RDV

FIFO is an ideal valuation method for businesses that must impress investors – until the higher tax liability is considered. Because FIFO results in a lower recorded cost per unit, it also records a higher level of pretax earnings. FIFO has advantages and disadvantages compared to other inventory methods. FIFO often results in higher net […]

Instead, the cost is spread out over the useful life of the asset through depreciation expenses. This allows the asset cost to be properly matched with revenues generated from using those assets over time. Matching principle is especially important in the concept of accrual accounting. How does the matching principle apply to depreciation? The matching […]

You have big goals for your business, and the time that you spend tabulating receipts and accounts payable is time that could be better spent working toward those goals. West Wind will help you understand the increasingly complex world of federal, state and local tax laws. We don’t just prepare taxes; we look for solutions alongside […]

In order to stay up to date on who owes you what, you’ll need to track accounts receivable. A small business can likely do all its own bookkeeping using accounting software. Many of the operations are automated in the software, making it easy to get accurate debits and credits entered. Once the entries are assigned […]