Artificial intelligence (AI) and machine learning (ML) are having a significant impact on merchandise inventory management. Systems powered by these technologies can predict trends and make recommendations based on patterns in data, making inventory management more efficient and accurate. Careful consideration should be given as it could also affect inventory turnover, a key what is … Read more
Having a debit balance in the Cash account is the normal balance for that account. You can see at the top is the name of the account “Cash,” as well as the assigned account number “101.” Remember, all asset accounts will start with the number 1. The date of each transaction related to this account … Read more
This means that the seller is responsible for any damages or losses that occur during transportation. As with all Incoterms, FOB does not define the point at which ownership of the goods is transferred. There is a reason FOB shipping is so popular amongst buyers and sellers; each party’s responsibilities give them the most control … Read more
For instance, an outsourced accounting company would likely include its accounting software subscription as part of its direct costs. The CRA requires businesses that produce, purchase, or sell merchandise for income to calculate the cost of their inventory. Depending on the business’s size, type of business license, and inventory valuation, the CRA may require a specific … Read more
Establish financial goals for the year, such as saving for future projects or paying down debt. Include these goals in your budget to ensure you plan for current operations and future growth. Churches operate based on a mission to serve their community and fulfill the vision and values that the church and leadership have prayed … Read more
You will learn how to record costs, value inventory, calculate depreciation, analyze financial statements, and use software programs. The courses cover bookkeeping, Microsoft Excel, business math, and payroll administration. Bookkeepers help business owners manage their finances by documenting transactions, paying and issuing invoices, generating reports, and recording accurate financial data. Bookkeepers can also deliver reports on … Read more