Accounting

closeup of someone using a calculator on a desk and holding a piece of paper

Managing Customer Deposits: Accounting Rules for Audio-Video and Electrical Contractors

As an audio-video contractor or an electrical contractor, you’re likely well acquainted with the importance of managing customer deposits. Receiving upfront payments from clients is a common practice in these industries, but…

yellow paper on clipboard with "FIFO" and "LIFO" written on it

Understanding LIFO and FIFO in Accounting: Pros and Cons

In the realm of accounting, the methods of inventory valuation play a crucial role in determining a company’s financial health and profitability. Two widely used methods are LIFO (Last-In-First-Out) and FIFO (First-In-First-Out).…