It is perhaps one of the most important laws for employers to understand since it covers a wide variety of labor regulations. Salary and wage expenses directly impact a company’s profitability by reducing the net income. As an operating expense, it’s subtracted from revenue on the income statement, with higher expenses leading to lower profits […]
There are many different types of profits or losses which aren’t covered in the usual net income. For example, lottery winnings are considered part of comprehensive income for tax purposes, but they wouldn’t constitute regular earned income. The amount of net income will cause an increase in the stockholders’ equity account Retained Earnings, while a […]
The COA lays out all your assets and liabilities and provides a comprehensive picture of your business’s financial health. A startup accountant needs to manage financial data coming from multiple streams. Your chart of accounts is the main reference point for your financial position. What types of startups does Kruze Consulting usually work with? Payroll […]
That entry could be an employee’s salary or a budgeting item used to make an important financial decision. Or, ABC Inc. posted the following entry to record the above transaction in the Journal. These errors occur when the effect of one transaction offsets the effect of another and nullifies the final effect on the Trial […]
That entry could be an employee’s salary or a budgeting item used to make an important financial decision. Or, ABC Inc. posted the following entry to record the above transaction in the Journal. These errors occur when the effect of one transaction offsets the effect of another and nullifies the final effect on the Trial […]
Your change order system should track a potential change from the moment the issue is identified to the end (whether a change order was actually issued for the work or not). Contractors typically assign overhead costs to a project as a percentage of the total project cost. Therefore, incorrect calculation of overhead expenses can lead […]