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💡Fact According to the US Bureau of Labor Statistics, the average weekly hours worked by private employees were recorded at 34.2 hours per week in June 2025. What Is a Work Year or Man Year? A work year is defined as the number of hours a person is expected to work in a specific time… Continue reading How Many Work Hours in a Year? Learn the Right Calculation

What is Double Entry Accounting? Double entry bookkeeping is a part of accounting practices in which a transaction is registered at least twice (or more) through debits or credits. One account records a debit entry, while another records a credit entry in such a way that the transactions remain balanced. This double entry bookkeeping system… Continue reading What is Double Entry Bookkeeping: Definition, Process & Example

Contractor Meaning Explained: What Does a Contractor Do? A contractor is a person who manages the planning and execution of projects in a way that they fulfill the client’s requirements. They are professionals hired to work on tasks in which they have expertise. From assessing the job complexity to giving the final touch, contractors manage… Continue reading What Does a General Contractor Do? A Beginner’s Guide

What Is Invoice Coding? Invoice coding refers to an accounting strategy under which specific accounting codes are assigned to multiple components of an invoice. In other words, the invoice data is linked to the general ledger (GL) chart of accounts (which commonly refers to the company’s financial records). This eases the expense categorization and records… Continue reading How to Write an Invoice Code? Step-by-Step Guide

What is Inventory Turnover Ratio? An inventory turnover ratio is the rate at which your inventory is sold. The time taken to sell the inventory from when it was purchased is what referred to as the inventory turnover ratio. Basically, it’s an indicator of how quickly your products are sold and how much time they… Continue reading Inventory Turnover Ratio: How to Calculate, Formula & Tips

What is Vendor Fraud? Vendor fraud is fraudulent actions made by suppliers, contractors, or even employees colluding with one of those parties to steal money or to obtain financial remuneration from an enterprise. This takes place by influencing the procurement process or the billing or vendor payment process, and is often done through weak internal… Continue reading Vendor Fraud Explained: 5 Key Types and How to Prevent Them

💡Fact File According to Forbes, the average highest expenses of companies were observed at $575,300 in April 2024. What Is a Variable Expense? Variable expenses refer to costs that fluctuate in accordance with the company’s production. In simple words, the variable expenses increase as the production level rises. Additionally, it decreases with production levels. Material… Continue reading What Is Variable Expense Ratio? How to Calculate It?

What is the Order to Cash (O2C) Process? Let’s break it down in simple terms. The Order to Cash process is the end-to-end process by which a business receives an order from a customer, fulfills that order, and then receives payment for it. It begins the minute your sales force earns a thumbs-up from a… Continue reading Order to Cash (O2C) Process: Meaning, Steps & Real-World Examples

Defining YTD Meaning & What Does YTD Stand for? YTD stands for Year-to-Date, referring to the period between the start of the calendar year or fiscal year and the current day. It is useful for analyzing business trends and performance. Also, it is useful for comparing performance data with that of competitors. Professionals can analyze… Continue reading Year to Date: What Does It Mean and How to Calculate It?