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Published on April 10, 2023 by Billwaze

FIFO vs LIFO – What They Are, and Why They Matter?

We looked in a previous article at the methods used to calculate Cost of Good Sold. FIFO and LIFO are two ways of determining that cost. FIFO (First In, First Out) calculates Cost of Goods Sold on the basis that a business’s oldest inventory items are sold first. LIFO (Last In, First Out) on the […]

Published on April 10, 2023 by Billwaze

What are Retained Earnings and How are they Calculated?

The first step in calculating retained earnings is to subtract a business’s liabilities from its assets to determine stockholder equity. Next, on the balance sheet find the common stock line item and subtract this figure from the shareholder equity (this assumes that the common stock and retained earnings are the only two items in your […]

Published on April 10, 2023 by Billwaze

Profit & Loss Statements

Understanding your profitability is absolutely vital if you are to make good business decisions. A profit & loss statement will help you to determine whether your revenue is greater than your expenses, and thus whether you are making a profit or a loss. There are three main sections to a profit & loss statement – […]

Published on April 10, 2023 by Billwaze

Calculating Manufacturing Overhead Costs

Manufacturing overhead costs are all the indirect factory expenses associated with the manufacture of a product. Calculating manufacturing overhead involves adding together costs such as indirect materials, plant repair, indirect labor costs, insurance, factory supplies, depreciation, utilities. Manufacturing overhead is sometimes referred to as factory overheads or manufacturing support costs. Whichever term you hear, it’s […]

Published on April 10, 2023 by Billwaze

4 Tips for MSP Invoicing and Getting Paid Faster!

It’s all too easy to think that your clients and clients don’t want to receive your invoices. But in fact, if you invoice right your clients will actually be glad to get them. After all, a clear, professional invoice makes it easy to see how much is owed, for what services, and how it can […]

Published on April 10, 2023 by Billwaze

6 Great Ways to Build a Freelancer Client Base

According to a 2016 survey by Upwork, the number of freelancers in the US had risen by more than two million since a similar survey just two years before. Upwork’s Freelancing in America survey revealed that more than one third of the workforce – 55 million workers – operated as freelancers. Hardly surprising given some […]

Published on April 10, 2023 by Billwaze

Invoicing for Consultants

Keeping a record of your billable hours and issuing invoices to your clients is a fundamental part of operating a consultancy business. Ensuring that you know exactly how much each client owes, and billing them regularly, will ensure you get paid the correct amount in a timely manner. How to Invoice Your Consultancy Clients   […]

Published on April 10, 2023 by Billwaze

What is Bank Reconciliation and How does it Work?

Bank reconciliation is the process whereby you match your bank statement to corresponding entries on your balance sheet. Identifying any discrepancies will help you to correct your accounting records, and spot potentially fraudulent transactions. How do You do a Bank Reconciliation?   Bank reconciliation is a comparison of your account balance as reported by your […]

Published on April 10, 2023 by Billwaze

Need Fresh Capital? Here are 5 Great Ways For Small Business to Find and Attract Investors

So you’ve decided to start a small business? It’s an exciting time and it’s going to require all your commitment to make it a success. But remember that it doesn’t have to be funded solely by you, or by way of a bank loan. If you want to ease some of the financial strain of […]

Published on April 10, 2023 by Billwaze

Calculating Markup for Small Businesses

For any small business owner, success comes from generating a profit. And generating a profit requires you to set fair prices that more than cover all the costs involved in manufacturing or purchasing the products you sell. Calculating your ideal selling price requires you to understand the true costs involved in purchasing or manufacturing your […]