Category: Bookkeeping

Start by determining the direct labor hourly rate, including base pay, benefits, and payroll taxes. To find the wage rate, add the total value of benefits and payroll taxes and divide by the total number of hours worked in the relevant pay period. Other Direct Labor CalculationsOnce you’ve determined direct labor costs, you can use…

This How to leverage construction bookkeeping to streamline financial control causes mobilization costs from frequently moving equipment and people from site to site. Every job site needs to be tracked in terms of equipment and varying labor wage rates. Change orders often arise during construction, requiring real-time adjustments to project budgets. How can construction bookkeeping…

Explore the essential differences between bookkeeping and accounting for Canadian charities. This article clarifies the distinct roles each function plays in financial management, from daily transaction tracking to strategic analysis. Understand how both are crucial for transparency, compliance, and effective operation in non-profit organizations across Ontario and Toronto. Effective budgeting and cash flow management is…

You earn operating revenue from main business operations and activities, such as sales. You can also earn revenue from activities that aren’t directly related to your business (e.g., renting a building), called non-operating revenue. If so, read on to learn gl account examples all about the general ledger, including what it is, the types of…

Despite these differences, construction accounting still adheres to general accounting principles and requires accurate record-keeping, financial statements, and tax compliance. With accounting software, you simply enter the data and the software puts it where it needs to go. If you’re not the bookkeeping type, you may find bookkeeping tasks mundane and frustrating, but getting it…

You don’t need an accounting degree – just a few changes here and there can take your financial management light years ahead. Construction has a unique type of payment structure that includes retainage, Retainage is the amount of money that clients withhold until they are satisfied with a project. When you have multiple projects going…

State Department of Revenue websites often provide tools to determine the correct sales tax rate based on ZIP codes. Some states also offer downloadable tax rate charts or calculators to ensure businesses and individuals are charging or paying the correct amount. More online purchases are now subject to sales tax for consumers, even if the…

If it’s something you can attach at any time, you can wait to get these expensive items and avoid using your cash or interest on them until you need them. Determine whether extra reporting 529 plan withdrawals on your federal tax return personnel requires a significant reordering level and how quickly production can be ramped…

Because of this, horizontal analysis is important to investors and analysts. By conducting a horizontal analysis, you can tell what’s been driving an organization’s financial performance over the years and spot trends and growth patterns, line item by line item. Ultimately, horizontal analysis is used to identify trends over time—comparisons from Q1 to Q2, for…