The CRA requires businesses that produce, purchase, or sell merchandise for income to calculate the cost of their inventory. Depending on the business’s size, type of business license, and inventory valuation, the CRA may require a specific inventory costing method. However, once a business chooses a costing method, it should remain consistent with that method year over […]
Even though some projects have higher net present values, they might not have the highest profitability index. Profitability index helps businesses assess their ability to make money and this is what makes it one of the most important metrics for estimating profits over a period efficiently. However, even if the PI is widely used for […]
Generally speaking, this means that your income is divided into portions called tax brackets, and each portion is taxed at a specific tax rate. High earners pay more in taxes, as portions of their income are subject to higher tax rates. Typically, you don’t need to manually calculate your withholding tax. The IRS has taken […]
In the long term, consider having a bookkeeper take a look at your books once a week or once a month, depending on your trading volume, to keep everything up to date and ensure it’s all correct. Founded in 2006, Xero is an online software tool https://www.bookstime.com/ perfect for bookkeepers, accountants, and small companies. Xero […]
That’s what the “unbalanced account” on the bottom right of the page serves for. Need to create invoices, manage inventory, create financial reports, track payments, manage dropshipping? Our program is specifically built for you, to easily manage and oversee the finances of your business. No business owner has time to write down all of their […]
It involves using software with specialized features to reduce human error and create more efficiencies throughout the AP workflow. The procurement team plays an integral part in many businesses, managing the purchase of goods and services from vendors. Receivables represent funds owed to the firm for services rendered and are booked as an asset. Accounts […]
