LIFO liquidation occurs when you sell your current layer of inventory and must dip into earlier layers. An advantage of DVL is that it minimizes LIFO liquidation, because all items you purchase throughout the year belong to the same inventory pool. The only time you liquidate a pool is when the year’s ending inventory is …
Additionally, accrual-basis accounting offers a complete and accurate picture that cannot be manipulated. When evaluating a company based on ledger account exactly when cash is on hand or paid out, it is easier to misconstrue the financial state of a business. The accrual-basis approach forces everything to be accounted for in a timely manner. How …
What Is Accrual Accounting, and How Does It Work? Read More »
The software makes invoice routing easy and conveniently reconciles things with the GL when paid. Sage 300 is as comprehensive as it gets with prebuild reports; there are more than 1,400 to choose from. This means you can get any detailed report that you can think of with just a couple of clicks, helping you …
If you run your own construction company, you already know how much time and focus the job takes. Often, bookkeeping and accounting become an added stress, leaving you less time to run the business and raising the risk of mistakes with your accounts. In the building industry, many market participants wonder, “Is it possible to …
Construction Accounting: Full Guide for Contractors 2024 Read More »
This key startup metric, at its simplest, is how much cash you have on hand vs. how much you spend each month. So, for example, if you have $50,000 in the bank and project spending $5,000 per month, you have ten months of runway even if you don’t make a dime in revenue. Similarly, your …
Why is Accounting for Small Businesses or Startups Important? Read More »
You can earn this designation if you complete a bachelor’s degree, pass the two-part CMA exam, and acquire two continuous years of professional experience in management accounting or financial management. Searle says prospective management accountants should expand their studies beyond those of a traditional financial accountant. All four of the management accountants interviewed say that …
