Bookkeeping

How to Create a Lasting Business Budget in 7 Steps

admin2025-04-02T08:50:57+00:00 In this approach, senior management defines the overall project budget, which is then distributed among teams and tasks. The focus is on ensuring strategic alignment with organizational goals. Once you have a clearer understanding of the costs, the next step is to structure Accounting...

What is an Invoice Number? A Beginner’s Guide

admin2025-03-13T11:36:58+00:00 Critical documents like invoices impaired by errors reflect poorly on a company’s image and allow dishonest customers to evade payment. By adhering to the provided suggestions, businesses can navigate away from these challenges and ensure accurate and professional invoicing practices. Assigning invoice numbers helps tax...

Outputting the Cash Flow Statement Indirect method

admin2025-04-01T23:40:31+00:00If you use accounting software, it can create cash flow statements based on the information you’ve already entered in the general ledger. To convert the accrual based cost of goods sold figure from the income statement to a cash paid basis the business needs to...

Difference between Fixed Cost and Variable Cost: Meaning, Examples

admin2025-03-19T11:18:26+00:00 If your income decreases, you must make massive cuts to your spending. If income increases, you should start moving most of the money to fixed vs variable costs savings and investments. As your business grows, monitoring these costs ensures your profits grow proportionally. Difference between Fixed...