Improving sales is one of the most effective ways to increase your gross margin. This could be achieved by targeting new customers, up-selling to existing customers, or introducing new products or services. By streamlining processes with a data-driven approach, businesses can bolster their gross margin in terms of reducing costs and improving productivity levels overall. […]

There are two primary components of a government budget, namely – the capital budget and revenue budget. Capital budget accounts for the assets and liabilities under the government. Revenue budget, on the other hand, accounts for the total revenue generated and the expenses met through this revenue. Revenue is the total amount of income generated […]

While a working vehicle might have a market value that is more than just the sum of its parts, a junk car or truck is evaluated solely on parts. Either it has traveled its last mile, absorbed a devastating impact, suffered the violence of vandals or endured saturation from flooding. Also, an insurance adjustor may […]

Adjusting journal entries are recorded at month or year end during the time referred to as “closing” – when a company finalises its journal entries and closes its books for the accounting period. Month and year end closing is an important part of the accounting process because the books need to be closed before the […]

If these supplies are left unused for too long, they may become damaged or obsolete. Therefore, an adjusting entry is required, if not the value of the supplies account will be overstated on the balance sheet. Every business transaction with monetary value has to be accounted for in a business’s accounting books. In order to […]

Pilot is easy to use, it automatically connects to our accounts, and sends us monthly reports. I don’t spend more time on accounting and focus on other things. Without accrual-basis bookkeeping, you can’t account for certain financial situations, like inventory. You can’t keep accounts payable or receivable on your books because no cash has exchanged […]

These situations can occur for a variety of reasons including changes in project scope, unexpected delays, or discrepancies between progress and billing. While WIP accounting lays the foundation for financial transparency in construction, WIP reports offer a dynamic, real-time view of a project’s financial pulse. To differentiate between different financial periods, the WIP inventory value […]

Besides taxes, there may be other items taken from your paycheck depending on your employer and personal choices. For example, if you enroll in a health insurance plan through your employer, part or all of the premium may be taken from each paycheck. If you participate california income tax brackets in a retirement plan such […]

By regularly reviewing the master budget, businesses can gather data and insights that can be used to improve forecasting accuracy. This can help businesses make more informed decisions and avoid potential financial pitfalls. However, many businesses do not have dedicated financial staff or may not have the experience necessary to create an adequate budget. The […]