Category
Bookkeeping
8 min read time
ContentCash Flow ProjectionsHow to Create Financial Projections For Your Business (Accurately)Cost of goods sold (COGS)What Are Financial Projections Used for?Financial Projections for Startups and Small BusinessesPRODUCT Software, equipment, sales and marketing, accounting services, legal fees, and all the other costs of doing business need to be included in your expense projections. Starting a small business can be hard enough without struggling ...
6 min read time
ContentAnna DiBella Discusses Old Law vs New Law on Chops Talks Ops PodcastReason #2: The accuracy in Trust Accounting managementLexisNexis and Uptime Legal – a Match Made in the CloudHow to Use Timeslips & QuickBooks in the Cloud in 2023Legal Accounting and BookkeepingWhat are the most common types of billing methods in a law firm? This not only simplifies deposit reconciliation but gives you a strategic way to evaluate your budgets, cash flow, a ...
7 min read time
An unfavorable variance is when a company forecasts for a certain amount of income and does reach it. Say they estimated that there would be $10,000 of profit for the quarter and they only got $7,500. In other words, the company hasn't generated as much profit as it had hoped. This could occur if there were inefficiencies in production or the quality of the materials was such that more needed to be used to meet safety or other standards.In this po ...
7 min read time
Unfavorable variances refer to instances when costs are higher than your budget estimated they would be. As mentioned above, materials, labor, and variable overhead consist of price and quantity/efficiency variances. Fixed overhead, however, includes a volume variance and a budget variance. Then divide that number by the original budgeted amount and multiply by 100 to get the percentage of your variance. For example, let's say that Bob is a colleg ...
11 min read time
ContentWhat Are the Assumptions of the Going Concern Concept?Qualified opinionAmendments under considerationConsideration of the Effects on the Auditor's ReportWhen Does a Company Perform a Going Concern Assessment?Going Concern Assumption: Fundamental Accrual Accounting PrincipleExamples of Going Concern ConceptLiquidation Valuation Method (“Fire Sale”)How a going concern qualification affects a business This revaluation may be used to price the ...
5 min read time
Plan which bills to pay and when and which invoices to collect first. Cash Flow Frog automatically analyzes your data and generates the forecast, and is always up-to-date. Our cash flow planner app takes all the guesswork out of how to grow and how to fund that growth. Cash is king, and to your business running strong, you need the best cash flow tool for planning and analysis. Cash Flow Frog lets you manage cash flow easily and takes just minutes ...
5 min read time
No particular accounting problems are created by using both costing methods--the variable costing method for internal reports and the absorption costing method for external reports. The adjustment from variable costing net operating income to absorption costing net operating income is a simple one that can be easily made at year-end. Practically speaking, absorption costing is required for external reports in United States and almost all over the ...
5 min read time
To understand variable costing, you must understand what variable costs are and how they are calculated. Both product and period costs are essential for making informed management decisions. Managers can make decisions to improve their profitability by understanding both types of costs. What is the advantage of using variable costing over full absorption? Variable costing is more useful than absorption costing if a company wishes to compare differ ...
6 min read time
ContentHow are Prepaid Expenses Recorded?The Benefits of Reporting Prepaid Expenses Using an Automated Accounting SoftwareStay up to date on the latest accounting tips and trainingFinancial CloseWhat are the benefits of prepaid expenses?How Do Prepaid Expenses and Accrued Expenses Vary?Two methods of accounting for prepaid expensesOther Prepaid Expenses If there is any product or service that you cannot afford to miss, then it is better that you p ...