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Last year was challenging for small and medium-sized businesses (SMBs), and things aren’t shaping up to be much better this year. While the United States has avoided a recession, economic uncertainty, shifting market conditions, and difficulties accessing financing have seriously strained SMBs. Nearly half of them now cite inflation as a top operating obstacle.

Businesses incur a range of expenses in the production of goods and services. These include direct material and labor costs that typically found within Cost of Goods Sold (COGS), as well as overhead costs not directly attributed to production. 

In this article we’ll dive into what COGS is, what it tells us, and how to calculate.

Enterprise Resource Planning (ERP) systems make business accounting feel like a breeze, but implementing them can sometimes prove challenging. According to statistics, at least half or more of ERP implementations fail to meet their objectives, which is why it’s so critical to onboard a seasoned ERP consultant to help your organization through the process.

From the time they were first introduced in the 1960s, there have been many developments in enterprise resource planning systems. ERP systems are now more powerful and user-friendly than ever before. They are also far more flexible now to suit various industries’ unique demands.

The terms ERP systems and accounting software are typically used interchangeably as both platforms share similar features to manage business financial operations. However, they are not the same. Accounting software and ERP systems have some key differences that set them apart.

Let’s dive into them and find out which accounting software for business is better suited for your organization.