Category: Bookkeeping

One of the biggest disadvantages of a multi step income statement is the labor-intensive efforts for the appropriate maintenance. Whether you own a manufacturing or product-based business, creditors use it to evaluate the credit-repaying ability of the company. Professional accounts payable services play a crucial role in accurately tracking such expenses. Contrary to operating costs,… Continue reading Multi-Step vs Single-Step Income Statement: Key Differences, Format, and Excel Examples

Some businesses will want to retain direct management of debtor relations, while others prefer to outsource it. Most companies will have an online application form that you simply need to fill out and send off for approval. Business marketing efforts tend to take a backseat to other high-priority internal projects. However, effectively marketing your business… Continue reading Invoice Financing What Is It, Types, Examples, Vs Factoring

Before the split, 1,000 shares at $80 each totaled $80,000; after the split, 2,000 shares at $40 each still totals $80,000. State laws often require that a corporation is to record and report separately the par amount of issued shares from the amount received that was greater than the par amount. The actual amount received… Continue reading Stock Splits And Stock Dividends

Purchase returns and allowances refer to the transactions in which a buyer requests to return merchandise to the seller or receives a reduction in the purchase price. When it returns these goods to the supplier, the accounting entries may differ. However, companies do not record this transaction since it results in a net effect of… Continue reading Purchase Returns and Allowances: Understanding Purchase Returns and Allowances in COGS Calculation

They also conduct audits, ensuring the hotel complies with internal controls and regulatory standards. Plus, they play a crucial role in determining the overall financial health of the hotel by providing actionable insights from financial data. As your portfolio grows, so do your financial responsibilities and the need for precise and timely accounting. Equipped with… Continue reading Hotel accounting: Why is it crucial for the hotel sector?

Don’t forget to include compensation information (salary, annual bonuses, holidays, overtime payment, etc.). Finally, to avoid conflicts and litigations, it is recommended to consult an employment lawyer before submitting the contract for signing. We offer recruiters, human resources departments and small businesses some help with our array of free employment contract templates, making it easy… Continue reading Employment Contract Template: What to Include & Who Needs It

Total Manufacturing Cost (TMC) refers to the overall money spent on the production activities for processing the raw material into finished goods in a given period (quarter or year). It involves three significant expenses, i.e., direct material cost, direct labor cost, and factory or manufacturing overheads. To calculate total manufacturing cost, add your direct material… Continue reading Total Manufacturing Cost: Formula, Guide, How to Calculate

It lets you automate manual or repetitive tasks and gives you back more time to focus on running your business. Let’s take a look at three great accounting tools that you can connect with Hostfully or other PMPs for a more centralized property management experience. Hostfully is an award-winning company with an expert team that… Continue reading Top 6 Airbnb Accounting Software Solutions