Staff, ingredients, customers, profits: you know these are key factors that affect restaurant performance and success. That’s why having accurate updates on each of these
Your inventory is what keeps your business running. It comprises all the materials and products that make your shop unique and keep customers coming back.
Your federal taxes are sent through the IRS to confirm your tax liability. By filing business taxes accurately you are less likely to be targeted for a tax audit which is an extensive and painstaking review of your business’s financial records.
Properly managing inventory levels is an essential part to every business. But what happens when you have too much inventory? Excess, or surplus, inventory refers to products or ingredients that are nearing the end of their product life cycle.
When you account for all your audience’s senses, you’ll start to notice it exposes things in your business you may not have easily noticed before. Making sure all five of your customers’ senses are catered to will make shopping in your store more engaging. Shoppers will be more inclined to come in and look around, even if they’re not quite sure why.
Completing a physical inventory count is important for meeting customer expectations and determining your ending inventory value. Your ending inventory value is used for tax purposes and financial statements during the next accounting period.
Conducting a year-end inventory count and calculating ending inventory can put a lot of pressure on retailers. That’s why we compiled this guide to walk you through your end of year inventory tasks step by step.
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