Whether you sell millions of your products or 10s of your products, these expenses remain the same. You can even calculate the contribution margin ratio, which expresses the contribution margin as a percentage of your revenue. In short, profit margin…
For example, assume that the students are going to lease vans from their university’s motor pool to drive to their conference. A university van will hold eight passengers, at a cost of $200 per van. If they send one to…
We’ll work with you to connect accounts and pull the financial data we need to reconcile your books. Bench simplifies your small business accounting by combining intuitive software that automates the busywork with real, professional human support. Less stress for…
This feature saves you the time and effort of manually uploading documents. Our team takes the time to deeply understand your business, answer your questions, help you link your accounts, and show you how Bench works. The magic happens when…
You used the car exclusively in qualified business use for 2019, 2020, 2021, and 2022. If you continue to use your car for business after the recovery period, you can claim a depreciation deduction in each succeeding tax year until…
There are numerous dedicated tools and apps that not only allow you to scan and save your receipts but also automatically categorize and sync them with your accounting software. Office supplies such as paper, pens, pencils, notebooks, file folders, cleaning…
Accounts receivable (AR) management is a complex function within a business, and includes credit policies, invoicing procedures, and collection tactics. Each of these processes comes with its own set of challenges and opportunities for improvement. For example, a well-crafted invoice…
The best way to make sure that your payments go off without a hitch is by setting out the terms early. Set clear payment terms between your business and your client which lays out exactly what you expect from both…
Xero’s accounting software has flexible plans so you can adjust your subscriptions to access the features you need as your business grows. With Xero’s accounting software for transportation you can claim expenses, set up bank feeds, collaborate with your accountant…
After you process all of your financial statements, you can use the information to track your business’s financial health and make smart, informed financial decisions for your company. They should stay updated on the latest accounting standards, regulations, and industry…