites is a normal part of the construction business, and these are important things to keep track of. Vehicle wear and tear, insurance, fuel,...
At Bench, we're experts at navigating the complex world of bookkeeping and taxes in Fort Collins, Colorado. We understand that the city's thriving small business community - spanning sectors from craft breweries to tech startups - face unique challenges when it comes to financial management. Regulations around Colorado's sales...
Wave is the overall best free accounting software for small businesses because it offers many basic bookkeeping features for free. Zoho Books also has a great plan but is limited to businesses with less than $50,000 in annual gross receipts. Ideally, a mobile app should have all the...
If you‘re looking for a comprehensive suite of accounting features and don’t mind working with a relatively stripped-back program, consider checking Brightbook out. We also looked at customer reviews to see what users are saying about the software. Often, marketing promises don’t always match reality, so reviews can...
Figure 1.4 shows examples of production activities at Custom Furniture Company for each of the three categories (we continue using this company as an example in Chapter 2). For a manufacturer these are expenses outside of the manufacturing function. Instead these expenses are reported on the income statement of...
Fabrizi also talked about the common challenges manufacturers face when calculating the costs of production. In his experience, the most common challenges are a lack of accurate data and the complexity of costing methods. After manufacturing product X, let’s say the company’s ending inventory (inventory left over) is $500....
Let’s break down compound trading with a simple, relatable example. Imagine you’re an enthusiastic trader, and you’ve just started with an initial investment of $10,000. You’ve got your strategies in place, and you’re aiming for a 5% monthly return. Instead of withdrawing your profits each month, you decide to...
Your earnings in the 12th month ($855.17) are significantly higher than what you earned in the first month ($500), all thanks to the power of reinvesting your profits. Say you manage to earn a 7% return on your trading account each month. By the magic of compounding, after just...