Category: Bookkeeping

  • Double-Entry Bookkeeping vs Single-Entry Bookkeeping

    When starting a business, one of the first decisions you’ll need to make is how you’re going to record your transactions. Single-entry bookkeeping is a record-keeping system where each transaction is recorded only once, in a single account. This system is similar to tracking your expenses using pen and paper or Excel. For businesses in…

  • Exploring the Benefits of Mid Size Accounting Software: A Complete Guide

    Medium-sized businesses should consider an accounting system with robust security measures to protect their data. After all, you don’t want anyone getting their hands on your confidential financial information. Each of those users can expect top-notch inventory management, payroll (an optional extra) and reporting. It can generate up to 200 types of reports as needed…

  • Inventory Turnover Ratio ITR Definition, Formula, and Purpose

    If you don’t bother calculating it, you are missing out on valuable data that you could use to optimize many of your existing operations, gain new insights, and improve your overall supply chain performance. If the ratio is high due to low average inventory, it may indicate understocking, which could mean missed sales opportunities due…