Category Archives: Bookkeeping

Conversely, fewer actual hours than standard would denote improved efficiency and cost savings. Labor efficiency variance, also referred to as labor time variance, constitutes a segment of the broader labor cost variance. This variance emerges from the disparity between the anticipated standard labor hours and the actual hours expended. Its core function lies in quantifying […]

The Labor Efficiency Variance (LEV) measures the difference between expected and actual labor hours, highlighting areas where productivity falls short. Its purpose is to identify inefficiencies, aiding in targeted improvements within the production process for better resource utilization. Monitoring labor hours is as important as comparing them to the standard hours allowed. What is the […]

By providing a clear audit trail, the journal helps verify the accuracy of financial statements, thus enhancing the credibility of the company’s financial reporting. As these transactions move into the general ledger, they are transformed from raw data into a coherent financial story that reflects the organization’s economic reality. Ledgers may contain detailed transaction information […]

Our collaborative platform lets you share files and comments with everyone no matter where or when. There are also workflow automation and task authorization features to free up your workers to focus on what matters without jeopardizing quality. Buying directly from overseas suppliers in countries with lower tariff rates may be more practical than building […]

We looked at a total of 22 different metrics across five separate categories to reach our conclusion. Here are some of the categories we used to rank the providers that made the top of the list. We monitor your accounts payable and accounts receivable to ensure payments are made and collected on time. It aligns […]

There are simple workflows for employees to submit the time cards and manager approvals to approve them. Raise purchase orders, batch bills with orders, and track order payment summaries to eliminate the risk of over-expenditure. The challenge lies in picking the software that meets your business needs and is easy to use and implement. By […]