By Gary Hewamadduma ACMA, CPA, CGMA, MBA, B.Sc.(Hons) in Computer Engineering Let me start by saying, I am all for automation. All entities in our portfolio are geared for automation. Anytime we have a chance to use a piece of software to take care of things, we make use of that. In a wider spectrum,…
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…
By Brian Flynn People should do what they’re good at. Coders should code. Hackers should hack. Ballers should ball. The thing is, launching a successful business requires doing a whole lot of different stuff. So if that’s what you want to do, you’ve either got to be good at everything, or else you have to…
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…
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…
Below is a summary of the provisions in the CARES Act, as applicable for small businesses and employees. The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone. The loan amounts will…
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…
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…
By Lahiru Ganegoda Typical Benefits Package of a US based company includes the following; While some companies provide extended benefits like commuter benefits, gym reimbursements and childcare, the purpose of this blog article is to cover the ‘behind the scene’ general mechanics of the main benefits. So, let’s understand the stakeholders involved, before we dive deep….
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…
