Units of production is a popular depreciation method that allows businesses to allocate the cost of a fixed asset based upon its use. Common in manufacturing, the units of production rate is calculated by dividing the equipment’s depreciable cost by its expected lifetime production. Multiplying this rate by the asset’s output for the year gives…
How To
How to Manage Millennials in the Workplace: 7 Top Tips
Millennials, born from the early 1980s through the mid-1990s, are known for their fluency with digital technology and active use of social media to connect with others. They grew up during a time of rapid technological advancements, globalization, and social change. As the largest generational cohort in the workforce, millennials are known for their unique…
How to Buy & Manage a Vacation Rental Property in 9 Steps
Buying a vacation rental property is an incredible way to invest in real estate, offset homeownership expenses, and enjoy your favorite vacation spot as a second home. These properties can generate high rents, but they are often seasonal and have additional operating and maintenance costs. Learning how to buy vacation rental property will require in-depth…
How to Write a Graphic Designer Job Description [+ Template]
A graphic designer job description is an internal HR document that describes the position’s requirements and responsibilities. When done correctly, you can quickly turn it into a job ad. Because a graphic designer plays a central role in shaping the visual identity of a brand, it is important to outline the specific skills and qualifications…
How To Fill Out Form 2553 for S-corps and LLCs
We’ll walk you through filling out Form 2553, which businesses and other eligible entities use to elect to pay taxes as an S corporation (S-corp). To make this election, you’ll have to fill out a four-page, four-part form. Once completed, you’ll be notified roughly 60 days after you filed whether your election was accepted or…
How to Create a Big Cartel Online Store in 6 Steps
Learning how to use Big Cartel to sell your products is simple and easy. Just sign up for an account, add products, set up shipping and payment information, and customize your website. You can start marketing and selling to customers after you launch your store. What I like about Big Cartel is that it offers…
How to Buy a Preforeclosure Home in 8 Steps
Preforeclosure houses typically occur when a homeowner falls behind on mortgage payments, which results in loan default. During preforeclosure, the homeowner can either sell the property or pay the outstanding balance on the loan. This allows an investor to buy a preforeclosure property below market value. To learn how to buy a preforeclosure home, follow…
How to Organize Inventory for Small Businesses in 9 Steps
Inventory management is the process of having the right products, in the right quantities, at the right time to sell to customers. Accurately managing inventory can increase revenue by preventing stockouts, excess inventory, and unsold products. While I have seen it done manually, the easier and more reliable solution for managing inventory is to use…