Not sure what activities your overhead costs are going towards? With activity-based costing, product-focused businesses can get into the nitty-gritty details to better allocate expenses. That means you can more accurately analyze your spending—and price your products.
Read More Activity-based Costing (ABC) System: Finding Where Your Money GoesAccounting Articles
Accounting Tips, Training, and News
July 5, 2024
How to Post Journal Entries to the General Ledger
As a business owner, you juggle a number of tasks, including accounting. You’re responsible for creating journal entries after every transaction. But that’s not all. You also need to know how to post journal entries to the general ledger. Learn how here.
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June 5, 2024
How to Use Business Bank Statements [+ Example]
If you have a business bank account, you should regularly receive a paper or electronic statement. These business bank statements provide valuable information for managing your business finances.
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June 5, 2024
The Basics of Revenue in Small Business
Revenue is a vital part of your business. Your business needs revenue to survive. So, you must understand revenue. Below you will learn what revenue is, why revenue is important, how to calculate it, and how to increase it.
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June 5, 2024
What Is Adjusted Gross Income? How to Calculate AGI [With an Example]
As a small business owner, you have likely heard of the terms gross or net income. But, are you familiar with adjusted gross income? Learn what is adjusted gross income, how to calculate it, and uses for adjusted gross income below.
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June 5, 2024
Trade Name vs. Business Name: Do You Know the Difference?
One of the first things you do as a business owner is choose a business name. Your business can operate under your legal business name. Or, you can operate your company under a trade name. So, what’s the difference? Read on to learn more about business names vs. trade names and how they contrast.
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June 5, 2024
How to Conduct an Audit of Your Small Business
A nerve-wracking visit from the IRS isn’t the only type of audit out there. There are several audits you can—and should—conduct regularly. To do that, you need to know how to conduct an audit.
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May 21, 2024
Examples of Contingent Liabilities Your Small Business May Need to Record
You probably know your company’s liabilities, aka debts your business owes. But how often do you think about liabilities that you may or may not have, depending on the outcome of a future event?
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May 8, 2024
Assets vs. Liabilities: The Complete Breakdown
If you’re like many business owners, you know that you have to handle certain tasks, like purchasing items, taking on debt, or putting your own money into your business, to get your venture up and running. And when your company processes any type of transaction, whether it’s debt, purchases, etc., you have to record it […]
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May 8, 2024
Real Accounts: What to Know About These Permanent Accounts
In accounting, you deal with a variety of accounts to balance and organize your books. One type of account you will likely run into is a real account.
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