Most companies dedicate the fourth quarter of a fiscal year to creating their annual budget. In addition, a company may have a 5-year rolling budget for capital expenditures. In this case a full year will be added to replace the year that has just ended. This 5-year rolling budget means that management will always have...Continue Reading

But if you plan on being the only user, you can download this small business accounting application anytime at no cost. If you’re using accounting software, the accounting cycle is automated, reducing the number of steps drastically. All financial transactions should have a journal entry, and a debit and credit in the ledger. Keep copies...Continue Reading

This approach eliminates the need for manual intervention, facilitates invoice tracking, and minimizes the occurrence of duplicate payments. Most duplicate payments are caused by a lack of communication between accounts payable and finance departments, or simply human error—but they can also occur intentionally. Automation minimizes the risk of human errors inherent in manual processes. By...Continue Reading

This approach eliminates the need for manual intervention, facilitates invoice tracking, and minimizes the occurrence of duplicate payments. Most duplicate payments are caused by a lack of communication between accounts payable and finance departments, or simply human error—but they can also occur intentionally. Automation minimizes the risk of human errors inherent in manual processes. By...Continue Reading

This resulting margin indicates the amount of money available with your business to pay for its fixed expenses and earn profit. The difference between fixed and variable costs has to do with their correlation to the production levels of a company. As we said earlier, variable costs have a direct relationship with production levels. Using...Continue Reading