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7 Ways to Make Sure Your Variable Expenses Don't Sink Your Budget

When creating a budget for your small business ... costs in one of two ways: Operating costs: These include utilities, automobile usage expenses like gasoline, office supplies and professional service... read more

How to Calculate the Cost of Goods

Cost of goods sold is the amount of money a company pays for ... McBride, Carter. "How to Calculate the Cost of Goods." Small Business -, ... read more

Financial Clarity at Last: How to Reboot Your Chart of Accounts Structure in 7 Steps

“The labor in cost of goods sold looks crazy ... Thoughtfully spread out your account numbers to leave room for growth. For example, if the main Business Checking account is 10000, the Payroll ... read more

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Does Cost of Goods Sold Include Labor Taxes?

You can factor in labor cost, which includes taxes, when calculating cost of goods sold if it’s part of your manufacturing expense. Costs of goods sold pertain to businesses that sell products, such a... read more

How to Calculate Goods Sold in a Retail Business

For a retail business, cost of goods sold ... start of the period for which you want to discover the cost of goods sold. The accounting department should have this information. You may want to calcula... read more

Everything you need to know about VAT as an SME owner

Let’s start out by getting the low-down on what VAT stands for… VAT or Value added tax, as it is also known, is a tax which is charged when a VAT registered business sells goods or ... that the cost o... read more

Build a Better Budget in 2019: Six Tips for Eliminating Unnecessary Company Expenses

Are you in the business bad habit of not canceling "trial" subscriptions? If so, you've been paying every month since your 30-day opt ... at billable hours, calculating an average cost rate and applyi... read more

If You Don’t Know Your Company’s Inventory Turnover Ratio, You’re in Trouble

If you’re in an inventory-based business, managing your inventory efficiently ... Often, the ratio is calculated as: Inventory turnover = Net sales / Inventory Sometimes it is calculated as: Inventory ... read more

Tariffs and the Trade War: How to Survive as an Amazon Seller Caught in the Crossfire

While Trump’s long-term mission may bode well for U.S. business -- that's yet to be determined -- the short-term effects of a 10 percent increase to cost of goods sold (COGS ... Try using the promise ... read more

How to Determine the Balance in the Finished Goods Inventory Account

Calculating the finished ... a total of 75,000 units to sell. If you sold 45,000 units, your ending number is 30,000 units in finished goods. Multiply the number of units in finished goods inventory b... read more

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