I just received my closing entries from my CPA and my wonderful profit that I thought we had is now a loss. It was that darn inventory adjustment he made. How could my inventory be so messed up?
I was a CPA for years and this was a common scenario with growing businesses. There are so many moving parts in a growing company that inventory control and costing falls through the cracks; and entry level accounting systems do little to alleviate this critical issue. They concentrate on ease of use at the expense of handling complex accounting issues like inventory costing and tracking.
So what does a business owner do?