MCO Visual Solutions

Nonprofit Balance Sheet Guide & Template

Tyler’s extensive background in accounting, tax, and financial consulting set the foundation for Velu’s outsourced accounting solutions for nonprofits and small businesses. As a fractional CFO, he goes beyond routine duties, guiding organizations with strategic insights for sound financial decisions. Velu’s services address the unique challenges faced by nonprofits and small businesses, fostering sustainable growth. […]

Benefits Planner Social Security Tax Limits on Your Earnings

Per the table, to achieve that $4,555 maximum upon retiring in 2023, you’d need to have earned at least $160,200 in 2023, at least $147,000 in 2022, at least $142,800 in 2021, and so on. To max out your earnings like that for 35 years is not something most of us can do. The formula […]

Raymond James Financial Reports Fiscal Fourth Quarter and

Calculating net income and operating net income is easy if you have good bookkeeping. In that case, you likely already have a profit and loss statement or income statement that shows your net income. Your company’s income statement might even break out operating net income as a separate line item before adding other income and […]

What is a Control Account?

Companies using a control account typically post balances from the subsidiary ledgers daily to make sure that they’re always in balance. A control account for her business is the general ledger account entitled Accounts Receivable. Typically, this includes total credit sales for a day, total collections from customers for a day, total returns and allowances […]

Difference Between Fixed Cost and Variable Cost

As a licensed adjuster, he is well-versed in all aspects of insurance, and he owns All Needs Insurance agency in Florida. As you’ve seen, it’s not always easy to tell which costs are constant and which are variable. To help illustrate our point, we’re actually going to take a look at a group health plan […]

How To Calculate Cost Of Goods Sold? Formula To Help You Calculate COGS

That is the absolute lowest price you can sell a product to break even. Any additional margin goes back to covering overhead and eventually profit. If you don’t know your COGS and break-even point, you don’t know if you’re making or losing money. Accounting software solutions make it much easier to calculate Cogs and use […]

Period Costs Definition, Example, vs Product Costs

Period costs or period expenses are specific type of expenses a company may incur during an accounting period without being able to link it to inventory or cost of goods sold. On the other hand, since product costs like office expenses, administration expenses, marketing expenses, rent, and so on cannot be linked to the cost […]

Difference Between Balance B F and Balance C F Explained

The ledger helps us in summarizing journal entries of same nature at single place. For example, if we pass 100 times a journal entry for sale, we can create a sales account only once and post all the sales transaction in that ledger account date-wise. Hence, an unlimited number of journal entries can be summarized […]

Average Collection Period Formula with Calculator

To make it easier to send these polite reminders, QuickBooks allows you to create automated messages that you can send your clients. When evaluating your ACP, you want to look at how it stacks up to your credit terms and when how to calculate predetermined overhead rate you’re actually collecting payment. For example, a manufacturing company may […]