Category Archives: Bookkeeping

Accrued Bills Examples: What They’re And Tips On How To Handle Them

So accrued bills are a payable account that might be a legal responsibility on your stability sheet. The answer is pay as you go bills, and they’re really extra widespread than you assume. Auditors often verify whether or not bills have been properly accrued by reviewing contracts, payroll records, and invoices received after the reporting […]

The Complete Guide to 2025 Small Business Tax Deductions

You are a performing artist and are being reimbursed under a nonaccountable plan. Your employer will include the $12,000 on your Form W-2 as if it were wages. If you want to deduct your business expenses, you must complete Form 2106 and itemize your deductions. Your employer sends you on a 5-day business trip to […]

Cost of Conversion: Cost of Conversion Components and Calculation for Manufacturing Inventory

For a production manager, these costs are vital for identifying areas of waste and potential improvements in the manufacturing cycle. Meanwhile, investors and analysts view conversion costs as an indicator of a company’s operational health and profitability. Overhead costs, also known as indirect costs, are incurred by a business to maintain its operations but cannot […]

Demystifying Construction-in-Progress Accounting

These entries account for ongoing expenses related to HVAC materials and labor. By prioritizing the management of WIP, contractors can enhance productivity, increase client satisfaction, minimize delays, and ultimately achieve successful project outcomes. WIP is commonly used in the construction sector to refer to continuing projects and work that have yet to be completed. It […]