Every dollar of contribution margin goes directly to paying for fixed costs; once all fixed costs have been paid for, every dollar of contribution margin contributes to profit. Examples of fixed costs are rent, employee salaries, insurance, and office supplies. A company must still pay its
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Read MoreThe reversing entry cancels out the adjusting enter by reversing it. In other words, on January 1 the bookkeeper records a debit to credit to the expense account and a debit to the accrual account. Then the expense can be recorded as usual by debiting expense
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Read MoreThe statement is divided into time periods that logically follow the company’s operations. The most common periodic division is monthly (for internal reporting), although certain companies may use a thirteen-period cycle. These periodic statements are aggregated into total values for quarterly and annual results. If your
Read MoreWhen all records show the same transactions, it strengthens the relationship between you and your vendors. Performing a bank reconciliation at the end of the month is valuable because it’s when the bank sends the company a statement summarizing the starting balance, transactions from the month,
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Read MoreThe word “incur” was eventually incorporated into accounting and finance in the 17th century. In this context, the term was used to describe the creation of an obligation or liability, such as a debt or expense. This term usage was an essential part of accounting because
Read MoreThe Securities and Exchange Commission (SEC), the United States’ regulator of its stock market, requires pro forma statements with any filing, registration, or proxy statement. They have articles governing the preparation of pro forma financial statements for public companies. These are Regulation S-X Article 11, and
Read MoreNothing provided shall constitute financial, tax, legal, or accounting advice or individually tailored investment advice. Good accounting processes are thankfully easy to accomplish with the right tools. And with the time-saving advantage of creating a seamless accounting system, these tools will easily fit into your business’s
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