If you’re a QuickBooks Online (QBO) user, you’ve probably found its inventory management features lacking. That’s okay because QBO is an accounting app first and foremost, and inventory tracking is really one of its sub-features in the higher-end Plus plan. The Quickbooks Plus plan can help you with simple product-tracking setups, like buying goods and […]Continue reading
Master inventory accounting, formulas and ratios with beautiful, easy to follow examples.
We’ve had a lot of users ask if they can use inFlow instead of small business accounting software. The quick answer is that inFlow Cloud is focused on inventory control and order tracking, but they do have features to help you keep on top of your finances. The more nuanced answer is that we don’t think […]Continue reading
Costing methods are very important to nail down because, given the same stock levels and purchase prices, each method can report very different levels of profit and cost of goods sold (COGS). We’ve talked about FIFO (First in first out) and LIFO (Last in first out) costing methods before, so it’s now time to discuss […]Continue reading
The FIFO method stands for first in first out, and LIFO method stands for last in first out. FIFO and LIFO have a huge effect on how you end up reporting on your business profits. Depending on the type of business you run — and where you run it — you may not actually have […]Continue reading