Category: Bookkeeping

These steps can be greatly simplified by working with a payroll service provider. Many, like ADP, are capable of integrating payroll and benefits to ensure that cafeteria plan contributions and taxes are calculated accurately each pay period. In addition to being tax advantageous, cafeteria plans can help employers attract and retain talent. Employees today place… Continue reading What is a Section 125 Cafeteria Plan?

Here are the most prominent everyday flexible expenses examples that most people encounter. If you spend less than expected, you can either recalculate or designate the excess money for another purpose, like funding a retirement account or boosting an emergency fund. Just make sure that you don’t factor in any sales or other discounts –… Continue reading Define Budget Categories for Periodic, Variable, and Fixed Monthly Expenses

They fall outside the main purchasing processes and are often not effectively managed by the procurement team. For example, if a department requires three full-time employees, the number of units required would be 120 (hours worked) per week. If the cost per hour is $20, that equates to a cost of $2400 per week. That’s… Continue reading Activity-based budgeting: is this budgeting method right for you?

This formula gives you a clear picture of how much the actual labor usage deviated from the budgeted amount. A positive result indicates greater efficiency (i.e., less time was needed), while a negative result highlights inefficiencies (more time was used than planned). Later we will discuss what to do with the balances in the direct… Continue reading Quick Guide to Direct Labor Cost Formula & Definition : Calculate Like a Pro in 2024

If you win, the attorney retainer fee attorney will collect the funds, keep their portion, and give the remainder to you. They should also give a financial statement showing the award amount and deductions. TexasLawHelp.org is managed by Texas Legal Services Center, a 501(c)(3) nonprofit organization. TLSC provides free legal services to underserved Texans in… Continue reading Retainer Fees for Lawyers: Definition, Purpose and Examples