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Learn more about what small business accounting is, its importance, some terms to know, and steps you can take to create a small business accounting system. Picking the right fiscal year for your business can save you and bookkeeping your accountant a lot of time, money and stress. Cash sales can happen for several reasons,

Next, by adding the works cost to the cost of administration, selling, and distribution, you get the total cost of sales, which is the cost of manufacturing a product or delivering a service. In addition to setting prices and making production decisions, businesses can use gross margins to benchmark their performance against competitors. Financial decision-making

These adjustments impact the company’s financial statements and require accurate record-keeping. Accurate accounting for returned merchandise is essential for financial reporting. When a customer returns a product, the business adjusts both sales and inventory accounts. Per Generally Accepted Accounting Principles (GAAP), this involves debiting the Sales Returns and Allowances account, a contra-revenue account that reduces