What if I told you 99% of all business owners are leaving significant wealth on the table or are at risk of seeing their wealth disappearing due to key mistakes and missed opportunities? Research indicates it’s an unfortunate truth. Even more troubling is that this was the reality even before…
As an accountant, one of the skills I appreciate the most in small business owners is records management. Business owners are told to keep track of tons of records — schedules and forms, even the ones you accidentally spilled maple syrup on — and I’m here to tell you about one more: depreciation schedules.
Business owners use cost allocation to assign costs to specific cost objects. Cost objects include products, departments, programs, and jobs. Cost allocation is necessary for any type of business, but it’s more frequently used in manufacturing businesses that incur a wider variety of costs.