Accounting Department

JULY 13, 2023

This article recaps the important role of inventory management in e-commerce and the vital ways it helps businesses control costs and improve customer relationships.

Accounting 215

Accounting Accounting 215

Accounting Tools

MAY 12, 2024

A key role of the accountant is to design an appropriate set of procedures, forms, and integrated controls for each of these transaction cycles, to mitigate the opportunities for fraud and ensure that transactions are processed in as reliable and consistent a manner as possible.

Petty cash 75

Petty cash Revenue Cycle Purchase Order Accounting 75

Accounting Tools

MAY 13, 2024

What is a Real Account? A real account is an account that retains and rolls forward its ending balance at the end of the year. The areas in the balance sheet in which real accounts are found are assets , liabilities , and equity. Presentation of Real Accounts Real accounts are not listed in the income statement.

Accounting 40

Accounting Accounting Bookkeeping Accounts Payable 40

Accounting Tools

APRIL 18, 2024

How to Account for a Contingency The accounting for a contingency is essentially to recognize only those losses that are probable and for which a loss amount can be reasonably estimated. Related Article Contingent Liability Do not make a retroactive adjustment to an earlier period to record a loss contingency.

Accounting 75

Accounting Accounting Financial Statements Auditing 75

Future Firm

FEBRUARY 8, 2024

Accountant soft skills are an often overlooked component of building a successful firm and career. Learn where to start in this article. The post The 9 Best Accountant Soft Skills to Master appeared first on Future Firm.

Accounting 98

Accounting Accounting 98

Accounting Tools

APRIL 6, 2024

What Does the Accounting Department Do? The accounting department is responsible for a large number of administrative functions within an organization. Though considered "back office" activities, these functions are essential to the proper operation of a business. They are as follows: Credit.

Accounting 75

Accounting Accounting Budgeting Financial Statements 75

1st Step Accounting

FEBRUARY 11, 2024

Things like emails, tasks for our monthly projects and that also includes chart of account lists for the different types of clients we serve. Not only does this help me set up new accounts faster but another side benefit is that it helps me serve our clients better by having a streamlined review process for month-end close.

Accounting 86

Accounting Accounting QuickBooks Computation 86

Blake Oliver

NOVEMBER 17, 2023

I'm published in the Journal of Accountancy! You can now read my article, "How artificial intelligence can help save accounting," on the JofA website. ? Highlights include: Insights on how GPT is reshaping routine accounting tasks. Examples of AI's applications in accounting and their impact.

Accounting 137

Accounting Accounting 137

Future Firm

DECEMBER 16, 2023

If you're striving for accounting work life balance, check out this article that lists 10 actionable tips & tricks to help get you there. The post Accounting Work Life Balance: 10 Tactics for Success appeared first on Future Firm.

Accounting 97

Accounting Accounting 97

Accounting Tools

MARCH 1, 2024

What is Tax Accounting? Tax accounting refers to the rules used to generate tax assets and liabilities in the accounting records of a business or individual. Tax accounting is derived from the Internal Revenue Code (IRC), rather than one of the accounting frameworks , such as GAAP or IFRS.

Tax 75

Tax Accounting Accounting Financial Statements 75

Accounting Tools

APRIL 6, 2024

What is the Accounts Receivable Aging Report? An accounts receivable aging is a report that lists unpaid customer invoices and unused credit memos by date ranges. How to Use an Accounts Receivable Aging Report There are several uses to which an accounts receivable aging report can be put, as we describe in the following sections.

Accounts Receivable 75

Accounts Receivable Accounts Receivable Account Receivables Accounting 75

oAppsNet

MAY 14, 2024

Streamlining accounts receivable collections is a strategic imperative for businesses to enhance their cash flow and operational efficiency. Understanding the Importance of Streamlined Collections Streamlined accounts receivable collections are vital for maintaining a healthy cash flow, which is the lifeblood of any business.

Accounts Receivable 52

Accounts Receivable Accounts Receivable Account Receivables Collections 52

Accounting Tools

OCTOBER 25, 2023

Related Courses Bookkeeping Guidebook How to Audit Equity New Controller Guidebook What is the Accounting for Reserves? Reserve accounting is quite simple - just debit the retained earnings account for the amount to be segregated in a reserve account, and credit the reserve account for the same amount.

Accounting 75

Accounting Accounting Financial Statements Bookkeeping 75

Accounting Tools

OCTOBER 27, 2023

Related Courses Accountants’ Guidebook Cost Accounting Fundamentals There are a number of differences between cost accounting and financial accounting , which are noted below. Cost accounting involves the preparation of a broad range of reports that management needs to run a business.

Financial Accounting 75

Financial Accounting Cost Accounting Accounting Accounting 75

Accounting Tools

OCTOBER 1, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is a Nominal Account? A nominal account is one that is closed out at the end of each fiscal year. What is a Real Account? A real account carries forward its ending balance into the following year.

Accounting 76

Accounting Accounting Bookkeeping Accounts Payable 76

Accounting Tools

JANUARY 2, 2024

What are Accounting Reports? Accounting reports are compilations of financial information that are derived from the accounting records of a business. More commonly, accounting reports are considered to be equivalent to the financial statements. Why are Accounting Reports Important?

Financial Statements 75

Financial Statements Accounting Accounting Budgeting 75

Accounting Tools

MAY 7, 2024

What is Inflation Accounting? Inflation accounting is the process used to factor massive price increases into an organization’s financial statements. Thus, a business experiencing even fairly robust inflation is not allowed to use inflation accounting. Related Articles Constant Dollar Accounting Current Value Accounting

Financial Statements 40

Financial Statements Accounting Accounting Tax 40

CSI Accounting & Payroll

OCTOBER 13, 2023

If your construction company has a contract that rolls into a new year , you must accrue for the materials, revenue, and labor involved in the contract - even if you use cash basis accounting for your business. At CSI Accounting & Payroll, we've worked with construction companies for over 50 years. How do you do that?

Accruals 98

Accruals Accounting Accounting Payroll 98

oAppsNet

APRIL 5, 2024

As we usher in the year 2024, the accounts payable (AP) landscape is undergoing rapid transformation driven by technological advancements, changing business dynamics, and evolving customer expectations.

Accounts Payable 52

Accounts Payable Accounts Payable AP Accounting 52

Accounting Tools

DECEMBER 19, 2023

Accountancy is the practice of recording, classifying, and reporting on business transactions for a business. The key accountancy tasks are noted below. There are also a number of business transactions that are non-repetitive in nature, and so require the use of journal entries to record them in the accounting records.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

Accounting Tools

OCTOBER 28, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook What is an Account Balance? An account balance is the current total in an account. General Ledger Account In accounting, the account balance is the current residual balance in an account.

General Ledger 75

General Ledger Accounting Accounting Account Reconciliation 75

Accounting Tools

NOVEMBER 2, 2023

Related Courses Accounting for Inventory How to Audit Inventory What is Backflush Accounting? Backflush accounting is when you wait until the manufacture of a product has been completed, and then record all of the related issuances of inventory from stock that were required to create the product.

Accounting 75

Accounting Accounting Billing Computation 75

Accounting Tools

NOVEMBER 8, 2023

Related Courses Fixed Asset Accounting How to Audit Fixed Assets What is a Disposal Account? A disposal account is a gain or loss account that appears in the income statement , and in which is recorded the difference between the disposal proceeds and the net carrying amount of the fixed asset being disposed of.

Accounting 75

Accounting Accounting Auditing 75

Accounting Tools

JUNE 7, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook What is an Account? An account can have several meanings in the accounting profession. Account Record An account can be the record in a system of accounting in which a business records debits and credits as evidence of accounting transactions.

General Ledger 75

General Ledger Accounting Accounting Accruals 75

Accounting Tools

JULY 19, 2023

What is an Accounting Schedule? An accounting schedule is a supporting document that provides additional details or proof for the information stated in a primary document. Related Articles Financial Records Records Management

General Ledger 75

General Ledger Accounting Accounting Financial Records 75

Accounting Tools

DECEMBER 13, 2023

What is Accounting Practice? Accounting practice is the system of procedures and controls that an accounting department uses to create and record business transactions. Auditors rely upon consistent accounting practice when examining a company's financial statements.

Accounting 75

Accounting Accounting Financial Statements QuickBooks 75

oAppsNet

MAY 9, 2024

Accounts receivable is a fundamental concept in business finance, serving as an essential component of a company’s working capital and cash flow management. This article aims to demystify the accounts receivable process, elucidating its significance, operational mechanisms, challenges, and optimization strategies.

Accounts Receivable 40

Accounts Receivable Accounts Receivable Account Receivables Accounting 40

Accounting Tools

OCTOBER 21, 2023

Related Courses Accountants' Guidebook Bookkeeping Guidebook What is an Accounting Period? An accounting period is the span of time covered by a set of financial statements. For internal financial reporting, an accounting period is generally considered to be one month.

Financial Statements 75

Financial Statements Accounting Accounting Financial Reporting 75

Accounting Tools

JUNE 12, 2023

Related Courses Accounting for Inventory How to Audit Inventory How to Account for a Consignment Consignment occurs when goods are sent by their owner (the consignor ) to an agent (the consignee ), who undertakes to sell the goods. If so, this is a debit to commission expense and a credit to accounts payable.

Accounting 75

Accounting Accounting Record Keeping Accounts Payable 75

Accounting Tools

JULY 24, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is a Temporary Account? A temporary account is an account that begins each fiscal year with a zero balance. Temporary accounts are used to compile transactions that impact the profit or loss of a business during a year.

Accounting 75

Accounting Accounting Bookkeeping Accounting Software 75

Accounting Tools

FEBRUARY 5, 2024

What are the Accounts Payable Controls? Accounts payable controls are used to mitigate the risk of losses in the payables function. The approver may also want to know which general ledger account will be charged. This is a much more difficult endeavor in an entirely manual accounting system. They are noted below.

Accounts Payable 75

Accounts Payable Accounts Payable Purchase Order Accounting 75

Accounting Tools

OCTOBER 8, 2023

Related Courses Corporate Cash Management Corporate Finance Treasurer's Guidebook What is the Assignment of Accounts Receivable? Under an assignment of accounts receivable arrangement, a lender pays a borrower in exchange for the borrower assigning certain of its receivable accounts to the lender.

Accounts Receivable 75

Accounts Receivable Accounts Receivable Account Receivables Accounting 75

oAppsNet

MAY 7, 2024

Among the various aspects of financial management, accounts receivable collections stand out for their direct impact on a company’s liquidity and cash flow. What Are Accounts Receivable Collections? In any business, managing finances effectively is pivotal to sustaining and growing operations.

Accounts Receivable 40

Accounts Receivable Accounts Receivable Account Receivables Collections 40

Accounting Tools

OCTOBER 28, 2023

Related Courses Accounting for Retirement Benefits How to Account for a Pension The accounting for pensions can be quite complex, especially in regard to defined benefit plans. Net periodic pension cost Accounting for Each Type of Pension Cost The accounting for the relevant defined benefit plan costs are noted below.

Accounting 75

Accounting Accounting Cost Accounting 75

Accounting Tools

OCTOBER 21, 2023

Related Courses Nonprofit Accounting What is the Accounting for Pledges? The accounting for a pledge depends upon the conditions attached to it. Unconditional Pledge When a donor commits to a pledge without reservation, the nonprofit receiving the funds records the pledge as revenue and an account receivable.

Accounting 76

Accounting Accounting Accounts Receivable Accounts Receivable 76

Accounting Tools

OCTOBER 8, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals The Interpretation of Financial Statements Certain cost accounting formulas should be monitored on a regular basis in order to spot spikes or drops in the performance of an organization. The most important cost accounting formulas are noted below.

Cost Accounting 75

Cost Accounting Accounting Accounting Budgeting 75

Blake Oliver

JANUARY 25, 2024

Accountants, are you ready to embrace the future? In my latest article on the Firm of the Future blog , I showcase real-world applications of AI chatbots in our profession. So, if you're curious about how genAI can transform your accounting practice or just seeking insights into the future of our profession, this is a must-read.

Accounting 64

Accounting Accounting QuickBooks 64