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Each year, the depreciation expense account is debited, expensing a portion of the asset for that year, while the accumulated depreciation account is credited for the same amount. As more depreciation is charged against the fixed assets, the amount of accumulated depreciation will increase over time, resulting in an even lower remaining book value. Accumulated […]

The budgeted income statement is useful for reporting all the earnings and expenses for a particular period, say a month, quarter, and year. If actual costs for the period were lower than budgeted costs, the company would be more profitable than expected. Management uses the budgeted income statement to track how well both departments and […]

It can be a simple yet invaluable means to arrive at more informed decisions on restocking. Understanding DSI is important in gauging a company’s liquidity, overall inventory health, and profitability. With a DSI calculation, you can compare your business performance against competitors, but also find out internal weaknesses that may need a new strategy to […]

If you’re running a small business or a startup, your budget is likely a primary concern, but you still need reliable tools to keep your finances in order. The good news is there are many excellent, affordable accounting automation options designed just for you. Typically, small business owners can expect to invest between $15 and […]