Bookkeeping

All businesses need cash to maintain liquidity, and to ensure they always have enough, a business must effectively manage its cash flow. You’ll get support from a team of NetSuite and accounting experts to ensure you smoothly implement NetCash into your cash management strategy and processes. Some cash management software takes more than a year to integrate fully into your business processes. Most businesses don’t want that, especially if you need the software up...

Your COGS can also tell you a lot about the overall health of your small business. When you subtract COGS from revenue, you’re left with your gross profit—revenue, minus the cost of sales. With this number, you can calculate gross margin—how much money you’re making from each product you sell. Prime Costs Vs. Conversion Costs – What are the Key Difference? As we can see, the cost of goods sold is $200,000, leading to a gross...

Once you’ve established terms in the contractor agreement and set up international payments, there’s only one main issue you should monitor (see next). Your independent contractor agreement should clearly outline your contractor’s worker classification. If your relationship does not align with the country’s definition of an independent contractor, consider hiring petty cash your foreign worker as an international employee in their local country. This approach requires different hiring processes, possibly through an employer of record (EOR). Some...

Memos are meant to inform readers of upcoming changes and relay important information. You can use charts, tables, or graphs to illustrate your analysis and enhance the reader’s understanding. Communicating well is also important when writing an accounting memo. Unfortunately, many accountants find it difficult to write an effective memo because they lack the necessary communication skills and writing experience. Parul is a dedicated writer and expert in the accounting industry, known for her...

Unlike inventory, which is held for sale, PPE is held for use, directly contributing to the company’s productive capacity. These assets are expected to have a useful life extending beyond a single year, making them integral to a company’s sustained operations. The classification of assets directly influences a company's financial health. Current assets provide a snapshot of short-term financial stability and liquidity, essential for covering immediate expenses. On the other hand, fixed assets reflect...

From this point, if the machinery is damaged or lost, the importer cannot ask the manufacturer to reimburse them as ownership fob shipping vs destination and liability have been transferred. FOB Origin and FOB Destination represent two variations of the FOB international shipping term, specifying when ownership and responsibility for goods transfer between the seller and the buyer. So, yes, it’s important to understand the FOB functionality before implementing it into the workflow. This option...

Neglecting certain explicit costs can inflate profit figures, leading to unrealistic financial expectations. By carefully tracking and deducting all necessary costs, companies can present an accurate reflection of their profitability, which is crucial for decision-making and financial planning. Implicit costs do not involve a direct cash outlay and are not typically recorded in financial statements. Examples include the salary an owner could have earned elsewhere, or potential rental income from a building the business...

Achieve seamless communication and documentation with zero design experience required. Whether you need to highlight a financial summary or provide a detailed analysis, these templates ensure you are covered. You have access to a variety of free and pre-designed templates, which are fully customizable and available for instant download. Simply open in Microsoft Word, make your desired edits, and you're ready to download and print, all from the comfort of your home or office. Discover...