Interest-bearing financial products, such as savings accounts, CDs, or bonds, produce income based on a percentage of the capital invested in those products. After the first year, there will be $105,000 in that account, and the 5% in the next year gets paid on a larger number. As the asset grows, so too does the […]

But creating a comprehensive financial plan involves more than a data-driven investment strategy. Selecting the right financial advisor, whether human or AI-driven, is an important step in achieving financial goals. While financial institutions are working hard to ensure that these discriminatory practices do not take place, it doesn’t mean bias won’t happen from time to […]

These 12 tips and strategies for better bookkeeping can speed up the process, reduce the chance of errors, and improve your reporting. Improve your business credit history through tradeline reporting, know your borrowing power from your credit details, and access the best funding – only at Nav. If you think your bookkeeper has made a […]

Keeping track of the entire reconciliation process is crucial for reporting errors and corrections to the management team later. Documentation also helps non-reconciliation employees cross-check data and refer back to source documents. By avoiding these common errors, you can ensure the accuracy of your organization’s financial records, make informed business decisions, and reduce the risk […]

Where absorption costing becomes more complex is the level below this formula — i.e., when calculating each of the four components in the formula’s numerator. Consider the apparel company making scarves and dresses from the same fabric and in the same factory. Absorption costing means that ending inventory absorption manufacturing cost formula on the balance […]