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7-Step Process on How to Price Catering Services Before pricing your catering services, first find out what type of food or catering services are in demand. Season-wise, latest trends and demands change, so the pricing of your catering services should be done in such a way that it reflects accurate pricing as per market demand.… Continue reading Catering Pricing Guide: How to Estimate Catering Jobs

What Is Operating Income? Operating income is a financial metric that represents a company’s profit after deducting operating expenses from gross profit. Professionals assess whether the business is generating sufficient profit from its core activities. In other words, operating income focuses on the core income and expenses associated with its operations. Investors, bankers, and lenders… Continue reading How to Calculate Operating Income? Operating Income Formula

What Does AP Automation Mean? Accounts payable automation refers to the use of software or digital tools to simplify the accounts payable process. From receiving invoices to approving them and releasing payments, it includes everything. Automated AP processes differ significantly from traditional accounts payable processes. Automation eliminates manual data entry and speeds up the entire… Continue reading The Ultimate List of 15 Accounts Payable Automation Best Practices

What Is Manufacturing Overhead? Manufacturing overhead (MOH) is the umbrella term for all costs linked to the production that can’t be pinned to a single unit. They are indirectly connected to your production, but very instrumental to the entire manufacturing facility. Factory utilities, equipment depreciation, supervision labor, maintenance, and facility rent are among the manufacturing-overhead… Continue reading Manufacturing Overhead 101: Breaking down Its Meaning, Calculations & Formula

What Is an Income Statement? An income statement (also known as a profit and loss statement) is a financial statement that presents a company’s overall financial health. The document presents the company’s revenue, expenses, and the profit & loss statement. This presentation is for a specific time period, typically monthly, quarterly, or yearly. Therefore, this… Continue reading Income Statement vs Balance Sheet: Find Out the Difference

What Are Allowable Expenses? Allowable expenses are the everyday expenses you incur to keep your business running. It can be anything, such as office supplies, professional fees, travel, software, or equipment. All these costs can be deducted from total revenue, which allows you to report lower taxable income. Tax authorities allow certain expenses if they… Continue reading Allowable Expenses: Decoding Legitimate Tax Deductions

What Is a QR Code Menu? In plain English, a QR code menu is a small black-and-white square your guests scan with their phone camera to view the full menu instantly. It can be placed anywhere on the table, wall, or check presenter to let guests check available items in a contactless manner. This QR-code… Continue reading QR Code Menu: How to Create a Contactless Menu [A Complete Blueprint]

What is Vendor Contract Management? Vendor contract management is the process of creating, negotiating, executing, tracking, and renewing contracts you sign with your vendors. Within this contract, everything, from raw materials to logistics, maintenance, or even software subscriptions, is clearly defined with pricing and expectations. The goal of vendor contract management is simple: protect the… Continue reading What is Vendor Contract Management and Why is it Important?

What Is Expense Recognition Principle? The expense recognition principle is an accounting rule that requires businesses to record expenses in the same period as the revenue they help generate. It is regardless of whether the cash is paid or received. This principle is also known as the matching principle because businesses need to match expenses… Continue reading What Is Expense Recognition Principle? Why It Matters for You?