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Accounting Software For Retail Business

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physical inventory count

Synchronizing credit card and bank transactions provide complete details and accurate reports. Moreover, being in the retail business means you probably deal with several suppliers, vendors, and other businesses in your daily operations. This makes it hard to keep track of paperwork and invoices in your pipeline. With AvidXchange, your AP team can streamline the entire invoice process and achieve paperless accounting. Inside the platform, you can easily look for and check the status of each invoice and create automatic payment processes with your desired approval workflow.

invoice

They don’t want retail accountingpayers trying to game the system by switching constantly. Even offering discounts on certain products would throw off your calculations. Many retail stores use these as effective marketing tactics and to incentivize customer behaviors like buying in bulk or paying on time.

Manage Your Inventory

It lets you optimize the supply chain and inventory to accelerate delivery time, improve inventory cycle, and enhance sales. You get real-time visibility over your inventory across all channels and handle supplier transactions and dealings from a single platform. Businesses must get special permission from the IRS to change accounting methods, including cost-flow assumptions and inventory valuation approaches.

Arcteryx Financial Analyst FP&A – Retail in North Vancouver, BC … – Fitt.co

Arcteryx Financial Analyst FP&A – Retail in North Vancouver, BC ….

Posted: Fri, 24 Feb 2023 23:26:15 GMT [source]

But when paychecks are accurate and delivered promptly, employees are more engaged and motivated. Cloud-based accounting software offers an alternative that automates several elements of business expense tracking and helps keep your financials organized. With the help of our retail accounting services, the retailers can also get the advantage of having various accounting ratios delivered that we calculate with precision. This can be used for the efficient evaluation of the overall financial condition of your business.

Income statement

Whereas income statements cover a period of time – like a week, month or year – balance sheets are for an exact date and time. In this case, it would end up being $4.75 divided by 70 dice, or approximately 7 cents per die. You know you sold 50 dice, so you match the number of items sold to the average cost of 7 cents, which is a total of $3.50 for the cost of goods sold and $1.40 for ending inventory. If you use the FIFO costing method, you take the cost of the first order you purchased, compare it to the revenue you’ve had come in and assign that revenue to the cost of goods sold. When it comes time to file your taxes, you’ll need to know which technique you used, so be sure to keep note of it. Therefore, retail accounting is unlikely to fulfill your demands if you want precise pricing values.

Do retail stores use cash or accrual accounting?

In general, most businesses use accrual accounting, while individuals and small businesses use the cash method. The IRS states that qualifying small business taxpayers can choose either method, but they must stick with the chosen method. 1 The chosen method must also accurately reflect business operations.

Celebrities

Why I said Wizkid disrespected Don Jazzy – Mr. Macaroni

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Comedian and actor, Adebowale Adedayo, aka Mr Macaroni, has disclosed his reason for saying Afrobeat music singer, Wizkid, disrespected the Mavin Records boss, Michael Ajereh, popularly known as Don Jazzy by calling him an ‘influencer’.

Macaroni stated this on Wednesday during a live show on Wazobia TV in Lagos.

The comedian justified his position on Wizkid that although Don Jazzy is an influencer perhaps ‘the biggest entertainment influencer we have in Africa’, adding that the context in which Wizkid presented him was disrespectful.

He added that Don Jazzy is not just an ordinary influencer, saying the Mavin Records label boss influenced the music industry when he newly came out with Ricardo Banks, Tiwa Salvage, Korede Bello, Dija and up the new crops of music artistes.

Macaroni said, “Don Jazzy is an influencer and perhaps the biggest entertainment influencer we have in Africa. He is such a massive influencer in the entertainment industry, from music to film.

“His impact speaks volumes. So, while Wizkid’s comments about Don Jazzy were a bit disrespectful in context, Don Jazzy’s influence is undeniable.

“Look at when he has been doing it with the likes of D’Banj, Wande Coal, Dr Sid, De Prince and then to Maving Records when they newly came out with Ricardo Banks, Tiwa Salvage, Korede Bello, Di’ja and up to this new generation.”

He said Don Jazzy has been so successful that there can never be a discussion around shaping the music industry without mentioning him.

The comedian also described Don Jazzy as a champion and great influence whose impact is undeniable on the growth of the music industry.

“Don Jazzy is a champion. Of course, he’s an influencer; he’s a great influencer. He doesn’t do it for just music; he does it for content and films. All you need is just to add Don Jazzy as a collaborator. You don’t even need to have a million followers. If he loves what you have done, he will just accept your request and the millions of followers that he has can see the content.

“But, the way Wizkid worded it (influencer) when he (Wizkid) said “I can’t chat with an influencer.’ That context is what we find disrespectful,” he added.

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It’s shameful for Wizkid, Davido, Kizz Daniel, Tekno to fight online, says Paulo Okoye

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Paulo Okoye, the showbiz promoter, has slammed Afrobeats heavyweights over their recent feud on social media.

The chaos began on Monday when Wizkid taunted Davido and Don Jazzy, referring to the latter as an “influencer” and poking fun at the former with a video clip.

The singer’s posts attracted criticism from a segment of social media users, including celebrities.

Davido retaliated, labeling Wizkid’s career as “dead”.

Amid the ongoing exchange, Kizz Daniel and Tekno also traded jabs over their collaboration on the hit song ‘Buga’.

The ‘My G’ singer dug a two-week-old tweet by Tekno where he dismissed reports of receiving N1 billion in royalties from ‘Buga’ and subtly insinuated that Kizz Daniel lacked the means to pay such an amount.

In response, the Kizz Daniel taunted Tekno, claiming he “rescued” his career with their collaboration.

On Tuesday, Okoye took to Instagram to express his disappointment with the musicians. He called their behaviour “shameful” and appealed for peace.

“This going to STOP now!!This Shameful!!GrowUpMEN!!! Please STOP. @wizkidayo @davidoYou guys bigger than This Stop. Also @kizzdaniel @teknomiles STOP STOP Let’s Love Lead,” he wrote.

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Davido claims Wizkid begged him to join proposed joint tour

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Davido has claimed Wizkid “begged” him to participate in a proposed joint tour.

On Monday evening, a fight ensued between Davido and Wizkid on X after the ‘Ojuelegba’ hitmaker mocked him and Don Jazzy, the Mavin Records head honcho.

Wizkid called Don Jazzy an “influencer” while taunting Davido with a video of him on his knees, pleading and crying after a fan asked him to release new music.

The singer’s posts attracted criticism from a segment of social media users, including celebrities.

Reacting to the rift between the two music heavyweights, Tunde Ednut, the Instagram celebrity, shared a post wherein Wizkid announced the joint tour with Davido.

Ednut also asked if the joint tour will still come to life.

“So like this now, this tour no go happen again?” he wrote in pidgin English via his Instagram page.

But in a post via his Snapchat page, Davido implied that it was Wizkid who solicited for the joint tour.

“Beggie beggie,” he wrote.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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