Identifying different costs in small business accounting systems
When managing a small business, it is imperative to keep a good maintenance record of its accounts and finances through the use of accurate small business accounting systems. Having a well structured system with which to manage and oversee important financial procedures and transactions can significantly improve the productivity of your accounting department, as well as provide insight to the financial health of your business. For these reasons, you need a competent financial software suite such as QuickBooks.
- Capital and revenue costs – Also referred to as expenditure, capital and revenue costs are expenses that result of purchasing company resources that can include fixed assets. Capital and revenue costs are exactly what they suggest; these are costs incurred from assets that increase the value of and generate revenue for a business.
- Direct and indirect costs – Direct and indirect costs form part of the operational expenditure of a business. Direct expenses are those that are directly involved in the production of products or services, while indirect expenses refer to the funds that are indirectly involved to production. These types of costs cover expenses used to pay for office rent or purchase office supplies, furniture, computers and computer software.
- Fixed and variable costs – Fixed costs include all funds that are paid at a fixed rate while variable costs are funds paid that are not constant. These type of expenses are paid from the business to a third party and can include rent, insurance, annual interest, loans, taxes, stationery fees and staff remuneration.
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