How LIFO and FIFO accounting methods impact a company's inventory outlook Carla Tardi is a technical editor and digital content producer with 25+ years of experience at top-tier investment banks ...

With an inventory accounting method, such as last-in, first-out (LIFO), you can do just that. Below, we’ll dive deeper into LIFO method to help you decide if it makes sense for your small business.

This includes the following: Updating the inventory records by recording asset descriptions, locations and accounting information in the asset management system for new asset additions including ...

The cash method is used by many sole proprietors and businesses with no inventory. From a tax standpoint, it is sometimes advantageous for a new business to use the cash method of accounting.