A labor burden rate is all the money it costs to keep an employee on your team – way beyond just their paycheck. Think health insurance, taxes, office space, and even the laptop they use. Here’s the truth: most businesses get this calculation wrong, and it’s costing them big time. A recent study by PwC […]
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Ultimate Guide: FLSA Exempt vs Non-Exempt – Essential Rules for Guaranteed Compliance
The main difference between FLSA exempt and non-exempt employees comes down to overtime pay and minimum wage rules. Non-exempt workers must get overtime pay (1.5x their regular rate) for working over 40 hours weekly, while exempt employees don’t get extra pay no matter how many hours they work. Want to know which group is bigger? […]
Ultimate Selling Rate Calculation: Proven Formula Guide to Boost Profits
A selling rate calculation is a simple formula that helps you figure out how much to charge for your products to make a profit. It takes your costs and adds a markup percentage to set the right price for your customers. Here’s the thing: Most businesses get this wrong. In fact, a recent study showed […]
Ultimate Guide: How to Calculate Production Budget Like a Pro in 7 Simple Steps
Production budget calculation is the process of figuring out how much money you’ll need to make your products. Think of it like planning your grocery budget – but for making stuff to sell. Here’s the truth: Most businesses get their production budgets wrong because they use old-school methods that don’t work anymore. Want to know […]
Ultimate Guide to Importing Profit & Loss Statements: 5 Powerful Secrets for Success
Importing profit and loss statements doesn’t have to be a headache. Just like checking your bank account online, moving your P&L data into accounting software should be quick and simple. Here’s the thing: Most business owners waste hours copying and pasting numbers when they could automate the whole process. I’ve tested every P&L import method […]
Ultimate Guide: Master Cost of Sales for Service Company Success in 2024
Here’s the deal: The cost of sales for service companies is all the money you spend to deliver your services to clients – from paying your team to buying software licenses. But unlike product companies that just track inventory costs, service businesses face a tougher challenge. With 82% of U.S. GDP now coming from services, […]
Essential Labor Group Management: Ultimate Guide to Maximize Team Success
Poor labor group management costs businesses $8,500 per employee yearly in lost time and resources. That’s like throwing away a new car for every 4 workers you have! Want to know what the top companies do differently? They’re using smart workforce tools and getting 3x more done with the same team size. In this guide, […]
Break-Even Reporting: Unlocking Profits and Overcoming Challenges in Financial Success
Break-even reporting helps businesses understand when they will start making profits. It shows the point where total income matches total costs. Knowing this can guide your business decisions, making it easier to plan for the future and set prices. Key Takeaways: What is Break-Even Reporting? Break-even reporting shows the moment when your business’s total income […]
Powerful Projected Income Statement Example: Unlock Your Financial Success
A projected income statement is a tool that shows what you expect your business to earn and spend over a specific time. It helps you see if your business can make money in the future. This guide will break down what a projected income statement is, its parts, and how to make one for your […]
What is Working Capital Ratio: Unlocking Financial Success with Essential Insights
The working capital ratio measures a company’s ability to pay its short-term debts with its short-term assets. It’s important for businesses to know this number. This ratio helps you see if your company has enough money to keep running day-to-day. Key Takeaways What Is the Working Capital Ratio? The working capital ratio is a financial […]