Keeping costs low will inflate margins and ultimately drive more revenue for the company. Ordering the optimal number of products needed helps the company to keep its costs low and prevent dead stocks. The aim of calculating the Economic Order Quantity is to determine the number of inventory to be attached to each order at […]

If a company is constantly placing small orders to maintain a specific inventory level, the ordering costs are higher, and there is a need for additional storage space. If your business has complex ordering needs, the EOQ model could still be an efficient way to cut costs—but we’d recommend using inventory management software to calculate […]

The total annual requirement divided by the unit production costs will provide some insight on how many units should be ordered at once to avoid excessive ordering costs. If your business experiences consistent seasonality (where customer demand isn’t constant throughout the year), you can also adjust your EOQ formula to cover a shorter time period […]

It’s really important to know how much an item is going to cost before you purchase it. It’s not as easy as just looking at the price tag; sales tax must be calculated in order to determine the total cost. Sales tax rates are increasing, which makes the tax impact on a purchase more significant. […]

Louisiana has a 4.45% state sales tax as of 1 July 2018.[114] The state sales tax is not charged on unprepared food. There are also taxes on the parish (county) level and some on the city levels, Baton Rouge has a 5% sales tax.[115] Parishes may add local taxes up to 5%, while local jurisdictions […]

Avalara can automate your multi-state sales tax returns, let you know when you’ve triggered nexus, and more. Multiply the price of your item or service by the tax rate. If you have tax rate as a percentage, divide that number by 100 to get tax rate as a decimal. It is an indirect sales tax […]

Her managerial acumen is translating complex concepts into reality while maintaining a holistic perspective. Becky is committed to sharing her wealth of knowledge as the best-selling author of the “Accountant’s Social Media Handbook” and an avid blogger. Carol Campbell was named the IRS Return Preparer Office director in August 2012. As a director, she is […]

These funds cannot be used for general operating expenses or other programs unless the donor explicitly allows it. Keep in mind that financial reporting should be accurate and consistent and reflect the true nature of the organization’s operations. Nonprofits https://www.bookstime.com/ must abide by the laws concerning taxes, filing deadlines, and any other applicable regulations that […]

So embrace the right bookkeeping practices for continued business growth. You should also diligently categorize expenses related to content creation, equipment purchases, influencer marketing, and other business-related costs using accounting software. Seamlessly organize financial statements https://www.bookstime.com/ and donor data with nonprofit accounting software. If you’re a blogger or an influencer, one of the best things you […]

A turnover ratio of 4 indicates that your business collects average receivables four times per year or once per quarter. If your credit policy requires payment within 30 days, you might want your ratio to be closer to 12. Yes, accounts receivable turnover can be used as one of the metrics to assess a company’s […]