Author: David J Hoare MSA
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Exempt and Non-Exempt Employees
The Federal Labor Standards Act of 1938 sets the standards as it relates to Exempt and Non-Exempt employees and their associated compensation and work standards. The Labor Standards Act is located in Chapter 20 Section 201 of the Federal Code. This Act is applicable to those small business operations with more than $500,000 of annual revenues…
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Realized and Unrealized Gains or Losses
When a product or investment is sold, the seller must realize a gain or loss from the transaction. The actual sale or transaction will trigger the gain or loss realized. In effect, the receipt of cash sets the threshold for a ‘REALIZED’ amount. Unrealized gains or losses are potential i.e. on paper transactions.
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Point of Sale System – Introduction
Almost all retail based operations require a Point of Sale (POS) System to properly record the customer and product activity. What is a Point of Sale System?
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Estate Tax – The Basics
Even after death, your heirs may still have to file a separate tax return for you with the Internal Revenue Service. If your accumulated wealth is greater than $5.25 Million, then your executor must file Form 706 – The Estate Tax Return.
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Chart of Accounts – Layout
The goal of accounting is to record the economic activity of the business. This is achieved by entering each economic transaction into a set of books. The books are formatted to reflect the balance sheet and income statement items. The chart of accounts is designed to present the information in the prescribed format.
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Flake Cereal – The Story of Will Keith Kellogg
As with many of life’s great success stories, an accident invents a new method or product. In addition, a lie generates huge amounts of wealth for the inventor. It was no different for Will Keith Kellogg (WK)
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Insurance – Introduction to Business Insurance
Insurance is a risk reduction tool used in our private and business lives. It is founded on the basic premise that a large group of individuals will cover a catastrophic event for one of the members sometime in the future.
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Deferred (Unearned) Revenue – Definition and Accounting Procedures
Deferred or unearned revenue is an advance payment made by a customer for a product or service that has not yet been rendered (delivered).
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The Three Best Methods of Marketing
The three best methods of marketing include education, referrals and involvement. Unlike advertising, marketing is a human contact sport. If you truly want to expand operations, there are no other more effective methods than educating the customer, getting referrals and getting involved with the customer.
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The Key Man
One of the most misunderstood principles of business deals with the one or few individuals in a small business operation who are critical to operations. This individual is referred to as the Key Man. The best example is that of the primary wage earner in the family unit.