There are two methods for tracking and accounting for your products: the periodic and perpetual inventory systems. The periodic system is easier to start out with because it is less complex, but we’d suggest the perpetual inventory system for all but the smallest of businesses. It’s a more accurate system for your business to grow […]Continue reading
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Master inventory accounting, formulas and ratios with beautiful, easy to follow examples.
If you’re looking for a quick, straightforward way to convert markup into margin, this is it. We’ve written about the markup formula and the margin formula before, but our previous post was specifically for calculating these numbers when you already had the price and cost of that particular product. But a few readers contacted us with […]Continue reading
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
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