Unique Issues for Specific Businesses – Building-Construction Transactions As anyone who’s ever been a contractor or hired one knows, construction jobs take some time to complete. Since these jobs can run so long (months, even years), they sometimes call for some special accounting procedures. When a project won’t be completed during the accounting year in … Read more
Unique Issues for Specific Businesses – Small High-Tech Companies The technology industry lives by constant innovation. To the people on the outside, these advances seem instantaneous. The entrepreneurs and developers working within the highly competitive high-tech industry know the real story: what seems instant to the rest of us can take years and years of … Read more
Unique Issues for Specific Businesses – Accounting for Your Home-Based Business Virtually every new business and small-business owner out there conducts at least some business from home. Among these are true home-based businesses, meaning there is no other office or shop to work out of. When you work solely from home, it’s easy to forget … Read more
Unique Issues for Specific Businesses – Manufacturers Produce Special Transactions As you learned in Chapter 7, manufacturers have a lot more going on in the accounting department than do any other kinds of businesses. There are three different stages of inventory to deal with, and all sorts of extra things that go into figuring out … Read more
Unique Issues for Specific Businesses – Retail Is More Than Buying and Selling Retail businesses have a specific focus: they buy products from suppliers and resell them to customers. In addition to the standard journal entries used by service companies, retailers also deal with inventory and cost of goods sold. Like most product-based businesses, retailers … Read more
Unique Issues for Specific Businesses – Common and Not-So-Common Transactions Most of the time, for most companies, the everyday transactions look pretty much the same as everyone else’s. Revenues are earned, bills are paid, assets depreciate. The journal entries to record those basic transactions are the same for a one-man law firm as for a … Read more
More Ways Accounting Helps Your Business – Using Internal Audits to Your Advantage As soon as the word “audit” comes up, most people think IRS and start to sweat. Internal audits, though, are good things that can help you manage your company more efficiently and profitably. These are really just systematic ways you can verify … Read more
More Ways Accounting Helps Your Business – The Importance of Internal Controls Internal controls for a business are similar to checks and balances in the government; they are processes put in place to make sure things stay on the right track. Internal controls are useful for every business but are critical for companies with employees, … Read more
More Ways Accounting Helps Your Business – Management Accounting The biggest difference between financial accounting and management accounting is the intended user: financial accounting is used to inform people outside your company; management accounting is used only by insiders, to make critical business decisions. Where financial accounting looks at the big picture, management accounting concentrates … Read more
More Ways Accounting Helps Your Business – Financing Major Purchases When your company is in need of substantial assets, cash on hand typically won’t cover the bill. Luckily, many big assets come with seller financing attached, and since the asset itself will be used for collateral, your company’s credit position may be less of an … Read more
