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How and When to Grow Your Company’s Accounting Function

When you start a business, you do not necessarily consider the need to grow your company’s accounting functions. Accounting is a vital task that is performed by companies to record, gather and analyze financial data. This information is useful in performing daily business operations effectively. Historical financial information can also be used to come up […]

A Simple Guide to Understanding Your Profit and Loss Statement

A simple understanding of a profit and loss statement is the first thing an entrepreneur should be aware of. Many entrepreneurs do not actually take this into consideration for their start-up needs. No doubt, they are enthusiastic and passionate about what they are doing but understanding the need for accounts management and knowing where to […]

FIFO vs. LIFO: What is the Specification in Inventory Management?

First In First Out and Last in First Out are the two most common inventory management concepts that are used in the modern world. These two models are different from each other but both concepts are specifications of inventory management methodologies. Here we shall discuss what is meant by each and what types of businesses […]