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Most importantly, Plus will separate the cost of your ending inventory from COGS using first-in, first-out (FIFO). You’ll need to make this tedious calculation in a spreadsheet if you choose a lower-tier plan. QuickBooks Simple Start lets you process payroll for your employees when you sign up for QuickBooks Payroll, which requires a separate how…

But Xero’s reporting is more robust thanks to its detailed accounting features. FreshBooks’ unlimited time tracking feature and invoicing capabilities are better-suited for freelancers, independent contractors and other self-employed professionals. Choosing the right accounting software can ensure your small business manages its finances well. If you’re searching for the best accounting software, you might be…

Essential features are available in all FreshBooks plans, like invoicing, time tracking, expense tracking, online payments, and reporting. Xero is also gearing up to launch Just Ask Xero (JAX), a generative AI assistant designed to help businesses complete accounting tasks like creating invoices or paying bills. While details on pricing and a hard launch date…

Retained earnings represent a useful link between the income statement and the balance sheet, as they are recorded under shareholders’ equity, which connects the two statements. The purpose of retaining these earnings can be varied and includes buying new equipment and machines, spending on research and development, or other activities that could potentially generate growth…

These can include tax law changes or employee changes like benefit withholding updates. At the end of the day, with the sheer number of taxes, rules, and deadlines, payroll taxes can seem very intimidating. Luckily, however, in addition to getting a better understanding of how these taxes work, there are a handful of other actions…

Will you operate as a sole proprietorship, partnership, LLC, S corp, or C corp? This choice has significant implications for your tax obligations, so it’s not a decision to take lightly. Your business structure impacts how you file taxes, the rates you pay, and your personal liability. For example, as a sole proprietor, your business…

When filling out your template, remember to be realistic with your projections. Overestimating your revenues or underestimating your expenses can lead to inaccurate forecasts that damage your credibility with investors. Most experts recommend breaking down your expenses forecast by fixed and variable costs. Access your free financial projection template today by clicking here and start…

This method assumes that a construction company records costs and revenue after they finish the job rather than incrementally throughout the project. Decentralized production is a fundamental aspect of construction companies’ operational structure, where various project activities are dispersed across multiple locations. In the construction industry, projects are often executed at different sites simultaneously, each…