The Role of the FASB Financial Accounting
One key aspect of FASB’s work is its collaboration with other national and international standard-setters. This includes the International Accounting Standards Board (IASB), which aims to develop a single set of high-quality, globally accepted accounting standards. Working together, these organizations help to promote consistency and comparability in financial reporting around the world. Another benefit of […]
What Is An S Corp?
The LLC doesn’t require a board of directors and allows members to control the company or assign it to a manager. So, why create an LLC if you are going to elect taxation as an S-corp? Remember that the LLC doesn’t have meeting requirements, has no board of directors, and is not limited in the […]
Profit Margin: How to Calculate It, What It Tells You
Learn financial statement modeling, DCF, M&A, LBO, Comps and Excel shortcuts. From our retail example, we can see how inventory and direct labor comprised the majority of Walmart’s total core expenses. When someone refers to profit margin, they are usually talking about the bottom line, or net profit margin. While net profit margin is important, […]
Building a Three-Statement Model
If your financial model allows you to make these changes and see the desired outcome, you’re sure to have created a robust Three statement financial model. Start by projecting revenue growth based on historical performance, market analysis, and industry trends. Then, estimate future costs of goods sold (COGS) and operating expenses, keeping in mind any […]
Building a Three-Statement Model
If your financial model allows you to make these changes and see the desired outcome, you’re sure to have created a robust Three statement financial model. Start by projecting revenue growth based on historical performance, market analysis, and industry trends. Then, estimate future costs of goods sold (COGS) and operating expenses, keeping in mind any […]
Retirees: Is It Time to Downsize, Even in This Real Estate Market?
It shouldn’t be used in isolation when you’re looking at the financial performance of your business but in conjunction with other metrics to give you a better idea of financial performance. If your business sells products or services in other regions such as Europe and Asia, any e-commerce revenue and brick and mortar sales, all […]
How to Calculate LIFO and FIFO: Accounting Methods for Determining COGS Cost of Goods Sold
Given that the cost of inventory is premised on the most recent purchases, these costs are highly likely to reflect the higher inflationary prices. Also, through matching lower cost inventory with revenue, the FIFO method can minimize a business’ tax liability when prices are declining. Generally speaking, FIFO is preferable in times of rising prices, […]
FIFO vs LIFO: How to Pick an Inventory Valuation Method
If a company uses a LIFO valuation when it files taxes, it must also use LIFO when it reports financial results to its shareholders, which lowers its net income. During inflationary times, supply prices increase over time, leaving the first ones to be the cheapest. Those are the ones that COGS considers first; thus, resulting […]
Bookkeeping Pricing Packages & Plans Bench Accounting
Bookkeeping is the process of keeping track of a business’s financial transactions. These services include recording what money comes into and flows out of a business, such as payments from customers and payments made to vendors. While bookkeepers used to keep track of this information in physical https://www.bookstime.com/ books, much of the process is now […]
Gioffre & Company, LLP Westchester NY CPA
As a top brand in boxing and martial arts gear, Hayabusa Fightwear is renowned for its elite-level products, trusted by professional fighters… Whether you’ve started a small business or are self-employed, bring your work to life with our helpful advice, tips and strategies. In these documents, transactions are recorded as a single entry rather than […]