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Schedule Your Physical Inventory Count!

Closing out the year

If you have inventory in your business, you will need to conduct a physical inventory count on or about December 31. So plan your count today! First, you will need to get an accurate count of all items on hand and how many you have of each. You will also need to assign a value (cost) to each unit. The result will be your year-end inventory valuation.

Once you have your year-end inventory valuation, you will want to share this with your bookkeeper in early January so they can be sure that your Balance Sheet as of December 31 correctly reflects that valuation total. Chances are, some adjustments need to be made to the inventory balances that show on your Balance Sheet. For example, you may have experienced inventory losses, or some inventory may have gotten damaged.

Year-end is a time when it is imperative to have a clean inventory count and valuation because not only should you be reconciling your inventory regularly for business management purposes, but that inventory valuation is also an important data point for the preparation of your income tax returns.

So schedule that count now, have a clear plan, and ensure you can complete this important task promptly and efficiently. That will surely help ring in a Happy New Year for 2023!

Schedule Your Physical Inventory Count!

Bookkeeping Services

ZümiFi’s ongoing bookkeeping services manage your financial activity with a complete turnkey approach. We deliver solid books that provide you with key information in real-time, accessible anywhere, anytime, on any device.
We create a custom combination of online, cloud-based tools, including QuickBooks Online, Bill.com, Box.com, and other tools in unique combinations to truly leverage technology. This enables us to fully automate your system, eliminate data entry, and simplify and facilitate your bookkeeping. And we ensure accuracy and completeness so that every dollar counts.


The Scope of ZümiFi’s Bookkeeping Services:

Accounts Payable Services – Recording, tracking, and paying vendor bills.

Accounts Receivable Services – Recording and tracking customer invoices and payments.

Payroll Services – Processing payroll per each client’s instructions regarding amounts to pay; processing and filing appropriate payroll taxes and tax forms.

Reconciliations – Reviewing and balancing bank and credit card transactions; notifying clients of any discrepancies and resolving discrepancies per client’s instructions when appropriate.

They are reporting – Generating financial reports based on the collected data.

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