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Reconciling accounts and comparing transactions also helps your accountant produce reliable, accurate, and high-quality financial statements. One account will get a debit, and the other account will receive a credit for the same transaction. For instance, when a company conducts a sale, it debits either cash or accounts receivable on its bank statement balance sheet. […]

Law firms must know that there is essentially no wiggle room for errors. Trust account liability almost operates like strict liability, where simply committing an act is proof enough for guilt. Review financial statements and study trends in the industry to help identify areas of improvement or opportunities for growth regularly. Ensure all tax filings […]

It also enables timely decision-making based on up-to-date financial information. This occurs when the cost of goods sold is lower than the revenue generated from sales. Negative COGS can happen due to factors such as inventory write-offs, discounts, or rebates. However, it is relatively rare and should be thoroughly examined and validated. Analyze COGS trends […]