What is a Deposit in Transit? A deposit in transit refers to a payment that has been recorded in a company’s accounting books but hasn’t yet cleared the bank. This usually happens when a business deposits cash or checks near the end of a financial period, and the bank processes them later. These deposits appear […]
What is a Purchase Allowance? A purchase allowance is a price reduction that a seller grants to a buyer after a sale. This reduction generally happens due to minor defects, late delivery, or other issues with the product. Instead of returning the goods, the buyer keeps them at a discounted price, and the seller adjusts […]
Here’s How to Write HVAC Invoices Without the Guesswork We have a favorite pizza place (no names, please) that gets our order right every time. They know we want extra cheese, sauce, and fewer olives. The best part is that they clearly list what you are paying for. Now, imagine if your HVAC invoices worked […]
What is Sale-and-Leaseback Accounting? Sale-and-leaseback accounting refers to a financial transaction where a company sells an asset and then leases it back from the buyer. This allows the business to free up cash while using the assets. Under accounting rules, whether the transaction is recorded as a sale or a financing arrangement depends on lease […]
Why Is Business Internet More Expensive? Business internet costs more because it offers higher speeds, better reliability, and dedicated customer support than residential plans. It often includes Service Level Agreements (SLAs), ensuring guaranteed uptime and priority repairs. Businesses also require static IP addresses, better security, and symmetrical upload/download speeds, which adds to the cost. Pros of […]
How Can an Itemized Quote Help Construction Businesses? Last Saturday, we ordered a burger only to find out the fries were missing. We called the restaurant; they said we had to order fries separately. We got annoyed because we didn’t get a full meal, and we are sure you would be annoyed as well. In […]
How Every Business Can Take Advantage of Automated Financial Statements? Have you been part of a family BBQ lately? If not, let’s set up a scene. You are at a family BBQ, flipping burgers, when John approaches you and says, “Hey, how’s the business going”? “Oh, it’s going fine”. “I wanted to ask. I don’t […]
Is Renovation a Fixed Cost? Renovations are generally considered a variable or one-time capital expense, not a fixed cost. Fixed costs are consistent expenses like rent or insurance that stay the same regardless of business activity. Renovation costs, on the other hand, vary based on the scope, materials, and labor involved, making them unpredictable. However, […]
What You Need to Know About Revenue Forecasting Revenue forecasting is the process of predicting future income based on past sales data, market trends, and business growth projections. It helps companies make informed financial decisions, plan budgets, and set realistic goals. Why Revenue Forecasting is Important? Revenue forecasting is a crucial element of business planning, […]
Are You Spending Too Much? Here are Lawn Care Business Expenses You Need to Track Last Sunday, we went to a grocery store, just to grab milk. However, we walked out with $100 worth of cookies, chips, and other processed foods. We didn’t plan on spending this much, but had a “Let’s buy this […]
