This means the most recently purchased goods are bought at a higher cost than earlier goods. These price changes have implications for the cost of goods sold, inventory value, and taxable income. Since the LIFO inventory method uses the higher-priced goods first, this increases the cost of goods sold. LIFO stands for last-in, first-out, and it's an accounting method for measuring the COG...

If your customers have poor credit scores, the factoring company might charge higher fees or offer a lower advance rate to mitigate their risk. If you’re looking for a fast way to maintain working capital and your company issues invoices, invoice factoring may be a good option for your small business. But, before working with an invoice factoring company, it’s important to review the pro...

Sage 50cloud will ensure you stay on top of hotel accounting your incoming and outgoing cash flow, allowing you to easily handle debts, manage late payments, and track expenses. Oracle is a cloud-based financial management software that leverages AI to automate and optimize financial processes for businesses. We evaluated the best cloud accounting software using our internal scoring rubr...

Firstly, establish whether the outsourced CFO you’re interested in working with has a proven track record in your industry. An outsourced CFO that’s experienced in the nonprofit sector might not grasp the financial challenges that a fast-growing technology company deals with. When a business outsources its accounting, it essentially transfers responsibility for some or all of its account...