Except for certain states that require premium pay daily, overtime is calculated by the workweek. According to the FLSA, a workweek is a fixed and regularly recurring period of 168 hours or seven consecutive 24-hour periods. It may begin on any day of the week and at any hour of the day and is not […]
However, provided your outsourced bookkeeping partner embraces cloud-based accounting software, you’ll have access to your books 24/7. If you need help with CFO-level strategic initiatives but have the resources to handle bookkeeping in-house, a good provider will have no hesitation in working with you. All great outsourced accounting providers offer a suite of services that […]
However, since the production process takes three weeks to complete, all the units produced in the last half of March will be in WIP inventory at the end of March. Notice that under this Equivalent Units method of allocating costs, no direct materials were allocated to ending work in process because the EUs were zero. […]
You need to learn the fundamentals of accounting, as well as how to use bookkeeping software. A paid course may accelerate your progress and part time accounting give you confidence, but there’s always a way for bootstrappers to get started on the cheap. The first step to getting started is making sure you have a […]
Our servers are protected physically and electronically. Any connections between you, your bank accounts, and Wave are protected by 256-bit SSL encryption. Wave is a PCI-DSS Level 1 Service Provider. Approval to use online payments is subject to eligibility criteria, including identity verification and credit review. You’ll need to answer a few questions about […]
A balance sheet explains the financial position of a company at a specific point in time. As opposed to an income statement which reports financial information over a period of time, a balance sheet 12 things you need to know about financial statements is used to determine the health of a company on a specific […]
Bank reconciliation statements compare transactions from financial records with those on a bank statement. Where there are discrepancies, companies can identify and correct the source of errors. A bank reconciliation statement can help you identify differences between your company’s bank and book balances. Before you reconcile your bank account, you’ll need to ensure that you’ve […]
Thus, businesses that choose FIFO will try to sell their oldest products first. For organizations, deciding between the LIFO (last-in, first-out) and FIFO (first-in, first-out) inventory accounting methods is essential. Selecting one of these approaches can have a big influence on operational effectiveness, tax obligations, and financial reporting. Making an informed choice that supports the […]
Its articles address a range of topics, from regulations to practice management. From career advice to tutorials on accounting software best practices, this blog is a go-to source for accounting tips, tricks, and guidance. With regular updates from the industry’s top voices, you’ll gain valuable insight into the accounting world. To make sure you don’t […]
Note that in some instances, they may also be called the four principles, but they are different from the more specific ten principles above. GAAP must always be followed by accountants and businesses when handling financial information. At no point can a company or financial team choose to ignore or modify any of the regulations.
Time […]