When employees work overtime, their pay rate is 1.5 times their regular hourly rate. The specifics of overtime, including eligibility and rates, are governed by legal regulations in each country, designed to protect workers' rights. However, it's important to note that not all employees are eligible for overtime pay; exemptions often apply based on job [...]

Our team can help integrate and manage your bookkeeping software, enhancing your business efficiency. Improve your cash flow and eliminate late payment worries with our efficient accounts receivable service. Construction accounting in Orange County companies rely on our bookkeeping services to manage their finances, comply with tax laws, and make accurate business decisions. Orange County [...]

Remember, the key takeaway from this example is that, while the number of shares outstanding and the par value per share change, the total equity of Prestige Corp. remains the same. The stock split simply divides the equity pie into more, smaller slices without altering the total value of the pie. If the event is [...]

Unlike variable costs, which are subject to fluctuations depending on production output, there is no or minimal correlation between output and total fixed costs. Fixed Cost (FC) refers to the essential expenses that remain constant regardless of the production or sales volume. These costs are incurred by a company to ensure its day-to-day operations, and [...]

You did not elect a section 179 deduction and the property is not qualified property for purposes of claiming a special depreciation allowance, so your property's unadjusted basis is its cost, $10,000. You use GDS and the half-year convention to figure your depreciation. You refer to the MACRS Percentage Table Guide in Appendix A and [...]

So, if the sales construction bookkeeping of a construction business surpass the said amount, accountants have to use another method for tax purposes. Revenue recognition is how construction contractors collect financial means for their business. At any rate, all this information proves that construction contracts have long production cycles that often last for longer than [...]

In summary, financial reporting and analysis are critical for construction companies to understand their financial position and make informed decisions. By creating accurate financial statements, managing cash flow effectively, and budgeting and forecasting, construction companies can achieve financial success and grow their business. Accurate reporting in accountancy is crucial for the construction industry as it [...]

When the NPV is positive, the project is considered financially viable; when negative, it's not. Let's consider an investment project with an initial cost of $100,000 and expected cash inflows of $30,000 per year for five years. By discounting these cash flows at different rates, we can construct the NPV Profile. For instance, at a [...]

With a book value of $73,000, there is now only $56,000 left to depreciate over seven years, or $8,000 per year. That boosts income by $1,000 while making the balance sheet stronger by the same amount each year. The market value of the asset may increase or decrease during the useful life of the asset. [...]

Switch between automatic and manual billing whenever you want. Your customers can pay the invoices you send them instantly by credit card, secure bank payment (ACH/EFT), or Apple Pay. And by enabling Wave’s payments feature, you can accept credit cards and bank payments, and get paid out in as fast as 1-2 business days1. With [...]