It’s considered an asset because it represents products that can be sold for profit. Managing this inventory effectively ensures you have enough stock to meet customer demand without overstocking and tying up too much capital. This process ensures the right amount of finished products is available to meet customer needs without overburdening the storage space […]

Financial statements, such as profit and loss statements and balance sheets, can be generated to provide valuable insights into a therapy practice’s financial health. Analyzing these reports over time can help therapists assess practice performance and identify areas for improvement. When you let someone else handle the finances, you can dedicate more time to your […]

The other half of the HVAC Bookkeeping COGM formula accounts for the work in process or WIP Inventory. WIP is a current asset in the company’s balance sheet and represents the total value of all materials, labor, and overhead of unfinished products. COGM is a critical component of profit and loss statements and measures the cost […]