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...
When managing a business, inventories are not merely an accounting requirement but an essential tool for strategic planning and compliance. At ZümiFi, we understand that proper inventory management does more than satisfy tax obligations. It provides invaluable insights into your capital budget, helps manage your resources effectively, and even aids in planning to replace assets...
Busy business owners often find themselves engrossed in day-to-day operations, leaving little time for keeping tabs on valuable assets. If you’re buying business-related items like computers, equipment, or furniture, you must report these on a 571-L form at your local business registration authority. The authority then determines your property tax based on this reported inventory....
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. Keep Your Inventory Accurate 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...
When it comes to managing a business, efficiency is key. Therefore, it’s important to find systems that work well for your business and stick with them. This is especially true for bookkeeping, where accuracy and timeliness are crucial. A client recently came to us seeking help with their inventory system. Originally, they had planned to...