A real life story – Braintrust

By Casey Gillam – Sales Manager at CFO Plans Inc. Adam Jackson at Braintrust discovered CFO Plans through a mutual contact. He wasn’t thinking too much about his company’s accounting when he started his business in 2018, but when he discovered the benefit of joining CFO Plans, he was incredibly grateful. As CEO, Adam was investing his attention on creating…

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Economic Order Quantity (EOQ)

By Gary Hewamadduma ACMA, CPA, CGMA, MBA, B.Sc.(Hons) in Computer Engineering The economic order quantity is the optimum quantity of an inventory item to be purchased per order in order to minimize the “ordering cost” and “carrying cost”. Most likely, a simple google search will show the general formula used for calculating EOQ. But how…

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Employee Retention Credit – CARES ACT

By Gary Hewamadduma ACMA, CPA, CGMA, MBA, B.Sc.(Hons) in Computer Engineering The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been…

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SBA Disaster Assistance in Response to the Coronavirus

The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness…

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Inventory Control – An Overview

By Ashani Wick, Certified Business Accountant, FMAAT, B.Com.(Special) Effective inventory control is all about having the right product and quantities in the right place, at the right time. Maintaining accurate inventory records and inventory levels is key to the success of any business that deals with tangible product sales. Accurate inventory valuation is crucial for…

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Start-up costs and Organizational costs

By Shahul Hameed Irfan ACMA, CPA, CGMA, B.Sc.(Hons) The purpose of this blog article is to provide a general idea on start-up costs/ organizational costs and how to identify, calculate and recognize them for accounting and reporting purposes. What are start-up costs? Start-up costs can be defined as any expense incurred before the active business…

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