Category: Bookkeeping

It is only possible for a firm to pass the break-even point if the dollar value of sales is higher than the variable cost per unit. This means that the selling price of the goods must be higher than what the company paid for the good or its components for them to cover the initial… Continue reading Break-even Analysis: Importance, Uses, Components and Calculation

The template includes a revenue summary section that calculates your total grant income and a net section to help you quickly determine your program’s financial sustainability. Learn the 12 key metrics you need to monitor the financial health of nonprofit organizations. In this guide, you’ll walk through the essentials of budgeting for nonprofits, covering different… Continue reading 5 Best Practices for Building a Nonprofit Annual Operating Budget

But, there’s a place in the nonprofit universe for a surplus in the budgets too. They can mean the difference between surviving a rough patch and being forced to close down. Having extra cash can help stabilize your nonprofit and absorb an unexpected delay in receiving funds, a shortfall in revenue for a special event,… Continue reading Nonprofit Budget Template Societ Nonprofit Solutions

It ensures that the contractor meets all requirements and that the customer is satisfied with the performance before delivering the full payment. Generally, contract retainage is specified in the contract and is a percentage, typically five to 10 percent, of the total contract amount. Invoices help ensure that both parties clearly understand what services the… Continue reading Construction accounting for busy contractors

For example, a software company that provides subscription-based services to a customer for one year could use the percentage of completion method to recognize revenue. 1/12 of the total revenue is recognized each month based on the percentage of the services topic no 458 educator expense deduction 2020 provided to the customer. The third criterion… Continue reading Realization Principle Definition, Example, How it Works?

For example, Billie’s Watercraft Warehouse (BWW) sells variouswatercraft vehicles. Analysts, therefore, prefer that the revenue recognition policies for one company are also standard for the entire industry. Having a standard revenue recognition guideline helps to ensure that an apples-to-apples irs says acas employer mandate is a forever liability comparison can be made between companies when… Continue reading Revenue Recognition Principle in Accounting: Criteria and Methods

This functionality is extremely useful for businesses wanting to streamline their accounting processes and ensure accuracy in recording financial transactions. To access and modify existing rules, users can navigate to the ‘Banking’ or ‘Transactions’ tab in QuickBooks Online and select ‘Banking Rules’. When creating a new rule in QuickBooks Online, users can define specific instructions… Continue reading Set up bank rules to categorize online banking transactions in QuickBooks Online

Wave Payroll’s simple, low-cost features may be basic but they’re well-suited for small businesses needing an affordable all-in-one accounting and payroll solution. You don’t have to wait for a new quarter or year to start using payroll software—you can start running payroll at any time! And if you’re switching providers, you can make the transition… Continue reading Wave Payroll Review: Cost, Features, Alternatives

Wave Payroll is cloud-based payroll software designed to help small business owners simplify and automate payroll processes while remaining compliant with taxes and deductions. This is an additional service that is only available in the U.S. and Canada. Compared to other payroll software, Wave Payroll offers a very limited feature set, which ultimately drove the… Continue reading Payroll Software for Small Businesses Wave Financial

For those looking for expert assistance, Meru Accounting offers specialized construction bookkeeping services to help manage your finances, ensuring that your business stays on the right track. Financial reports like job cost reports, revenue recognition methods, and various statements help contractors make informed decisions, optimize project performance, and maintain financial stability. Embracing construction accounting principles… Continue reading Construction Bookkeeping: Essential Tools & Tips