My Accounting contra expense account Course is a world-class educational resource developed by experts to simplify accounting, finance, & investment analysis topics, so students and professionals can learn and propel their careers. Shaun Conrad is a Certified Public Accountant and CPA exam expert with a passion for teaching. After almost a decade of experience in…
By viewing these accounts — the parent and contra — in tandem, business owners can gain broader insights, preserve the historical figures stored in the parent account, and make accommodations for any relevant changes. These accounts can be listed based on the respective asset, liability, or equity account to reduce their original balance. If you’re…
For example, a global pandemic can deem the sales forecasts for that period outdated and irrelevant, something which many businesses have experienced in genuine ways the past year. This is why you should have a flexible approach when making your forecasts, so if and when the wind does change, you are ready to sail in…
As your team members acquire leads and close deals, you can track them through the sales pipeline. When you have an accurate prediction of your future sales, you can use your projections to adjust your current sales process. Leveraging inventory management software can help you implement these adjustments more effectively by providing up-to-date data on…