Rely on automated accounting software to constantly keep track of your inventory. As a new item is scanned or manually added to your inventory storage, the software tool you’re using automatically updates the inventory count and the total cash ... Read more
Ideally, you want most of your accounts receivable balance to be in this column because it means most of your customers pay on time. In a perfect world, all your customers would pay on time — or even early — and you would have no need for accounts re... Read more
If you live in France, Germany, or the Netherlands, you must be at least 16. Please check your local law for the age of digital consent. If you don’t meet these age requirements, you may not use the Services. Help us keep you informed and Your ... Read more
Therefore, variable costing is used instead to help management make product decisions. Fixed overhead is treated as a period cost and does not vary as the volume of inventory changes. This results in income increasing in proportion to sales, which ma... Read more
As we explained above, you can submit this form online or by mail — and you must do so by the 15th day of the third month following the date the tax year ended. Finally, the last section of Form 1065 that some of you will need to fill out is Schedule... Read more
The concept of a premium is usually used in the context of bonds and stocks to refer to the difference between the stock or bond’s par value and the value it actually sells for. Some other scenarios for triggering a capital surplus include when... Read more
Bench gives you a dedicated bookkeeper supported by a team of knowledgeable small business experts. We’re here to take the guesswork out of running your own business—for good. Your bookkeeping team imports bank statements, categorizes transacti... Read more
Please note, if filing your 2019 tax return in 2020, your filing due dates may differ from other years. Please refer to this post for details. We’ll do one month of your bookkeeping and prepare a set of financial statements for you to keep. All... Read more
All outstanding payments due to vendors are recorded in accounts payable. As a result, if anyone looks at the balance in accounts payable, they will see the total amount the business owes all of its vendors and short-term lenders. Every purchase tran... Read more
It shows any capital the owner put into the business, any withdrawals made as a salary, and the net income or net loss from the current period. This is one reason the income statement has to be prepared first because the calculations from that statem... Read more
