This article discusses the advantages of using a business management system that integrates the physical inventory with accounting general ledgers. Whether starting a small business or thinking about switching from a manual bookkeeping system, using an integrated management system can more than pay for itself by reducing errors, eliminating redundancies and increasing efficiency.
Integrated Sales Invoicing – Accounting and Inventory
An interface between accounting and the physical inventory starts with the sales invoice. As a computer generated sales invoice is created, all sales activities should automatically post to the general ledger (GL) accounts. Some examples of GL accounts related to sales activities may include: