Bookkeeping 101

The employer’s share of Social Security taxes is recorded as an expense and as an additional current liability until the amounts are remitted. Grouping these expenses together on a balance sheet also provides management with an accurate idea of what percentage of the enterprise’s expenses are employment-related, and how that affects profitability. Electronically disburse bonuses, … Continue reading “What is payroll expense: Payroll Taxes, Costs, and Benefits Paid By Employers”

Zoho Expense is equipped with features specifically for the manufacturing industry. For instance, if your employee incurs separate expenses in the various stages of your manufacturing process, you can set up policy management for limits and reimbursement claims. Distribution accounting software will help your company streamline the quote-to-cash process and provide visibility into your order … Continue reading “Wholesale accounting: Accounting for Distribution Companies & Wholesale Distributor”

To ensure compliance with FSLA’s overtime regulations, the company should conduct an audit at least once yearly. Violating the rules could cost the company more than overtime payments. The policies should involve notifying employees in writing about the employer’s general salary and overtime pay obligations. Overtime also often refers to overtime pay, the compensation an … Continue reading “What is overtime: What is overtime”

The rate you get is generally determined based on your industry, transaction history, and stability of your business. In addition to conventional factoring arrangements, there are so-called “spot factoring” arrangements (which we will discuss more in the comparison section of this guide). In short, these are transactions where a factoring company buys a single invoice … Continue reading “What is invoice factoring: What is Invoice Factoring?”

For example, a retailer must pay rent and utility bills irrespective of sales. For any factory, the fix cost should be all the money paid on capitals and land. Such fixed costs as buying machines and land cannot be not changed no matter how much they produce or even not produce. Raw materials are one … Continue reading “What is fixed cost: Examples of fixed costs”

The goal of the FASB is to create and enhance financial accounting and reporting guidelines that will give investors and other users of financial records valuable information. The SEC recognizes FASB as the authority for setting accounting standards for public companies. Its main goal is to give public companies the ability to establish and improve the … Continue reading “What is fasb: What is the Financial Accounting Standards Board FASB?”

YThe Employer is required to submit the Certified Payroll Report to the main Contractor or Customer. 2022 has been a good year for certified jobs and there are no signs of slowing down. Learn why tracking salaried employees’ hours is a big deal, how to do it with ease, and how your business can benefit … Continue reading “What is certified payroll: Certified Payroll: Definition, Legal Requirements & Best Tools to Manage It”

I’ve been using Hiveage’s predecessor Curdbee for years, and Hiveage improves on Curdbee in every way. The interface is polished, fast, fluid and intuitive, and the amount of features available are pretty amazing. It will be my project management software for the foreseeable future, and the only one I recommend to clients and colleagues. Yes, … Continue reading “What is an invoice number: Invoice Number: Definition, Examples & Best Practices”

Colorado state law, for example, requires that employees receive paystubs from their employers at least once a month, which must list gross and net wages, as well as all deductions. A pay statement is a document that summarizes an employee’s gross pay, taxes and deductions, and net pay. It can be provided in printed format … Continue reading “What is a pay stub: What Is A Pay Stub & What Should It Include?”

Overall, Volopay is an ideal solution for businesses looking to streamline their business accounting processes. It provides an intuitive platform with powerful features that can help businesses to save time, money, and resources. In addition, Volopay’s system enables businesses to automate their payment processes. Companies can set up payment schedules, automate bank payments and reconcile … Continue reading “What are trade receivables: Trade Receivables: Importance, Formula & Types”