Category: Bookkeeping

The COGM schedule gives a structured summary of everything tied together — total manufacturing costs with inventory change to arrive at the final price of goods completed. To calculate COGM, it is important to understand the components that make it up. Every business has fundamental elements that need to be calculated to determine the total cost incurred in the production process.… Continue reading Cost of Goods Manufactured COGM Formula, Calculation

Profitability and economic sustainability are essential in veterinary practices. A thriving balance sheet keeps HVAC Bookkeeping the clinic doors open, and supplies exam rooms and labs with state-of-the-art equipment to enhance patient care. Our clients and patients rely on us to stay in business, and that requires healthy finances. The AVMA—along with many other organizations—recommends… Continue reading VERTESS Answers: What’s the Value of My Veterinary Practice?

Sales tax is a consumption tax levied on the final sale of goods and services. In the United States, sales tax laws and rates are determined at the state level. States may authorise local jurisdictions to levy an additional tax over the base sales tax rates. Alaska doesn’t levy state sales taxes, either, but the… Continue reading Sales Tax Calculator: Price Before Tax, After Tax + More

The LIFO method was first introduced in the United States during the 1930s, a period marked by significant economic upheaval and inflation. It was developed as a response to the challenges businesses faced in accurately reflecting the cost of their inventory during times of fluctuating prices. The method gained legal recognition in the U.S. tax… Continue reading Inventory Valuation Methods: LIFO vs FIFO vs WAVCO

You’ll find that the cost savings flexibility and increased productivity make virtual assistants an invaluable asset to your accounting firm. A virtual assistant transforms how CPAs manage their practice operations while Accounting For Architects maintaining high service quality. These remote professionals provide specialized support that enables accounting firms to expand their capabilities without traditional overhead… Continue reading Remote Bookkeeping Jobs

The software is easy to use as it focuses on simplifying accounting for small business owners so they won’t require professional assistance. Kashoo gives you the customization you need with detailed reporting, a simple user interface, and all the functionality your accountant will love. If you just want to invoice, track your payments, and see… Continue reading Advanced Accounting

Outsourcing accounting functions to experienced professionals ensures compliance, accurate bookkeeping, and efficient tax management. A pharmacy must track salaries, taxes, benefits, and overtime to ensure proper payroll accounting. Lastly, US News reports that Eli Lilly reduced the price of Zepbound’s starter dose to $349 per month, with larger doses available for $499 per month through… Continue reading A Career in Pharmaceutical Accounting

For instance, if a service is provided in one month but payment is received in the following month, the revenue from that service would be recognized in the month the service was provided. The revenue recognition principle, a accounting basics cornerstone of accrual accounting, ensures that financial statements accurately reflect a company’s financial performance, irrespective… Continue reading Hall Accounting Company Business and Individual Accounting Services