Zoho Books and QuickBooks are both capable accounting systems with features like the ability to invoice customers, pay bills, and run financial reports. Zoho Books is ideal for businesses wishing to integrate other Zoho apps while QuickBooks Online is best for businesses wanting a vast support network. When to Use QuickBooks Online is the choice…
All Accounting Articles - Page 5
Bill.com vs QuickBooks: Which is Best for You in 2020?
Bill.com is a popular choice for businesses looking to manage their accounts payable (A/P) and accounts receivable (A/R). When considering Bill.com vs QuickBooks, QuickBooks Online is a full-cycle accounting solution for those who need more than A/P and A/R management. When to Use Bill.com is a great solution for small businesses that have large volumes…
Days Payable Outstanding (DPO): Formula, Examples & Calculation
Days payable outstanding (DPO) measures the number of average days from when a company purchases inventory and materials until the supplier is paid. The DPO calculation divides average accounts payable by annual cost of goods sold times 365 days. A higher DPO indicates that the company is taking longer to pay its suppliers. Accounting software…
Inventory Aging Report and How to Calculate: The Ultimate Guide
An inventory aging report is a list of the items on hand grouped by the length of time in inventory. It’s used to identify slow moving inventory plus the additional costs to store and maintain these products until they are sold. If you use accounting software, you’ve got a few options for creating the report….
Inventory Turnover Ratio: Definition, Formula & What It Means
The inventory turnover ratio is an efficiency ratio that measures how quickly inventory is turned into sales. A high inventory turnover is generally positive and means a company has good inventory control while a low ratio typically indicates the opposite. There are exceptions to this rule that we also cover in this article. If you…
Accounts Receivable Turnover Ratio: Definition & How To Use It
The accounts receivable turnover ratio measures how effectively a business can collect payment from customers they have extended credit to. The ratio shows how effective their credit policy and procedures are and how streamlined their accounts receivable process is. This article shows you how to calculate your A/R turnover ratio and what it means. What…
Inventory Accounting: Definition, Methods & Examples
Inventory accounting is valuing and tracking fluctuations in inventory assets. The three primary inventory costing methods are average cost, last-in, first-out (LIFO), and first-in, first-out (FIFO). Businesses using manual bookkeeping systems should use the average cost method. However, businesses with nonperishable products should use LIFO, while FIFO is right for businesses that carry perishable items….
FreeAgent vs FreshBooks: Price, Features & What’s Best in 2019
We compared FreeAgent vs FreshBooks on cost, features included, customer support, and user reviews. FreeAgent is ideal for tight budgets and FreshBooks is ideal for freelancers. Most businesses will find FreeAgent’s flat monthly rate of $24 more affordable than some of the FreshBooks plans. However, FreshBooks has a more robust project tracking tool than FreeAgent….
How to Reconcile Business Credit Card Accounts in QuickBooks Online
Welcome to the Fit Small Business QuickBooks Online training course. In this lesson, we cover how to reconcile business credit card accounts in QuickBooks Online. We’re glad you’re taking the time to learn QuickBooks Online, our best overall pick for small business accounting software. We encourage you to follow along in your own QBO account. …
NetSuite vs QuickBooks: Price, Features & What’s Best in 2019
We evaluated pricing, features, and user reviews to compare QuickBooks Online vs. NetSuite. Both products go beyond accounting to include key performance indicators (KPIs) and budgeting and forecasting tools. If you’re looking for an accounting solution, choose QuickBooks Online. However, if you’re looking for a customer relationship management (CRM) tool or integrated solutions, choose NetSuite….
FIFO vs LIFO: Differences & Which Is Right for Your Business?
First-in, first-out (FIFO) and last-in, first-out (LIFO) are costing methods used to value ending inventory and the cost of goods sold. The differences between FIFO vs LIFO are simple. FIFO assumes the first items sold are the first ones added to inventory. With LIFO, the first items sold are the last items put into inventory….
Yooz vs QuickBooks: Price, Features, & What’s Best in 2019
QuickBooks Online (QBO) is an all-inclusive accounting solution for small businesses. You can track all income and expenses in QBO. Yooz is ideal for small businesses that are struggling to pay bills on time and need help streamlining accounts payable. When to Use QuickBooks Online is ideal for small businesses needing an accounting software that…