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….
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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…
NetSuite vs QuickBooks: Price, Features & What’s Best
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….
Yooz vs QuickBooks: Price, Features, & What’s Best
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
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
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…
Free Invoice Template for Excel, PDF & Word
An invoice is a customer’s bill for a sale after goods or services have been delivered but before payment has been made. Accounting software is the best way to create and send an invoice but typically costs a monthly fee. To help, we have a free, downloadable free invoice template in Excel, PDF, and Word….
Top 7 Free Invoice Generators
If you’re getting your business off the ground and you’re generating less than five invoices monthly, you can either create invoices manually or use a free invoice generator. Out of these two options, we recommend you try an invoice generator. In addition to creating professional looking invoices, your customers can pay their invoices online. For…
What Are the Best Invoice Payment Terms for Your Small Business?
Choosing the wrong invoice terms can disrupt your cash flow and alienate customers. However, for an entrepreneur just starting out, it can be difficult to know what terms to set to get paid faster and establish positive relationships with your customers. Your industry and client history are key components in choosing the right invoice terms….