Most businesses simply record the cost of the products sold, but construction companies are quite different. Each job incurs direct and indirect costs that may fall into a wide range of categories. It’s essential that contractors have an effective method for keeping track of income and expenses, and for reconciling every transaction. Consider the cost…

By meticulously documenting the inventory counting processes and results, businesses can demonstrate their commitment to accuracy, transparency, and meeting regulatory requirements. By reconciling the physical count with recorded inventory levels, businesses can pinpoint any unaccounted-for discrepancies, shedding light on areas where pilferage or damage may have occurred. TranZact is a team of IIT & IIM…

To determine how our bookkeeping services can best help you run your business, we will start by thoroughly assessing your needs and then designing a system that can grow alongside your company. Every client’s needs are different, so we pride ourselves on being able to set up customized bookkeeping services that are tailored specifically to…

Connected accounting, expense management, payments, and payroll in one place. Your identification code will be sent to the email or mobile phone currently listed in contra asset account your account. One of the most straightforward accounting software I have used. I appreciate how it tracks clients/customers, tracks payments, and keeps running calculations of what is…

Starting in year 3 you will receive 5 yearly payments on January 1 for $10,000. You want to know the present value of that cash flow if your alternative expected rate of return is 3.48% per year. Calculation Using a PV of 1 TableAs the timeline indicates, we know the future value is $1,000 and…

In this section, we will summarize the main points of this blog and provide some key takeaways for readers. By understanding cash inflows and outflows from investing activities, I can gauge whether a company is making strategic investments for future growth or liquidating assets to restructure. investing activities Evaluating these activities in conjunction with operating…

That is, gifts for the purpose of life income agreements are not federally deductible at their full value. Your fundraising appeal is your organization’s request for donations to support your mission. An appeal explains your cause, shows its impact, and creates a sense of urgency for your donors. This type of giving refers to annually…

This method results in greater depreciation in the earlier years of an asset’s useful life and less in the later years. One of the main financial statements (along with the balance sheet, the statement of cash flows, and the statement of stockholders’ equity). The income statement is also referred to as the profit and loss…