8 Best Accounting Software for Nonprofits

Wave’s free invoicing tools offer the ability to send customized and branded invoices and automated payment reminders. You can also accept credit cards, bank payments and Apple Pay from invoices. Its free accounting tools offer income and expense tracking, reports...

Owners Equity: Definition and How to Calculate It

Owner’s equity represents the value of a business that could be claimed by the owner if the business were liquidated. Owner’s equity can be used to evaluate a business’s performance and prospects. Increases in owner’s equity from one year to the next may indicate a...

The FIFO Method: First In, First Out

As you might guess, the IRS doesn’t like LIFO valuation, because it usually results in lower profits (less taxable income). But the IRS does allow businesses to use LIFO accounting, requiring an application, on Form 970. Due to economic fluctuations and the risk...