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It goes without saying that accurate and timely physical inventories are one of the most important responsibilities in assuring making business more profitable. An inaccurate inventory can make the difference between the profit and loss. For example, if a corporation overstates its inventory, it will exaggerate gross profits and net income as well as current assets, total assets, retained earnings, stockholders' equity, and all of the related financial ratios for the current

Inventory control and usage may become actually complex, so depending on the needs of the company, other more sophisticated inventory...

TABLE OF CONTENT What is Job Costing? What kind of businesses can use Job Costing? 1. Construction Industry 2....

If your QuickBooks Online register balance and your actual Bank balance don't match in QuickBooks Online, don't worry! There are...

While single-entry accounting is quick and easy to use, the standard method for recording transactions is double-entry. Double-entry...

The goal of tax planning is to arrange your financial affairs in order to minimize your taxes. In this blog, we'll explore three...

Business expenses are the cost of conducting a trade or business. These expenses are usually deductible if the business operates to gain...

Choosing the right accounting software might be a fundamental decision having drastic effects on your company’s accounting processes for...

If you want to pay the least amount of income tax each year, then it may be helpful to start doing some tax planning. Don’t worry - you...

At some point along the lines, you're going to make a mistake. Some mistakes will be larger than others, but for the most part, what's...

Tax refunds can feel like Christmas in springtime. With a sudden boost to your bank account, you can look forward to going on a shopping...

After starting three small businesses, I’ve learned firsthand the headaches that accounting causes for most small business owners. It’s...