Accounting Plus Financial Services Inc.

Inventory accounting  is an essential aspect of managing a successful e-commerce business. It ensures businesses can track their inventory levels, calculate the Cost of Goods Sold (COGS), and determine profit margins effectively. Proper inventory accounting helps businesses make informed decisions regarding pricing strategies, replenishment schedules, and profit maximization. For e-commerce entrepreneurs, understanding how to manage COGS and profit margins while handling inventory fluctuations is key to long-term success.     Get started with Accounting Plus Financial Services Inc. What is COGS? Cost of Goods Sold (COGS)  represents the direct costs incurred by a business in producing or purchasing goods that are sold during a specific period. COGS includes expenses such as the cost of raw materials, labour, and shipping costs involved in getting the products ready for sale. In the context of e-commerce, COGS typically includes the following.   ●   The purc...

Navigating the various tax brackets, deductions, credits, and compliance rules requires precision and a thorough understanding of the current tax code in Canada. Staying compliant with different rates and laws across jurisdictions requires meticulous attention to detail. For individuals, tax preparation can involve complex filings depending on income sources, deductions for dependents, and investments. Both corporate and personal taxpayers must ensure that their filings are accurate and submitted on time, or risk penalties from the Canada Revenue Agency (CRA) .     The Potential for Human Error in Tax Preparation When it comes to tax preparation, human error can lead to severe financial repercussions. Even a small mistake, such as an incorrect number on a tax form or a missed deadline, can result in penalties, interest charges, or even audits. Common manual entry errors include miscalculating deductions, inputting incorrect information, and overlooking credits or adjustments t...

Reconciling financial statements  is a critical step for ensuring the accuracy and reliability of year-end financial reporting. It involves cross-checking accounts and verifying that all transactions align with records to produce an accurate financial picture. Proper reconciliation helps prevent errors, detects fraud, and ensures compliance with tax and reporting standards.   Here’s a guide to the essential steps to reconcile financial statements.     Get started with Accounting Plus Financial Services Inc. to navigate financial statements Step 1: Gather Necessary Documents Before beginning the reconciliation process, it's important to collect all the necessary financial documents. These include the following.   ●   Bank statements:  Obtain bank statements for all business accounts, covering the entire fiscal year. ●   Ledger accounts:  Ensure access to the general ledger, which contains the records of all financial transactions. ●   Inv...