Category Archives: Bookkeeping

Inventory To Sales Ratio: Definition, Formula, and Examples

To achieve a healthy balance of stock and sales, most e-commerce businesses aim for an inventory turnover ratio between 4 and 6. In this post, we’ll look at how to calculate your I/S ratio and compare it with other common inventory management KPIs. We’ll also explore ways to improve your company’s inventory planning so you […]

Strategic Drift, And 3 Ways To Avoid It

Innovation requires a team, and having the right roles, diversity, and processes in place can make all the difference in creating a Dream Team for successful innovation. Uncover five key findings that explain why some companies move faster and adapt with confidence when disruptions happen — while others don’t. Maintaining a strong connection between strategy […]

Internal Controls: The Complete Guide

Further, when a company goes public, there are additional financial control requirements that must be implemented, especially if the firm’s shares are to be listed for sale on a stock exchange. Internal controls can include mechanisms for reporting and addressing potential wrongdoing. Whistleblower hotlines or confidential reporting channels allow employees to report concerns or suspicions […]

5 Things to Know About Your Balance Sheet U S. Small Business Administration

Content The three aspects of a balance sheet in detail. Does a Balance Sheet Always Balance? Components of a balance sheet Working Capital Download your free balance sheet template So for the asset side, the accounts are classified typically from most liquid to least liquid. For the liabilities side, the accounts are organized from short- […]

5 1 Describe and Prepare Closing Entries for a Business Principles of Accounting, Volume 1: Financial Accounting

All accounts can be classified as either permanent (real) or temporary (nominal) (Figure 5.3). Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. He is the sole author of all the materials on AccountingCoach.com. Then, just pick the specific date and year you want the […]

Modified Cash-basis Accounting Hybrid Accounting Method

This approach provides financial data that is more pertinent than the data that can be gathered using the cash basis method, without the high costs of the accrual method. Of course, it’s easier to change hybrid transactions to the accrual basis system than for transactions recorded using a pure cash basis. On the balance sheet, […]

10+ proven strategies to recruit volunteers for nonprofits

You may be able to speak to them about volunteering, or put your ad in their newsletters. Setting up a display and meeting people at volunteer fairs and community events is also a good way to meet new prospective volunteers. Answering these questions beforehand will help create clarity and make sure volunteers feel valued, engaged, […]

Where Volunteering Begins

Simply reach out to people in your network and ask if they know anyone who would be interested in volunteering with your nonprofit. When you get recommendations, reach out to those individuals directly and invite them to apply or come to an upcoming event. When https://simple-accounting.org/ your volunteers feel seen and valued by your organization, […]

Last-In First-Out LIFO Method

Both the LIFO and FIFO methods are permitted under Generally Accepted Accounting Principles (GAAP). As a result, LIFO isn’t practical for many companies that sell perishable goods and doesn’t accurately reflect the logical production process of using the oldest inventory first. If Kelly’s Flower Shop uses LIFO, it will calculate COGS based on the price […]