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This rule is in place to keep business owners from “gaming the system” by frequently switching costing methods to get the best tax advantages. Each type of fiber costs a different amount, and certain knitting needles are more expensive than others. However, you have chosen to use a keystone markup strategy, so you know you have [...]

Accountants often focus solely on taxes, providing financial information to business owners long after it’s relevant for business decisions. We provide easy-to-understand financial statements and reports that give you visibility into your business’s finances so you can make informed decisions and grow your business. Our bookkeepers have years of experience and are experts in bookkeeping for [...]

This can lead to losses as the food can spoil, which is not good from a profitability standpoint. The last-in, first-out method uses the inventory, which is the most recent, to evaluate the value of COGS. Likewise, the leftover inventory could be old and not of much use anymore. Companies outside of the United States that [...]

Your budget should align with your nonprofit’s mission and goals to ensure your revenue and spending are consistent with your core purpose. This alignment helps avoid wasting money on activities that won’t advance your mission. Effectively handle project budgets using our free Google Sheets template. Stay informed about expenses, monitor costs, and enhance the financial performance [...]

Intangible assets are the non-physical resources that a company owns. For example, if a business’ assets add up to $1 billion and its liabilities total $500 million, the difference would be $500 million. That $500 million is the value of the business’ net tangible assets. It can be tough to assign a value to an intangible [...]

Companies with efficient production processes do not only create economies of scale but also lower per-unit fixed cost, which in turn boosts profitability. The increase in production enables them to produce more items and spread the fixed expense over more outputs. Imagine a small candle manufacturing business spending ₹ 20,000 monthly on fixed costs. That’s because [...]

A good debt ratio should align with the company’s financial goals, risk tolerance, and industry standards. It should support the company’s ability to meet its financial obligations, maintain financial stability, and enable sustainable growth. Comparing a company’s ratio to industry peers, historical performance, and industry averages can provide valuable insights to determine what is considered favorable [...]

Accrued expenses are expenses that you’ve already incurred and need to account for in the current month, though they won’t be paid until the following month. Both short-term and long-term liabilities include several types of liabilities which you will need to become familiar with in order to record them properly. Many first-time entrepreneurs are wary of [...]

That includes always being able to account for the money in the trust account, and giving a detailed statements of transactions for each client. This is really simple with LeanLaw due to the way the accounts are organized. You’ll be looking at the statement in QuickBooks Online, but you saved a lot of time getting there [...]

Luckily, when you outsource payroll services for your small business, you can turn over your financial processes to the professionals while you focus on running your business. Our tax services are all about keeping your business compliant and stress-free. Whether it’s filing federal or state corporate returns, handling personal returns, managing 1099s, or staying ahead [...]