Homebase is an all-in-one employee scheduling, time tracking, and HR solution for small businesses. It offers labor forecasting, time off requests and restrictions, break and overtime tracking, a time clock, and an online scheduler. What differentiates it from other providers is its free unlimited scheduling plan for businesses with a single location and its HR/hiring…
How to Find a QuickBooks ProAdvisor
A QuickBooks ProAdvisor is a bookkeeper, accountant, or certified public accountant (CPA) who has been trained, tested, and certified by Intuit. By mastering a series of exams successfully, these professionals can assist QuickBooks clients and their employees with navigating and leveraging the software to the best of its ability. These exams demonstrate proficiency with one…
How to Run a Profit and Loss Report or Income Statement in QuickBooks Online
This tutorial provides the steps to run a QuickBooks Profit and Loss Report, often referred to as an Income Statement. The Profit and Loss Report is an essential financial statement that shows your business’s income and expenses for a specified period of time. We’re glad you’re learning QuickBooks Online, our best overall pick for small…
Top 9 Bookkeeping and Accounting Tips for Small Business Owners
As a small business owner, it is critical that you are involved in the financial management of your business. Here are my top nine bookkeeping and accounting tips to keep things simple and to help you understand how accounting information can increase the success of your business. Why Bookkeeping Is Important Bookkeeping is more than…
What Is Accounts Receivable? Definition & Examples
Accounts receivable (A/R) are created when a business provides goods or services to a customer who agrees to pay for them at a later time. The A/R amount typically is shown on the balance sheet as a current asset and is used as part of accrual basis accounting. Any business that uses A/R will need…
Best 8 Time Tracking Software for Small Businesses 2020
The best time tracking software for your business will depend on whether you are looking to ensure accurate payroll for hourly employees to assign accurate labor costs to jobs or both. We’ve narrowed down your choices to eight great software options that also come with quality time tracking apps. : Best overall time tracking software…
Days Payable Outstanding (DPO): Formula, Examples & Calculation
Days payable outstanding (DPO) measures the number of average days from when a company purchases inventory and materials until the supplier is paid. The DPO calculation divides average accounts payable by annual cost of goods sold times 365 days. A higher DPO indicates that the company is taking longer to pay its suppliers. Accounting software…
Inventory Aging Report and How to Calculate: The Ultimate Guide
An inventory aging report is a list of the items on hand grouped by the length of time in inventory. It’s used to identify slow moving inventory plus the additional costs to store and maintain these products until they are sold. If you use accounting software, you’ve got a few options for creating the report….
Inventory Turnover Ratio: Definition, Formula & What It Means
The inventory turnover ratio is an efficiency ratio that measures how quickly inventory is turned into sales. A high inventory turnover is generally positive and means a company has good inventory control while a low ratio typically indicates the opposite. There are exceptions to this rule that we also cover in this article. If you…
Inventory Accounting: Definition, Methods & Examples
Inventory accounting is valuing and tracking fluctuations in inventory assets. The three primary inventory costing methods are average cost, last-in, first-out (LIFO), and first-in, first-out (FIFO). Businesses using manual bookkeeping systems should use the average cost method. However, businesses with nonperishable products should use LIFO, while FIFO is right for businesses that carry perishable items….
FIFO vs LIFO: Differences & Which Is Right for Your Business?
First-in, first-out (FIFO) and last-in, first-out (LIFO) are costing methods used to value ending inventory and the cost of goods sold. The differences between FIFO vs LIFO are simple. FIFO assumes the first items sold are the first ones added to inventory. With LIFO, the first items sold are the last items put into inventory….
Accounts Payable Turnover Ratio: Definition, Formula & Free Template
The accounts payable (A/P) turnover ratio measures how fast a business pays its suppliers. The ratio is calculated by dividing total supplier purchases by the average accounts payable balance for the period. It can be used to identify payment issues, and it gives creditors a sense of your payment history with vendors. If you use…