A bookkeeping service can take a lot of work off your hands, allowing you to concentrate on your business. When you hire a bookkeeper, however, you may find that no matter how careful you were in setting up your books and making sure everything was recorded, that bookkeeper will still look over your financial records and reconcile the books first thing. They aren't doing this to insult you or squeeze extra money out of you; they're doing this because that's how they familiarize themselves with what you've been doing.
27 June 2022
If you run a business with inventory, your management team can choose from a few different accounting options. Traditionally, the most common option is first-in-first-out, which essentially means that inventory goes out of your business in the same order that it comes in. However, many businesses can benefit from last-in-first-out (LIFO) accounting. Here is a look at that method and an explanation of when an organisation may benefit from using this approach.
10 January 2022