The difference between the cost of goods manufactured and the cost of goods sold (COGS) lies in their timing and purpose in the production and sales process. Understanding the difference between net sales and cost of goods sold will enable your company to reduce costs and enhance profits. There was this one company that started using automated machines to do…

You might even enter the names of employees who request funds and why they may need them—it might indicate an expense you weren’t aware of. For starters, many companies will restrict access to petty cash to just one or a few individuals. Typically, the custodian will be responsible for providing detailed documentation supporting each use of the petty cash for…

Engaging stakeholders in the goal-setting process ensures alignment and commitment across the organization. By setting well-defined financial goals, your business can effectively navigate the complexities of the financial landscape in 2025, fostering resilience and driving sustainable growth. Download our startup financial projection template and use it to generate 3 key financial statements, i.e. balance sheet, income statement, and cash flow…

The state sales tax, set at 6% as of 2023, is often combined with additional local sales taxes, which vary by county. Florida's sales tax applies to most retail sales certain services and includes provisions for online sales, which aligns with the national trend toward taxing digital transactions. The state also offers various sales tax exemptions, including certain groceries, prescription…