Use this step-by-step guide to restaurant accounting to make your bookkeeping tasks simple and accurate. We recommend monitoring prime costs on a weekly basis to track fluctuations in expenses and identify areas where you can cut unnecessary costs. A restaurant’s food costs can fluctuate based on many factors, including seasonality or natural disasters. Simplify accounting […]
By using an accounting system that’s part of an all-in-on back office solution and provides direct integration with your POS system, you gain a bird’s eye view of your business operations. The first step is to record and keep track of your restaurant’s financial transactions, including expenses, sales, and payments. Make a habit of tracking […]
US GAAP requires that all R&D is expensed, with specific exceptions for capitalized software costs and motion picture development. While IFRS also expenses research costs, IFRS allows the capitalization of development costs as accounting for research and development long as certain criteria are met. Whether a company reports under US GAAP vs IFRS can also […]
Content Who Pays NY State Tax? New York State Income Tax Brackets Who has to pay NYC personal income tax? Ranking Property Taxes on the 2023 State Business Tax Climate Index New York Paycheck Calculator Federal Policy Homepage If I live in New York but work in another state, am I taxed twice? Married Filing […]
Content BBB Rating & Accreditation Things Businesses Need in Their Accountants: Accounting and Bookkeeping Solutions Business Hours Best CPA’s Near Phoenix Arizona for Small Business, Bookkeeping & Tax Planning Sapphire Bookkeeping and Accounting in Glendale, Arizona provides affordable services for individuals and small businesses. They offer tax preparation, general bookkeeping, new business formation, payroll services, […]
The purpose of suspense account entries is to temporarily hold uncategorized transactions. Close the account after moving the entry to the correct permanent account. A suspense account is an account used to temporarily store transactions for which there is uncertainty about where they should be recorded. Once the accounting staff investigates and clarifies the purpose […]
On one hand, high retained earnings could indicate financial strength since it demonstrates a track record of profitability in previous years. On the other hand, it could be indicative Innovation Startup Accounting Training of a company that should consider paying more dividends to its shareholders. This, of course, depends on whether the company has been […]
Content Taxes (For Individuals Who Use Schedule C) Tax collection statistics Are You a Statutory Employee? Business Name Change Publication 535 – Additional Material Take Care of Your Employees How To Figure Cost of Goods Sold If you receive a below-market gift or demand loan and use the proceeds in your trade or business, you […]
Content What is work in process (WIP) inventory? Definition, formula and benefits Manufacturing costs Financial Accounting Accounting for Work in Progress Avoid hand-counting inventory The Struggles of Private Company Accounting That’s why it can be difficult to maintain the correct inventory levels without overstocking, and inadvertently increasing yourcarrying costs. Katana has been designed with a […]
It’s essential to be aware that net income can be manipulated slightly to produce certain results and make a company look like it’s doing very well or not so great. Never lie on a credit card application — even though the chance of an investigation is slim, being approved for a larger credit limit won’t […]