Bookkeeping

If we don’t expect to hire any new employees, it doesn’t make sense to use a percentage of revenue to forecast salary costs. Once we’ve converted all costs into a percentage of revenue, we simply multiply each one by the forecasted revenue to get our costs for the pro forma. Creating your pro forma is […]

Many businesses collect payments before delivering a product or service. Companies across industries, from retail and software to professional services, handle unearned revenue daily. Subscription-based companies rely on unearned income to maintain steady cash flow and invest in product improvements. This type of revenue is common in subscription-based businesses, SaaS companies, insurance providers, and prepaid

If you do not use TurboTax to prepare income taxes, you can use the figures on a printed report from TurboTax ItsDeductible. When you itemize your deductions, you can include not only charitable contributions, but also real estate taxes, mortgage interest, and medical expenses, among others. This article is part of BizTaxFacts, our Business Tax

While many funders and donors focus on program expenses, sustainable nonprofit organizations need appropriate investment in core operations. To ensure that all expenses are accounted for, it is helpful to create a budget template that can be used on an annual or monthly basis. This template should include line items for all of the above

It is a secure, reliable and cost-effective way to transfer funds between institutions. Implementing Electronic Payments will help streamline your financial transactions, decrease processing times, and ensure timely payments. According to Investopedia, at least 50% of small businesses encounter check fraud of some kind. In 2004, for example, an accountant stole more than $3 million

Audits help uncover any counting errors, theft, damage, obsolescence issues, or other problems causing differences between booked LIFO reserve levels and actual inventory. Discrepancies identified can then be addressed through LIFO reserve adjustments. More frequent cycle counts focused on high-value SKUs also contribute to improved precision of LIFO figures between full audits. Maintaining accurate inventory

The other is to identify potential over-expenditures before they occur by verifying whether the budget has sufficient funds to cover the actual and hidden costs. Basically, any situation where an organization knows it will owe money but hasn’t disbursed it yet can be a prime situation for encumbrance accounting. It’s not a prepaid expense, as

However, if your taxable income exceeds this threshold, you’ll need to refer to the detailed California income tax brackets for 2025. California has some of the highest income taxes in the country, with rates ranging from 1 percent to 12.3 percent for income earned in 2024, reported on tax returns due in 2025. California has