by martin | Jan 9, 2025 | Bookkeeping
Broadly categorizing, balance sheet accounts are permanent and income statement accounts are temporary. Because you don’t close permanent accounts at the end of a period, permanent account balances transfer over to the following period or year. For example, your...
by martin | Jul 22, 2024 | Bookkeeping
Implementing these inventory management, accounts receivable, and accounts payable strategies can lead to a more efficient operating cycle, improve cash flow, and enhance overall financial performance for your business. Efficient management of the operating cycle is...
by martin | Dec 14, 2023 | Bookkeeping
Most of the components of a manufactured item will be raw materials that, when received, are recorded as inventory on the balance sheet. Only when they are used to produce and sell goods are they moved to cost of goods sold, which is located on the income statement....
by martin | Mar 12, 2020 | Bookkeeping
This isn’t just about crunching numbers; it’s about understanding the financial story of your business. It’s about knowing where your money is going, how to manage cash flow effectively, and how to use financial data to drive growth. This guide...
