When everything is neatly where it belongs, tax time is simple. Wave’s smart dashboard organizes your income, expenses, payments, and invoices. With the Pro Plan, automatically import, merge, and categorize your bank transactions. It's always…

To calculate total manufacturing costs, you need to add up three key components – direct materials, direct labor, and overhead costs. First, identify the cost of direct materials, which includes all raw materials used in…

When you reconcile, you compare your bank statement to what’s in QuickBooks for a specific period of time. Your task is to make sure everything matches. If your accounts are connected to online banking, make…

In accounting, transaction types include cash, noncash and credit events. Transactions can be identified through invoices, receipts and other documents that record business activity. Accruals make sure that the financial statements you’re preparing now take…

In other words, it’s a minimum inventory threshold that triggers a new order of additional inventory. For growing retailers, manufacturers, or wholesalers, working with dozens or hundreds of spreadsheets can be time-consuming and error-prone. If your business falls…

Making sense of your numbers can be time-consuming and frustrating, to say the least. It’s no wonder so many small business owners have turned to outsourced accounting services for relief. The majority of companies that…

But after this initial set-up period, the relationship typically reverts to a stable monthly business cycle. LBMC is a Tennessee, Kentucky and Indiana CPA firm dedicated to helping entrepreneurial businesses excel. We provide a wide…

An income statement is a financial statement that reports the income and expenditure of a company over a period of time. This financial statement is also known as a profit and loss statement (P&L), or…

You need to be able to assess from your monthly reports if you’re scaling or if there are areas of business where you need to cut costs. If you're organized and enjoy working with numbers,…

Standard costs are prepared and used to clarify the final results of a business. The efficiency of management depends on the control of costs, among other factors. To control costs effectively, management needs to know…