Travel Agency Accounting

Accounting software for travel agencies has to connect all the parameters set as a rule. It is necessary to be able to visualize in a file’s history all the accounting implications. In addition, travel agencies should maintain detailed records for commissions and future revenue. Travel Industry Solutions is a technology company providing services to travel […]

Accrual Accounting Concepts & Examples for Business

As a result, more companies are looking for highly skilled financial accounting professionals, well-versed in this method. Here’s an overview of the accrual accounting method and why so many organizations rely on it. Under accrual accounting, the construction company would recognize a percentage of revenue and expenses corresponding to the portion of the project that […]

Capital Expenditures in Real Estate: A Comprehensive Guide

Since capital expenditures are a relatively expensive cost toward a long-term investment, they typically require higher-level approvals. The reverse of a capital expenditure is an operational expenditure, where the cost is incurred strictly for current operations. Examples of operational expenditures are administrative salaries, utilities expense, and office supplies. Since they are charged to expense in […]

What Are Reserves and Provisions? Definition & Examples

Provision are also designating as preparing you to ensure when a little is going to happen in the future. Entities can create general reserves which serve as generic appropriations created to meet future obligations. They can be freely used at the discretion of the management and are not earmarked for any specific purpose. They can […]

Cost of Goods Sold: How to Calculate with Formula

Calculating cost of goods sold is vital to know your taxable income. Other metrics, like leftover stock, can also be taxable, so you need to be on top of everything. Additionally, the accurate calculation and reporting of COGS is necessary under generally accepted accounting principles (GAAP). A manufacturing company initially purchased individual components from different […]

Publication 946 2022, How To Depreciate Property Internal Revenue Service

This chapter explains what property does and does not qualify for the section 179 deduction, what limits apply to the deduction (including special rules for partnerships and corporations), and how to elect it. Several years ago, Nia paid $160,000 to have a home built on a lot that cost $25,000. Before changing the property to […]

Controller vs CFO: Which Does My Business Need?

This includes developing financial plans, overseeing investments, and managing bookkeeping tasks such as accounts payable. A comptroller also provides advice on how to reduce costs and improve revenue. When, as an accountant, you get really good at accounting and financial reporting and develop the ability to manage several different activities and supervise people, you can […]

New 2022 FICA & Medicare limits Ineo Site

Beneficiaries younger than full retirement age will be able to earn up to $19,560 in 2022 (an increase from $18,960 in 2021) before their benefits are reduced by $1 for every $2 in excess earnings. The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for […]