For instance, if a brand’s COGS is higher and profits are lower, businesses will pay less in taxes when using LIFO and are less at risk of accounting discrepancies if COGS spikes. However, brands using LIFO usually see a lower valuation for ending inventory and net income, and may not reflect actual inventory movement. Good […]

Calculating sales tax accurately is vital for businesses to remain compliant with tax laws and ensure they’re not over or undercharging customers. For businesses with multiple locations or those making interstate sales, sales tax automation software may be helpful in ensuring compliance with various tax laws. These tools help with everything from calculating the correct […]