Category Archives: Bookkeeping

Process costing involves the accumulation of costs for lengthy production runs involving products that are indistinguishable from each other. Costs are likely to be accumulated at the department level, and no lower within the organization. Job order costing is most appropriate when a company produces unique or customized products or services. It is suitable for […]

Running a business in Boulder is rewarding, but managing the financial side can be overwhelming. Miller Tax & Accounting, Inc. is a full service accounting firm offering a variety of accounting service for individuals and small businesses. The benefit of a small firm is that we have a close working relationship with our clients and […]

The accounts receivable aging report breaks down your outstanding invoices by how old they are. To create this report, you’ll group your accounts receivable balances by the age of each invoice. Because it highlights your company’s liquidity, the accounts receivable turnover can be a great tool for financial analysis that can help you gauge your […]

Founded in 1993, The Motley Fool is a financial services company dedicated to making the world smarter, happier, and richer. The Motley Fool reaches millions of people every month through our premium investing solutions, free guidance and market analysis on Fool.com, top-rated podcasts, and non-profit The Motley Fool Foundation. Although the two terms are connected, […]

These costs are necessary for production but not efficient to assign to individual product production. Examples of typical overhead costs are production facility electricity, warehouse rent, and depreciation of equipment. Direct materials are those materials used only in making the product and there is a clear, easily traceable connection between the material and the product. […]

Customer support includes 24/7 help from a virtual assistant (chat bot) as well as live phone and chat support during daytime hours, Monday through Saturday. Both include the basic reports you’d expect to find with accounting software, such as a balance sheet, a Profit & Loss report, a cash flow statement, etc. With QuickBooks Desktop, […]

Investors use salvage value to determine the fair price of an object, while business owners and tax preparers use it to deduct from their yearly tax liabilities. When salvage value changes, it may cause a change in the amount of depreciation expense you can deduct. If there is a decrease in the salvage value, depreciation […]

Sign up for accounting software to easily create and manage your opening balance equity account here. Learn how to enter and manage an opening balance for bank, credit card, and other types of accounts. The account transactions in a balance sheet must always cancel out at zero. In simple words, if a new post is […]

It is just about categorizing all of your transactions on a regular basis – say weekly or monthly. This way, you have defined categories that show where you are spending your money. A cash flow forecast is a tool you can use to better plan for the future. Here are some initial questions to ask […]

This will make it easier for analysts to comprehend exactly what your assets are and where they came from. Companies that report annually, like Tesla, often use December 31st as their reporting date, though they can choose any date. Below is an example of a balance sheet of Tesla for 2021 taken from the U.S. […]