#38: Year-End Inventory Counts: Strategies for Accurate Financial Reporting and Tax Planning

The AC Method

In this episode, Aaron dives into the vital role of physical inventory counts and how they directly influence a company's financial well-being. Drawing from his firsthand experience leading a recent inventory count at his own company, Aaron walks us through the intricate process and imparts valuable lessons gleaned from the journey. From the significance of accurate inventory management to the practical steps for a successful inventory count, Aaron provides insights that are crucial for businesses striving for financial accuracy and success. Join Aaron as he shares his expertise and practical advice on managing company inventory in this insightful episode.

💥HIGHLIGHTS:

• Year End Close and Inventory Count
• Cash Basis vs. Accrual Basis Accounting
• Inventory Management
• Conducting a Physical Inventory Count
• Challenges and Improvements in Inventory Count
• Accounting Control Measures
• Developing Efficient Inventory Count Processes
• Financial Impact of Inventory Count
• Year-End Financial Planning

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⏰TIMESTAMPS:

[00:00:00] Choose 1130 for year-end close benefits.

[00:03:54] Prepare material sheets for inventory count, accurately record.

[00:08:14] Accurate inventory management crucial for financial stability.

[00:12:53] Mistake in vinyl count, but fixed quickly.

[00:15:31] Prepare for month end, manage tax liability.

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