DOL Increases Compensation Threshold for Exempt Employees Foley & Lardner LLP

“The Chicago Police Department takes its fiscal responsibility seriously and regularly reviews internal operations to ensure the overtime budget is used efficiently and effectively. It also remains unclear who will run Gaza during the five-year reconstruction phase, what will happen to Hamas during that time and who will pay for the daunting job of rebuilding. […]

Understanding accounts payable definition and process

“Paid on account” refers to a partial payment made of an amount owed. When a partial payment is made against an account, it’s “paid on account”. Here’s a simplified process of how transactions of receiving and paying off a loan would look like. All accounts payable are actually a type of accrual, but not all […]

How to Account for Royalty Payments: 12 Steps with Pictures

For the licensee, an agreement may give them access to products they could not access otherwise. Royalty payments typically constitute a percentage of the gross or net revenues obtained from the use of property. However, they can be negotiated on a case-by-case basis in accordance with the wishes of both parties involved in the […]

Find a Minneapolis Accountant Tax, Audit

Eliminate the stress of tax season or year-end close with clean books that are ready to go. Whether you need help with accounts payable, payroll or your monthly close, our accountants ensure these critical tasks are completed accurately and on time. Equip yourself with nearly everything you want to know about small business accounting, payroll, […]

Margin of Safety Formula, Calculation, Example, and FAQs

Margin of safety can be conceptualized (along with the reserve factor explained below) to represent how much of the structure’s total capability is held “in reserve” during loading. The margin of safety is a financial ratio that denotes if the sales have surpassed the breakeven point. Upon reaching this point, the company will start losing […]

Product Costs Types of Costs, Examples, Materials, Labor, Overhead

A manufacturer reports its product costs as one of three types of inventory in the current assets section of its balance sheet, depending on stages of completion. Materials consist of items in inventory that have not yet been entered into production or used. Work-in-process includes manufactured products that have been started but are not […]

Accounts Payable AP Definition, How It Works & Example

A streamlined accounts payable process enables visibility into a company’s financial wellbeing and can unlock insights that help businesses grow. For example, imagine a business gets a $500 invoice for office supplies. When the AP department receives the invoice, it records a $500 credit in accounts payable and a $500 debit to office supply expense. Accounts […]