Bookkeeping

Comprehensive Guide to Oil and Gas Accounting Practices

admin2025-01-15T09:42:58+01:00

When people sign on with us, they immediately get access to the right tools for their company. You no longer need to experiment to determine what works for your bookkeeping or test our various programs for tax planning. Because we are a high-level tax and accounting firm, we have access to the  latest software and tools. Sharing energy and resources news, research, events, and more Oil and gas companies need to adhere to specific regulatory and tax reporting requirements, and virtual...

Manufacturing cost accounting definition

admin2024-05-02T00:42:29+02:00

Here are brief explanations of some fundamental terms you’ll need to know to succeed. This approach is primarily beneficial for manufacturers who produce a relatively low number of unique products. For example, a manufacturer of made-to-order furniture would likely employ job costing. The last-in-first-out (LIFO) inventory valuation method is the opposite of the FIFO approach. Fortunately, you don’t necessarily have to hire an accountant full-time for your manufacturing business at first. Optimizing manufacturing accounting is the key to unlocking...

Gross vs Net Income: How To Calculate and Why It Matters for Business

admin2025-01-17T22:07:22+01:00

If, for example, you earn a gross salary of $52,000 a year, and your company pays you on a weekly basis, your gross income is $1,000 a week. Discounts also play a role—gross price includes the base amount, while net price reflects what you actually pay after promotions or fees. It influences pricing strategies, as understanding customer profitability requires analyzing net figures. Whether it’s your salary, revenue, or even weight, knowing the difference between net and gross is more than...