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….
About the Author
Crystalynn Shelton
Crystalynn Shelton is an Adjunct Instructor at UCLA Extension where—for eight years—she has taught hundreds of small business owners how to set up and manage their books. Crystalynn is also a CPA, and Intuit ProAdvisor where Crystalynn specializes in QuickBooks consulting and training. Prior to her time at Fit Small Business, Crystalynn was a Senior Learning Specialist at Intuit for three years and ran her own small QuickBooks consulting business.
As a writer, Crystalynn is credited in other publications like Travel Wire News, and the CorpNet blog. Her expertise has also been featured by sources like Merchant Maverick, Xero, and American Express.
Crystalynn is the author of Fit Small Business’s comprehensive QuickBooks Training Guide.
When Crystalynn isn’t writing or teaching, she enjoys rollerblading in Venice Beach and reading a good book.
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….
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…
Sage Intacct vs QuickBooks: Price, Features & What’s Best in 2019
We compared Sage Intacct vs QuickBooks on price, features included, and customer reviews. QuickBooks Enterprise is ideal for businesses on a budget that have complicated inventory needs and require parent and subsidiary tracking and reporting. Sage Intacct is best for larger companies that need multiple approval levels and tracking by entity, department, and location. When…
5 Best Accounting Practice Management Software 2019
Accounting practice management software allows accounting firms who provide tax, bookkeeping, and payroll services to manage their client work in one system. We looked at over a dozen options and narrowed it down to five based on cost, project tracking, time and billing, and reporting features; pricing range from free up to $3,950 per month….
Accounts Payable Turnover Ratio: Definition, Formula & Free Template
The accounts payable (A/P) turnover ratio measures how fast a business pays its suppliers. The ratio is calculated by dividing total supplier purchases by the average accounts payable balance for the period. It can be used to identify payment issues, and it gives creditors a sense of your payment history with vendors. If you use…
Journal Entries: What They Are & How to Do Them
A journal entry is a record of a financial event that has occurred in your business. By recording journal entries, you ensure that your financial statements are accurate and complete. We cover basic accounting, two types of journal entries, and three simple steps to prepare journal entries manually or using an accounting software. What Is…