Accounting Tools

JANUARY 19, 2024

A financial asset should be derecognized if either the entity's contractual rights to the asset's cash flows have expired or the asset has been transferred to a third party (along with the risks and rewards of ownership).

Accounting 40

Accounting Accounting 40

Accounting Tools

JUNE 14, 2023

The materials should be charged to expense as consumed, while depreciation should be used to gradually reduce the carrying amount of the fixed assets. If the company is billed by third parties for research work conducted on behalf of the company, charge these invoices to expense. Computer software. Indirect costs. Repayment obligation.

Accounting 75

Accounting Accounting Computation Billing 75

Accounting Tools

JULY 11, 2023

In this arrangement, the consideration paid for the asset is accounted for as a financing transaction by both parties. Related Articles How to Account for Leasehold Improvements Lease Accounting Also, the buyer-lessor does not recognize the transferred asset, and accounts for any amount paid as a receivable.

Accounting 40

Accounting Accounting 40

Accounting Tools

JUNE 20, 2023

This means that the lessor is treated as a party that happens to be financing an asset that the lessee owns. Note: The lease accounting noted in this article changed with the release of Accounting Standards Update 2016-02, which is now in effect. Consequently, the following discussion only applies to lease accounting prior to 2019.

Accounting 75

Accounting Accounting Accounts Payable Accounts Payable 75

Accounting Tools

OCTOBER 28, 2023

The lessor should designate any remaining lease as a direct financing lease when both of the following criteria are met: The present value of the lease payments and any residual asset value that is guaranteed by the lessee or any other party matches or exceeds substantially all of the fair value of the underlying asset.

Accounting 75

Accounting Accounting Collections 75

Accounting Tools

DECEMBER 19, 2023

Related parties. The nature of the relationship with a related party, and the amounts due to or from the other party. Note the carrying amount of any financial instruments that are used as collateral for borrowings, and concentrations of credit risk. Accounting changes. Contingencies and commitments. Receivables.

Financial Statements 40

Financial Statements Reconciling Auditing Accounting 40

Accounting Tools

NOVEMBER 1, 2023

A management buyout is most likely to occur in a smaller business when the owner/shareholders know the management team well, and trust them to carry on the business. Related Articles Leveraged Buyout What Triggers a Management Buyout? In this case, the buyout is called an employee buyout.

CPA 40

CPA 40

Accounting Tools

FEBRUARY 15, 2024

Minimize Bank Involvement A company directly issues bonds to investors, so there is no third party, such as a bank, that can boost the interest rate paid or impose conditions on the company. Thus, if a company is large enough to be able to issue bonds, this is a significant improvement over trying to obtain a loan from a bank.

Corporate Finance 40

Corporate Finance Tax Accounting Accounting 40

Ontrack Bookkeeping

DECEMBER 4, 2022

There is no appeal from a refusal, although the parties may undertake additional bargaining and resubmit an agreement for approval. To see the full article which is curtesy of Duncan Cotterill, click here And to see their next article about what to think about now, click here.

Billing 52

Billing Payroll Accounting Accounting 52

Nanonets

MAY 22, 2023

In this article, we will walk through the necessary steps to set up effective financial controls at a startup and how automation and technology can help. This can also help startups improve their reputation, attract multiple parties and investors, and improve valuations and business outcomes.

Budgeting 98

Budgeting Invoicing Auditing Financial Operations 98

Accounting Tools

JULY 14, 2023

Guaranteed Bond The payments associated with a guaranteed bond are guaranteed by a third party, which can result in a lower effective interest rate for the issuer. Guarantees The repayment of a bond may be guaranteed by a third party. The format is useful for businesses currently having little cash with which to pay interest.

Corporate Finance 40

Corporate Finance Accounting Accounting 40

Accounting Tools

DECEMBER 21, 2023

When to Take a Cash Discount A buyer accepts a cash discount if doing so carries an implied interest rate that is higher than the buyer would otherwise earn on normal investments, and if there is sufficient cash available to do so. The result may be disputed invoices that remain on the seller's books for quite some time.

Invoicing 40

Invoicing Accounts Receivable Accounts Receivable Account Receivables 40

Nanonets

JUNE 17, 2023

This article will provide an in-depth understanding of account reconciliation, its benefits, and how businesses can leverage technology to automate the process. This process is typically carried out by accountants at the end of an accounting period.

Account Reconciliation 52

Account Reconciliation General Ledger Accounting Accounting 52

Counto

FEBRUARY 6, 2023

In this article, we will explore the evolution of the role, its impact on businesses, and the importance of having a company secretary in place. The company secretary is also the link between the board of directors and other stakeholders, ensuring that the interests of all parties are considered in decision-making.

Bookkeeping 52

Bookkeeping Tax Accounting Accounting 52

Counto

FEBRUARY 6, 2023

In this article, we will explore the evolution of the role, its impact on businesses, and the importance of having a company secretary in place. The company secretary is also the link between the board of directors and other stakeholders, ensuring that the interests of all parties are considered in decision-making.

Bookkeeping 52

Bookkeeping Tax Accounting Accounting 52

Jetpack Workflow

FEBRUARY 16, 2023

This article will walk you through the essential elements of an accounting policy and procedure manual and provide a template to help you create one for your firm. Payables Detail payments made by the company to vendors, employees, statutory bodies, and all other external parties in this section.

General Ledger 52

General Ledger Accounting Accounting Budgeting 52

Nanonets

JUNE 19, 2023

This article covers why accounts payable audits are important to maintain financial health and the steps in an AP audit process. This often involves contacting third-party suppliers and vendors for specific transaction confirmations. However, they commonly reach out to frequently used third parties.

Accounts Payable 52

Accounts Payable Accounts Payable Auditing AP 52

Cloud Accounting Podcast

SEPTEMBER 30, 2021

Gilded Launches Compass: The Most Advanced QuickBooks Integration for Crypto Institutional adoption of cryptocurrency has intensified the demand for sophisticated crypto accounting functionality. Why not let the listeners of The Cloud Accounting Podcast know by running a classified ad?

CPA 40

CPA QuickBooks Financial Reporting Deposits 40

Accounting Tools

JUNE 19, 2023

It should contain a number of policies that impact the costs associated with employees, such as vacation and sick pay, vacation carry-forward, annual reviews, jury duty, military pay, bereavement pay, severance pay, and so forth. Licensing Expense A company may have licensed critical intellectual property from another party.

Financial Statements 73

Financial Statements Auditing Tax Accounts Payable 73

Blake Oliver

JANUARY 10, 2024

This article summarizes Zak’s insights from my recent Earmark Podcast interview to provide accountants and tax professionals with key guidance. Third-party services like PayPal issue 1099-Ks for funds transferred in or out of gambling sites. That’s why the deep expertise of Zachary Zimbile offers such a valuable perspective.

Tax 80

Tax Accounting Accounting Record Keeping 80

Accounting Tools

AUGUST 1, 2023

If the amount of the loss is greater than this basis, the excess amount must be carried forward into a future period, where it can hopefully be offset against the future profits of the partnership. And finally, a shareholder can sell shares in a corporation to a third party.

Corporation Tax 75

Corporation Tax Tax Payroll 75

Nanonets

JUNE 7, 2023

The RPA software acts as a digital workforce that carries out rule-based tasks without any human intervention. Data processing/manipulation —Data can also be processed or manipulated based on predefined rules or algorithms and then sent to a third-party application for further analysis. Happy automating!

Collections 52

Collections Invoicing Auditing Customer Service 52

AvidXchange

JULY 21, 2018

An electronic payment system is a third-party SaaS or application used to electronically manage payments. Looking to the Consumer Payments Market For years now, consumers in the B2C market have trusted digital payments to quickly and securely pay for goods without carrying cash or a checkbook. What is an Electronic Payment System?

AP 40

AP Billing Invoicing General Ledger 40

Cloud Accounting Podcast

MARCH 21, 2020

Blake and I are sending articles to each other, and I almost feel like I'm running around with my head cut off, like a chicken. I spotted an article in CPA Trendlines, a report looking at what happened, in previous downturns, to the accounting profession and trying to figure out what might happen now. I forget her name. That's great.

Tax 40

Tax Billing Payroll Bookkeeping 40

Cloud Accounting Podcast

APRIL 27, 2020

Actually, there was a great article that I tweeted out. I found an article about people working from home, and their connectivity issues; had some interesting data in it. David Leary: [00:16:51] Even AccountingWEB had an article from somebody from the AICPA talking about how you can help your small business clients beyond just the PPP.

Tax 40

Tax Accounting Accounting Deposits 40

Cloud Accounting Podcast

SEPTEMBER 15, 2020

I was just reading an article in CFO, talking about the future of finance in mid-sized to large organizations. David Leary: [00:13:55] It feels like it's just easy to solve because that's the same thing with this article that I have, which was in PYMNTS. Blake Oliver: [00:06:49] It's not just small businesses that feel that pain.

Tax 40

Tax Payroll Financial Statements QuickBooks 40

Cloud Accounting Podcast

APRIL 19, 2020

So, this is perfect [inaudible] my raw reaction. Alan Rosen: [00:15:51] Restaurants don't typically have a ton of working capital sitting around their month-to-month businesses, so this capital is gonna carry us through our grand reopening, for lack of a better term. We've talked about some these apps.

Payroll 40

Payroll Bookkeeping QuickBooks Accounting 40

Cloud Accounting Podcast

MAY 26, 2020

There was an article in The Wall Street Journal this week about how, on both sides of the aisle, senators are complaining that Jovita Carranza and the SBA leadership are not being responsive to their requests for information. Now that you're here, you should think about joining the Independent party. It's so exciting. Pretty cool.

XERO 40

XERO Accounting Accounting QuickBooks 40