Different Types of Operating Expenses
This asset, however, would be charged as an expense over the term of its useful life through depreciation and amortization. However, it can result in a significant amount of waste if not properly managed. To avoid becoming wasteful or irresponsible with company funds, here are some good reasons to keep track of your business expenses. […]
What is Retail Price and How to Calculate It
Competitive pricing refers to using competitors’ pricing data as a benchmark and purposely pricing your products below theirs. For example, for businesses in industries with highly similar products where price is the only differentiator, you may rely on price to win customers. Finding the best pricing strategy for your products is a balancing act. What […]
How to Process Restaurant Tips for Payroll
Payroll software should also help you manage restaurant employees’ benefits, such as health insurance, and retirement plans. Many platforms let you automatically deduct money from employees’ paychecks to pay for their portion of health insurance premiums. Employees should also be able to put a portion of each paycheck directly into a retirement account. In this […]
What is Commission? Understanding Commissions in Sales and Business
A professional advisor has a fiduciary responsibility to offer the investments that best serve the client’s interests. That said, a commission-based advisor may try to steer clients toward investment products that pay generous commissions as opposed to those that actually benefit the client. “We negotiated a sliding scale where the commission percentage adjusts based on […]
How the Accounts Payable Process Works in 6 Basic Steps
You might decide to set up a weekly, bi-weekly or monthly schedule, depending on the number of invoices you receive and your business’ cash flow. Compare the invoice to the purchase order and the receipt to ensure everything matches up. This process is known as a three-way match, and it helps prevent errors and fraud. […]
