Tag: inventory
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Optimizing inventory accounting for construction businesses
Learn how FIFO and LIFO inventory accounting methods impact tax liability and financial planning for construction businesses. Choose the best approach for your company.
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Auditing WIP today
Are your accounting estimates for work in progress (WIP) inventory reasonable? To find out, your auditors will carefully analyze your methods of allocating costs and recognizing revenue.
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Inventory management systems: What’s right for your business?
Carrying too much inventory can be costly. Here are two alternative inventory management systems that could reduce your business’s inventory carrying costs and boost profits.
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Is your company ready for year-end inventory counts?
For retailers, manufacturers, and many other businesses, a significant amount of working capital is tied up in inventory. A year-end physical count of raw materials, work-in-progress, and finished goods is essential.
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What construction businesses with inventory should know about Section 263A
Construction business owners: Does your company carry inventory? If so, you may be required to comply with Section 263A of the Internal Revenue Code. Here’s an overview.
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3 big inventory issues for construction companies
Construction businesses can save time and avoid hassle by maintaining an inventory of critical materials and supplies. But managing that inventory for tax purposes can be challenging.
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Reporting and managing inventory
Are inefficient inventory practices dragging down your business? It’s important to regularly review your approach.