Advance Payments

Guide On Advance Payments

An advance payment is paying a part of the payment to the seller before the work begins. It has become a norm while taking up large projects.   Small businesses deserve an equal opportunity at work. But they may not have the financial backing to undertake large projects. And here’s where advance payment comes into action.…

Important Financial Statements

3 Important Financial Statements Every Business Owner Should Know

  “You Can’t Improve What You Don’t Measure!” Small businesses must be well informed to survive in a competitive environment and one of the vital competency they must develop is to read and understand important financial statements. Understanding essential financial statements such as ‘Trial Balance’, ‘Balance Sheet’, and ‘Profit and Loss’ statements is paramount as these…

FIFO Vs LIFO - Inventory Valuation Method

FIFO Vs LIFO – Which Is The Best Inventory Valuation Method?

 Inventories are the largest current asset of any business. Businesses are often confused about FIFO Vs LIFO. Ideally, there are two inventory valuation methods or accounting methods: LIFO (Last-in, first-out) and FIFO (First-in, first-out). These are two mostly used inventory methods for record keeping that are feasible on accounting standards. Inventory accounting assigns values and…