Bookkeeping

However, a total percentage is usually the preferred method for determining the amount withheld. According to the Canadian Construction Association, the industry standards, 5% – 15% has historically been the standard retainage rate. Additionally, private projects often have higher retainage rates than federal and state projects. If they decide to pursue this avenue, subcontractors should find out […]

Large enterprises often present their financial statements and other reports with the figures in the millions, i.e., and they use mm meaning ($ MM). The term MM is used in the finance world to denote one million and is a standard nomenclature used across the globe. It is commonly used in financial documents, contracts, and […]

Financial reports, also called financial statements, demonstrate a company’s financial position over a specific period of time. Most businesses and organizations provide financial reports to their Boards of Directors, shareholders and investors on a monthly, quarterly or annual basis. They are reviewed to identify trends, successes and problems within a company’s finances. These reports are […]

NIAT is calculated by deducting all expenses, including taxes, from a company’s total revenue. NIAT is often used as a percentage to determine a company’s profit margin, a measurement that allows a business to determine how much of each pound/dollar/euro the company keeps in sales. It is essentially the “bottom line” for the business and […]

Effective deduction management can help save 1-2% of your total revenue, a considerable sum for a startup. Unauthorized deductions are direct attacks on your financial integrity. Develop recording transactions robust systems, clear communication protocols, and unwavering follow-up mechanisms to challenge and recover these funds. Inventory Management Solutions Just as you invest in your company’s future, […]