April 08, 2022
Charles Lutwidge
What is Predetermined Overhead Rate
If you have a company related to manufacturing, or you work as an accountant for such a business, it’s essential to calculate and monitor the predetermined overhead rate. This rate helps monitor expenses to produce goods or provide services while...
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April 06, 2022
Charles Lutwidge
Guide on How To Calculate Overtime Pay
Operating a business means spending a lot of time calculating employees’ salaries or wages. The task becomes even more complicated if employees work overtime since extra work is paid differently. Calculating overtime depends on different factors, such as the state,...
April 04, 2022
Charles Lutwidge
Budget vs. Forecast: What’s the Difference?
Both a budget and a forecast are financial tools. Companies use these tools to plan their growth, income, expenses. These tools are vital to companies as they help the management in decision-making. Budgeting and forecasting are similar, and some companies...
April 01, 2022
Charles Lutwidge
Change in Net Working Capital (NWC)
Net working capital (NWC) and changes in NWC throughout the years play crucial roles for businesses. Positive or negative changes in the net working capital indicate the difference between the NWC of any two periods (months, quarters, current and previous...
March 31, 2022
Charles Lutwidge
What Is Self-Employment Tax
Many taxpayers have to pay self-employment tax, but what exactly does it mean? Its rate consists of Medicare and Social Security tax rates. Self-employed individuals have to pay this tax in most cases. Typically, independent contractors, freelancers, small business owners,...
March 30, 2022
Charles Lutwidge
Accounting Technologies for the Future
The beauty of progress is that it never stops. Every industry comes up with various optimizations to make its processes better, safer, and modern. In the business industry, one of the most important areas is accounting. In the past, people...
March 29, 2022
Charles Lutwidge
What are billable hours?
Many industries work according to billable hours. Even though it’s a common occurrence, there are still issues with keeping track of billable time. It’s a problem since it affects a person’s income. Bill time is rather profitable for most firms,...
March 28, 2022
Charles Lutwidge
What is the difference between 1099 and W2 Employees
The business world has various confusing matters, for instance, W2 and 1099 workers. These are two types of employees that fill out different forms. But what is the difference between them? Most individuals probably know that salaried employees fill out...
