2022 is closed. Your taxes are in the capable hands of your CPA or already complete. So what’s next for the business on top of its bookkeeping game? Tracking their business property! Most localities require you to report all business property you keep at your location. Sure, this means your computers and big equipment. But...
Inventories are helpful for depreciation schedule communications with your CPA and invaluable for 571-L filings required to determine unsecured property taxes that your business will owe. But truly tracking this information can be useful for your internal purposes as well – to make sure you know what you own, manage your capital budget, and anticipate...
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...
Most business owners are so busy getting things done that they sometimes miss keeping track of what they have. For example, if you are buying computers, equipment, or furniture, you must report all these business property items on a 571-L form wherever you are locally registered to do business. They will then determine how much...
Accurate inventory is crucial if your business relies on the sales of products. The golden rule; 80% of your profit will come from 20% of your inventory. Here are a few tips to help you find the right balance to get you to the 80/20 rule. Is there a time of year when items don’t...
If something is working, stick with it. For example, we have a client using ZümiFi to update their inventory system. They had only planned to temporarily use ZümiFi for this task until they hired a new employee. However, the Company found tracking inventory was more difficult and time-consuming than they had assumed. Further, they found...