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When hiring for certain positions, you must ensure job applicants are well-versed in the qualifications for the role. For bookkeeping, accounting, and data analysis positions, Excel skills are vital. If you need a quick way to test applicants, use our free Excel test for interview

The prime cost is the total direct material and labor costs of producing a product or delivering a service. It helps you analyze how much these costs reduce your gross profit, making it easier to determine whether your expenses are within a healthy range. The formula

The Federal Insurance Contributions Act (FICA) tax generates funds for the Social Security and Medicare programs and is imposed on both employers and employees. The total tax rate is 15.3% of the employee’s gross earnings, where you and your workers each pay 6.2% for Social

Before implementing tip pooling in your restaurant, it’s important to completely understand what’s involved. Learn more about the practice, including applicable laws.

Self-employment tax consists of Social Security (12.4%) and Medicare (2.9%), for a total of 15.3%. It is assessed on income earned and must be paid even if you don’t receive a 1099-MISC for your services. If you’re a sole proprietor, freelancer, general partner, or independent

The I-9 form is used to verify a person’s eligibility to work in the US. Workers provide identification, and employers physically verify these documents to confirm the employee’s work eligibility.

360 feedback is a peer-to-peer feedback method that allows managers to view employees from the eyes of multiple reviewers. Learn the basics, how to conduct 360-degree reviews, and see how real companies put it into practice.

FTE stands for full-time equivalent and is used by businesses to calculate the total number of full-time hours worked within their business among all employees (both part-time and full-time). A full-time employee (working 30 to 40 hours per week) is equal to one FTE; a

Employee turnover rate is the percentage of employees that leave a company in a specific period, such as for the month, quarter, or year. The process for how to calculate employee turnover rate is fairly straightforward. Simply divide the number of employees that leave within

The accounts payable (A/P) turnover ratio is a liquidity measure that shows how fast a business pays its suppliers during a specific period. The A/P turnover formula is: Accounts Payable Turnover = Total Credit Purchases Average Accounts Payable Accounts Payable Turnover Ratio Calculator Generate A/P reports faster by using accounting software.

IRS Form 1099 is a series of forms used to report certain types of income that don’t come from a direct employer in the form of wages, salaries, tips, etc. Form 1099-NEC (nonemployee compensation) is the most common version, frequently used by small business owners. If

The inventory turnover ratio is an efficiency ratio that measures the number of times a company sells and replaces stock during a set period, generally one year. While you shouldn’t base decisions solely on it, a high inventory turnover is generally positive and means you