Accounting Tools

DECEMBER 12, 2023

What is Audit Evidence? Audit evidence is the documentation collected by an auditor as part of his or her review of the financial accounts, internal controls , and other matters needed to certify a client’s financial statements. The types of audit evidence gathered usually encompasses the items noted below.

Auditing

Accounting Tools

JUNE 20, 2023

There are several types of accounting that range from auditing to the preparation of tax returns. Accountants tend to specialize in one of these fields, which leads to the different career tracks noted below. There are several career tracks involved in financial accounting.

Accounting

Accounting Tools

AUGUST 4, 2023

Related Courses Bookkeeping Guidebook CFO Guidebook New Controller Guidebook There are several types of functions fulfilled by the accounting department within a business. These accounting functions are noted below. The group can also engage in tax planning, with the intent of deferring or eliminating tax payments.

Accounting

Accounting Tools

SEPTEMBER 8, 2023

Related Courses Accountants' Guidebook Bookkeeping Guidebook New Controller Guidebook Most accounting tasks can be divided into financial accounting and managerial accounting. There are a number of differences between financial and managerial accounting, which are noted below.

Financial Statements

Accounting Tools

SEPTEMBER 7, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals How to Audit Inventory What is a Cost of Goods Manufactured Schedule? It is primarily used in financial accounting , as part of the process of compiling the financial statements.

Financial Statements

Accounting Tools

NOVEMBER 1, 2023

A CPA license is required before a person can audit the books of a client organization. Another option is the certified management accountant (CMA) designation, which is targeted at improving the management accounting and financial accounting skills of accountants.

General Ledger

Accounting Tools

FEBRUARY 26, 2024

The general ledger is used as the main source of information by financial accountants when they are investigating accounts. The auditors request a copy of the trial balance as part of their year-end audit , so that they have final balances for all accounts. Auditor usage.

General Ledger

Accounting Tools

OCTOBER 11, 2023

Internal Auditing Internal auditing involves examining internal records to see if transactions were processed correctly, and whether the established system of controls has been adhered to by the staff. Tax Accounting Tax accounting involves planning to reduce or defer tax payments, as well as filing many types of tax returns.

Accounting

Accounting Tools

OCTOBER 14, 2023

Statements of position are intended to revise or improve upon the guidance included in previously-issued audit guides and accounting guides, as well as to provide guidance on specific audit topics. The last statement of position was issued in 2013.

Financial Accounting

Accounting Tools

MAY 21, 2023

Journal entries and attached documentation should be retained for a number of years, at least until there is no longer a need to have the financial statements of a business audited. The minimum duration period for journal entries should be included in the corporate archiving policy.

General Ledger

Intuit

NOVEMBER 20, 2023

That’s what we will discuss in this article. CPA stands for Certified Public Accountant. Auditing: Even though CPAs are experts in diligently keeping track of every transaction to and from a company, the reality is that sometimes things fall through the cracks, and finances may come up short. Let’s get started!

CPA

Outsourced Bookeeping

OCTOBER 21, 2024

This article discusses outsourced bookkeeping and the interplay with how SMEs enjoy tax benefits. SMEs Prepare for Tax Season How Outsourced Bookkeeping Works It simply involves delegating financial records keeping to external experts or specialized firms. Maximising Tax Benefits: How Outsourced Bookkeeping Helps U.S

Outsourced Bookkeeping

Accounting Tools

JUNE 11, 2023

An accounting standard is a document issued by a rule-setting body, stating the manner in which accounting transactions are to be recorded and reported. The entities that most commonly issue accounting standards are the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB).

Accounting

Accounting Tools

OCTOBER 8, 2023

In descending order, the levels are as follows: FASB Statements of Financial Accounting Standards and Interpretations, FASB Staff Positions, and AICPA Accounting Research Bulletins and Accounting Principles Board Opinions that are not superseded by actions of the FASB.

Auditing

Accounting Tools

JULY 12, 2024

The primary organization that is responsible for creating and updating these standards is the Governmental Accounting Standards Board (GASB). This type of fund should not be used to account for any grant programs that support a government’s own activities. This measurement focus is only used in governmental accounting.

Accounting

Nanonets

SEPTEMBER 21, 2023

Accounting problems  can create significant challenges for businesses, affecting their  financial flow  in the  US. In this article, we will explore common  accounting problems  faced by businesses and provide  solutions  to overcome them.

Accounting

Nanonets

JULY 21, 2023

In addition to accelerating the reconciliation process, reconciliation software also enables an audit trail, significantly improving transparency and accountability. In this article, we look at some of the leading reconciliation software or reconciliation tools and also cover how Nanonets can automate reconciliations.

General Ledger

Nanonets

JUNE 13, 2024

In this article we will cover the following sections: Best Reconciliation software quick comparison Why is account reconciliation important? Why Types of Reconciliations financial teams come across What is account reconciliation software?  Why do you need to do it?

Account Reconciliation

IMA's Count Me

MAY 17, 2020

And in my view, it's going to take time to be accepted by the accounting bodies around the world. It doesn't address the cost of the systems for collecting the data and whether the the measures should be audited or whether it only apply to public companies and acceptance hasn't been universal.

Financial Reporting