typewriter, vintage, old @ Pixabay

This is a good question. It is not only important for the business to have a good accounting system, but also to know the various factors that may affect the company’s finances.

Inventory accounts are a good example of the latter. You may have seen a manufacturing company’s balance sheet that shows how much of each product it has sold in the past. An inventory report would show you how many units of each product sold in a particular period. This report would also have an overview of each product, showing that the company sold exactly one unit of each product in that period.

I am the type of person who will organize my entire home (including closets) based on what I need for vacation. Making sure that all vital supplies are in one place, even if it means putting them into a carry-on and checking out early from work so as not to miss any flights!


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