Author: David J Hoare MSA
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Returns, Allowances and Discounts in Accounting
In the revenue section of every income statement (profit and loss statement) is an adjustment group to sales. This group reflects the value related to the actual sale of the product or services.
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Inventory Management – Specific Identification Method
There are several methods used to manage and track inventory in retail. One of the most accurate inventory management tools is the specific identification method.
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Mixed Costs
Mixed costs are a more advanced business concept. Mixed costs refer to a combination of both a fixed and variable component. A common error made by most small business entrepreneurs is the misapplication of the formula. Many small business owners understand the textbook definition but rarely exercise the concept in reality.
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Use Phase Accounting in Construction – Part III (Walls & Flooring)
The primary goal of phase accounting is to break out the construction costs into distinct groups in order to assist management in identifying issues related to cost overruns or profitability.
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Information Technology – Economic Forces at Work
Have you ever wondered why technology is so expensive? Why does the technology repairman charge more per hour than what many attorneys charge? Why does it feel like you get nickeled and dimed to death with technology costs?
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Crowdfunding in Small Business
The process of collecting a large pool of investors, each contributing or investing a small amount of dollars for a highly focused project is referred to as crowdfunding.
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Mailbox Rule in Business
There is one tax rule that confuses business owners and it relates to the year-end practice of paying bills and receiving compensation for receivables. This is referred to as the ‘Mailbox Rule’. This is strictly a tax issue for cash basis taxpayers. I’m here to set the record straight!
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Substitution Principle in Business
There are a multitude of principles used in business, some are industry specific, others are functions of business. But there is one that is a general principle that is used across the board in all areas of business. It is called the ‘Substitution Principle’. It works just like the substitution principle in math that we…
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People, Process & Product – The Profit
Marcus Lemonis is the star of a TV series show called ‘The Profit’. He helps failing business turn around and become successful operations by fixing the three core elements of every business. He refers to these elements as the 3 P’s: People, Process and Product. It is an interesting show as it falls into the same arena…
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Real Estate Agent – Drawbacks and Delusions
The highest prized benefit of owning your own business is independence. You rely on your skills and have to report to no one but yourself. This is the allure of becoming a real estate agent.