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For manufacturers, inventory accounting is a key component of financial management because it plays an integral role in financial reporting, profitability, and cost monitoring. Proper inventory accounting allows manufacturers to assess the value of raw materials, work-in-progress, and finished products, which thereby enables production planning and cost control. Two of the most common inventory accounting methods are FIFO (first-in, first-out) and LIFO (last-in, first-out). Under period-end inventory accounting, LIFO assumes that the last items purchased or produced are the Read More

Running a business in Connecticut comes with unique challenges, from seasonal cash flow management to local tax compliance. A reliable bookkeeper can be the difference in any business, whether you are a venture office in Staten Island, a department store in Hartford, or an IT company in New Haven. In this post, we’ll explore how professional bookkeeping services for Connecticut can help you grow your business, remain compliant, and allow you more time to do what matters most. Read More

Property managers and real estate investors clearly understand the necessity of accurate bookkeeping. With so many transactions, sources of income, and expenses to keep track of, the right real estate accounting tools could mean the difference between success and failure for your business. In this blog, we break down the Stessa and AppFolio comparisons to help you decide the best free real estate accounting software for your needs. Overview: AppFolio vs. Stessa Stessa and AppFolio are two of Read More

Property managers are responsible for a range of tasks related to your property—working with tenants to take care of your communication, reviewing financial statements and reporting, managing maintenance requests, and collecting rent—but ensuring that the right numbers are being tracked is among the most critical parts of their daily work. That’s what property management accounting software such as Buildium and AppFolio are for. However, when considering AppFolio vs. Buildium, which accounting tools are the best? Read More

IRS audits can be time-consuming, stressful, and potentially costly for enterprises. Although not all audits are preventable—some are arbitrarily selected—a significant number are initiated by specific red flags in your tax returns or inconsistencies in your financial records. Fortunately, adhering to proper bookkeeping practices can significantly diminish the likelihood of attracting unwanted attention from the IRS. The most effective defense against audits is the maintenance of accurate and organized financial records. They not only guarantee Read More