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Bookkeeping

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Last In, First Out LIFO: The Inventory Cost Method Explained

por Jano Ingenieros
Bookkeeping
19 octubre, 2021

Industries like oil & gas, automobiles, and various ores often follow the LIFO model. Last in, first out (LIFO) is a method used to account xero community for business inventory that records the most recently produced items in a series as the ones that are sold first. The difference between the LIFO and FIFO calculation is $4000. It is the amount by which a company’s taxable income has been deferred by using the LIFO method. It looks like Lee picked...

Yes, You Can Still Pay Your Tax Bill Here’s What to Do if You Can Pay in Full

por Jano Ingenieros
Bookkeeping
13 octubre, 2021

It's better to file and know what your tax liability is so you can work toward it. Plus, there are still a couple of months left before taxes are due, giving you a bit of breathing room to save for your taxes or make partial payments. If you didn't file because of a looming tax bill, it's a good idea to file ASAP to limit any IRS late filing or late payment penalties. And even though your taxes are technically...

A Guide to Nonprofit Accounting for Non-Accountants Bench Accounting

por Jano Ingenieros
Bookkeeping
1 septiembre, 2021

Regularly reviewing and understanding the balance sheet is essential for effective financial management in the nonprofit sector. Statement of Functional Expenses is a crucial financial document that provides detailed information on how a non-profit organization allocates its expenses. By categorizing expenses based on their functions, such as programs, administration, and fundraising, the statement helps stakeholders understand how resources are being utilized. Free Course: Understanding Financial Statements Our intuitive software automates the busywork with powerful tools and features designed to help you simplify...

10 Profound Books on Drug Addiction & Recovery to Read in 2023

por Jano Ingenieros
Bookkeeping
11 agosto, 2021

The Dry Challenge can be especially helpful for people who drink socially, and are looking to take a structured step back to re-evaluate their habits. This book offers inspiration for alcohol-free drinks and activities, and tangible tips on how to navigate a month (or beyond!) without alcohol. This book provides an eye-opening perspective on and insight into how racism and white supremacy can lead to intergenerational trauma. Resmaa Menakem shares the latest research on body trauma and neuroscience, as well...

Accounts Receivable Factoring: What is Factoring Receivables?

por Jano Ingenieros
Bookkeeping
2 febrero, 2021

Factoring companies may also specialize in certain geographies or industries, like construction or trucking. Factoring costs can vary significantly, so reach out to multiple companies for a quote. After approval, many factoring companies can provide financing within a matter of days. The factoring company then holds the remaining amount of the invoice, typically 8 – 10%, as a security deposit until the invoice is paid in full. Then the factoring company collects money from the customer over the next 30 to...

Construction Accounting: Manage Costs & Improve Profitability

por Jano Ingenieros
Bookkeeping
12 enero, 2021

As business owners look toward retirement, transferring the business to the next generation of family or leadership can be a complex process—one that should start years before a target retirement date. With over a decade of editorial experience, Rob Watts breaks down complex topics for small businesses that want to grow and succeed. His work has been featured in outlets such as Keypoint Intelligence, FitSmallBusiness and PCMag. We looked at third-party ratings and reviews to see how actual users felt...