What Does Revenue Recognition Term Mean? Revenue recognition is defined as an accounting principle that guides when a company should recognize revenue. It instructs companies to count earned money as revenue from sales on the company’s financial statements. Key Points About Revenue Recognition – Revenue recognition standards may change due to geographical location, the company’s… Continue reading What Is Revenue Recognition and Its Impact on Businesses?

Why Is QuickBooks POS Discontinued? QuickBooks decided to discontinue their POS service a few months back, which means you will not get any updates on POS software. They shifted their focus on the upcoming latest technologies to meet modern-day demands, leaving small business owners with no choice except to migrate from QuickBooks to new POS… Continue reading How to Migrate from QuickBooks Desktop POS to Moon POS for New Possibilities

What Is the Cost of Goods Sold? The Cost of Goods Sold (also known as Cost of Sales) is defined as direct expenditure related to the goods manufacturing in a particular company. Costs related to materials and labor are covered under the Cost of Goods Sold (COGS). In contrast, sales force costs and distribution costs… Continue reading How to Calculate Cost of Goods Sold? COGS Definition + Formula

What Is ACH Routing Number? ACH stands for Automated Clearing House. It is a network that transfers money and information between banks and financial institutions in electronic form in the United States. An ACH routing number plays an important role in those places, where payroll management and direct customer payment receiving take place. Understanding ACH… Continue reading What is an ACH Routing Number? A way for Seamless Banking

What is Operating Cash Flow (OCF)? Operating cash flow (OCF) is the process of measuring how much cash is generated by your business operations like services offered, product sales, and marketing activities. It helps you figure out if you generate sustainable revenue or require more sales in order to achieve business profitability. Basically, it depicts… Continue reading What is the Operating Cash Flow Formula? – Defined With Examples

Why Start a Towing Business? Starting a tow truck business is a stress-free job as you only get to work when someone calls for help. You may not get bored of driving if you are already in the automobile industry. This is a kind of job where you mostly find yourself helping others and that… Continue reading How to Start a Tow Truck Business: A Guide for DIY Beginners

Wholesale vs Retail: Understand Every Point Here Volume of Transaction If we talk about transaction volume, the wholesaler handles large product quantities. However, their number of deals is few. They manage the warehouse and logistics. Also, they need to take care of storage space. Retailers always handle small amounts of transactions but the number of… Continue reading Wholesale vs. Retail: Understand the Key Differences

Review the Multiple Types of Car Washes There are multiple types of car wash businesses with different purposes and approaches. Here is a list of those. Self-Service In this kind of car wash, vehicle owners clear their cars themselves. They receive cleaning equipment like cleaning liquid, high-pressure water hoses, sponges, and towels. They need to… Continue reading How to Start a Car Wash Business? Know Steps and Investment

What is Net Sales? Net sales refers to the overall revenue generated by your business after you take off customer returns, discounts, and tax deductions. Basically, it is a part of financial reporting that is mostly used by product-based companies to gauge revenue generation on a monthly or yearly basis. Many business owners also calculate… Continue reading How to Calculate Net Sales [Net Sales Formula]