Category: Bookkeeping

CRM (Customer Relationship Management), ERP (Enterprise Resource Planning), and other technological systems can help identify transactions related to sales, expenses,

While much of this detail is completely automated if you’re using accounting software, you now understand the accounting cycle from

It reduces the impact of inflation, assuming that the cost of purchasing newer inventory will be higher than the purchasing

This method dictates that the last item purchased or acquired is the first item out. This results in deflated net

FIFO, or First In, Fast Out, is a common inventory valuation method that assumes the products purchased first are the

Yes, the Contribution Margin Ratio is a useful measure of profitability as it indicates how much each sale contributes to

That’s why any business worth its salt will look to improve its margins wherever possible. Because the direct costs of

Contra Asset Account – A contra asset account is an asset that carries a credit balance and is used to

This type of accounting follows the International Financial Reporting Standards (IFRS) and helps businesses adhere to the laws and regulations

In addition it is always good practice to leave spaces between allocated account codes to allow room for additional codes