Accounting Tools

AUGUST 7, 2023

Related Courses Optimal Accounting for Cash How to Audit Cash The Balance Sheet What are Cash and Cash Equivalents? Any items falling within this definition are classified within the current assets category in the balance sheet.

Petty cash 75

Petty cash Billing Auditing Accounting 75

Accounting Tools

JULY 21, 2023

Related Courses Fixed Asset Accounting How to Audit Fixed Assets Equipment is not considered a current asset. Related Articles How to Account for Repairs to Factory Equipment Office Equipment Where an Equipment Purchase Appears on the Income Statement Instead, it is classified as a long-term asset.

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

SEPTEMBER 23, 2023

Related Courses Auditing Nonprofit Entities Nonprofit Accounting What are Program Expenses? These expenses are distinct from the other main categories of expenses for a nonprofit, which are fundraising expenses and management & administration expenses.

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

JUNE 14, 2023

Related Courses How to Audit Cash How to Audit Equity How to Audit Fixed Assets How to Audit Inventory How to Audit Liabilities How to Audit Receivables How to Conduct an Audit Engagement What are Substantive Procedures?

Auditing 40

Auditing Financial Statements Purchase Order Accounts Payable 40

Accounting Tools

AUGUST 5, 2023

Related Courses Auditing State and Local Governments Governmental Accounting The Green Book Explained The Yellow Book Explained What is Fund Accounting? The governmental fund category includes the following funds: Capital projects funds. The proprietary funds category includes the following funds: Enterprise funds.

Accounting 74

Accounting Accounting Budgeting Auditing 74

Accounting Tools

AUGUST 7, 2023

An ABC inventory system classifies all inventory items into three categories. It is much less important for “C” items to have perfectly accurate inventory records, so inventory audits for these items are conducted at much longer intervals. Related Courses Accounting for Inventory Inventory Management What is an ABC Inventory System?

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

OCTOBER 6, 2023

Related Courses Fixed Asset Accounting How to Audit Fixed Assets What is a Long Lived Asset? Tangible Long Lived Assets Included in the tangible long lived assets category are such assets as furniture and fixtures, manufacturing equipment, buildings, vehicles, and computer equipment.

Computation 40

Computation Auditing Tax Accounting 40

Accounting Tools

JULY 15, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals How to Audit Inventory What is COGS? The main categories of costs included in COGS are direct materials , direct labor , factory overhead , and production supplies. Related Articles Cost of Goods Manufactured Cost of Goods Manufactured Schedule Purchases Account

Payroll 75

Payroll Auditing Cost Accounting Tax 75

Counto

JANUARY 17, 2024

The specific project categories may have additional eligibility conditions. Companies should have a reasonable turnover over the past three years, with audited accounts required during the grant application. What are the supportable items and activities under EDG? Is there a minimum annual turnover and employee size?

Financial Statements 52

Financial Statements Auditing Billing Accounting 52

Accounting Tools

AUGUST 24, 2023

Related Courses Bookkeeping Guidebook How to Audit Revenue Revenue Recognition What is Customer Acceptance Uncertainty? Acceptance provisions usually fall into one of the categories noted below. Related Articles Revenue Recognition Methods Revenue Recognition Criteria When are Revenues Earned?

Bookkeeping 40

Bookkeeping Auditing Accounting Accounting 40

Nanonets

MARCH 4, 2024

Out-of-the-box Categorization: Leveraging GenAI to automatically classify financial transactions into predefined categories without extensive training, customization or manual intervention. Expense Categorization and GL coding:  Nanonets offers the flexibility to customize rules and categories according to your specific needs.

Data Entry 52

Data Entry Expense Reports Invoicing General Ledger 52

Spenmo

NOVEMBER 8, 2022

In this article, we address the top 5 accounts payable challenges and how you can overcome them with expense management solutions. This helps ensure that there is a proper digitalised audit trail and a high level of compliance maintained throughout the payment processing. Disclaimer: This article is for general education purposes only.

Accounts Payable 52

Accounts Payable Accounts Payable Accounting Accounting 52

Accounting Tools

AUGUST 25, 2023

In this article, we give overviews of the more common methods, ranging from the numerically-focused rating scale system to the more documentary critical incidents approach, as well as other performance appraisal methods falling between these two extremes. Related Articles Performance Evaluation

Budgeting 40

Budgeting Auditing 40

Nanonets

JANUARY 17, 2024

Also, we will describe the steps of creating an expense report, types of expense reports, categories of expense reports, and finally see how we can automate expense report generation using automation and artificial intelligence. The Compliance Cruise Control: Continuous, automated audits make life easier. What is an expense report?

Expense Reports 52

Expense Reports Budgeting Account Reconciliation Accounts Payable 52

LedgerDocs

MARCH 1, 2023

It also allows you to establish an audit trail , access historical financial information, and make more informed business decisions. If you’re looking to organize your accounting documents on the cloud, this article provides a step-by-step guide for how to do it. Keep reading! Gather all your accounting documents.

Data Entry 52

Data Entry Accounting Accounting Invoicing 52

Outsourced Bookeeping

NOVEMBER 6, 2023

This article highlights six vital tax principles and tax saving strategies aimed at empowering beginners to navigate the types of tax planning and tax landscape with confidence. Having well-organized records helps guarantee the precision of your tax return, reducing the chances of mistakes or potential audits.

Tax 52

Tax Outsourced Bookkeeping Record Keeping Accounts Payable 52

Nanonets

APRIL 14, 2023

In this article, we'll look at how you can use ChatGPT in accounting to help simplify tedious tasks, generate financial projections quickly, create accurate audit reports, assist with invoice processing and expenses, and manage client communications effectively. While necessary, audits may be a significant drain on resources.

Data Entry 52

Data Entry Financial Reporting Accounting Accounting 52

Nanonets

MARCH 4, 2024

Remote Work Expenses New categories of expenses arising from remote work arrangements add complexity to policy definitions and reimbursements. Updating and Evolving Policies: Bi-annual reviews to adjust limits and categories as per market rates and company growth. Read the article below.

Expense Reports 52

Expense Reports Record Keeping Budgeting Data Entry 52

Accounting Tools

MARCH 19, 2024

Assign the base unit to the most appropriate asset class for which there is a general ledger category (such as furniture and fixtures, office equipment, or vehicles). If it does not, then charge the expenditure to expense as incurred. Otherwise, continue to the next step. Assign to asset class. Create journal entry.

General Ledger 40

General Ledger Auditing Computation Accounting Software 40

Intuit

NOVEMBER 20, 2023

That’s what we will discuss in this article. 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. CPAs are some of the highest-paid professionals in the world of finance.

CPA 130

CPA Bookkeeping QuickBooks Tax 130

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. ​​Common account reconciliation discrepancies can usually be classified into three main categories: timing differences, missing transactions, and transaction errors.

Account Reconciliation 52

Account Reconciliation General Ledger Accounting Accounting 52

Nanonets

JUNE 21, 2023

In this article, we will explore the process of reconciliation and discuss the steps. This report serves as evidence of the thoroughness of the reconciliation process and provides documentation for auditing purposes. Manual reconciliation can be time-consuming, prone to errors, and inefficient. What is Reconciliation?

General Ledger 52

General Ledger Reconciling Account Reconciliation Financial Records 52

Compleatable

MARCH 15, 2023

B) Under paragraph 3 of Article 28 to the General Data Protection Regulation (EU Regulation 2016/679, GDPR) the Customer is required to put a written agreement in place with any organisation which processes Personal Data on its behalf governing the processing of that data. (B) OPERATIVE PROVISIONS 1 Definitions and Interpretation 1.1

Collections 100

Collections Auditing Accounting Accounting 100

Less Accounting

JUNE 15, 2023

In this article, we’ll cover everything you need to know about bookkeeping for marketing agencies, from tracking income and expenses to generating financial reports and using financial data to make informed decisions. Worse yet, inaccurate bookkeeping can lead to legal issues, such as tax audits or lawsuits.

Bookkeeping 52

Bookkeeping Record Keeping Financial Reporting Budgeting 52

Accounting Tools

JUNE 19, 2023

Expenses Categorized as Non-Operational A company may shift expenses into a non-operational expense category, such as financing expenses, in order to make its earnings from operations look more impressive. Disclosures Audited financial statements should include a set of disclosures on various topics.

Financial Statements 73

Financial Statements Auditing Tax Accounts Payable 73

Accounting Tools

AUGUST 31, 2023

The bulk of all cash flows will likely be reported within this category. This can mean that the statement is only available for the full-year, as part of a firm’s audited financial statements. Smaller organizations may not release a statement of cash flows on a monthly basis, since some additional effort is required to create it.

Accruals 75

Accruals Financial Statements Accounts Payable Accounts Payable 75

AvidXchange

APRIL 14, 2021

“What we’re seeing is the volume of digital transactions has grown exponentially, but the paper and documentation supporting it has equally grown in similar terms,” said Saxena, CEO of Docyt in an article for Pymnts.com. To find invoice exceptions, for example, you’d want to put those in a separate electronic category than approved invoices.

AP 40

AP General Ledger Purchase Order Data Entry 40

Nanonets

FEBRUARY 15, 2024

Documentation: All documents related to the procurement process, including the Needs Assessment Report, RFP, Supplier Scorecard, Supply Agreement, PO, GRN, Invoice, Payment Authorization Form, and Payment Voucher, are filed both in physical and digital formats for audit purposes.

Purchase Order 52

Purchase Order Invoicing Budgeting Collections 52

Nanonets

DECEMBER 11, 2023

Content Interaction Scoring Description: Leads are scored based on the type and depth of content they interact with, such as blog articles, whitepapers, or videos. This record includes all relevant details from the customer's message, such as customer ID, issue category, and urgency level.

QuickBooks 52

QuickBooks Budgeting Invoicing Purchase Order 52

Accounting Tools

JANUARY 18, 2024

Payroll is typically the largest single category of expense in a services firm, and is a major expense in most other organizations. This compensation amount will likely vary over time, since it may include one-time payments for overtime , bonuses, and so forth.

Payroll 40

Payroll Auditing Accounting Accounting 40

Accounting Tools

OCTOBER 13, 2023

Related Courses How to Audit Payroll Optimal Accounting for Payroll Payroll Management Salaries expense is the fixed pay earned by employees. Related Articles Gross Salary Net Salary The Difference Between Salary and Wages The expense represents the cost of non-hourly labor for a business.

Payroll 40

Payroll Accruals Auditing Accounting 40

AvidXchange

MARCH 22, 2024

These include: • Month- and year-end closes • Audit and tax season • Budgeting season • Holidays and personal time off (PTO) During these periods, time management tips for accounting and finance professionals are especially important. For most companies, audit season coincides with this period.

Accounting 52

Accounting Accounting AP Budgeting 52

Nanonets

AUGUST 10, 2023

This article will highlight how to automate and manage your expense claims better. Office expenses: Everything from your daily office supplies to the internet bill falls under this category. This ensures all claims are compliant, reducing the risk of audits and penalties. What is an expense claim?

Data Entry 52

Data Entry Expense Reports Financial Records General Ledger 52

Future Firm

AUGUST 22, 2022

Important categories to evaluate when choosing a workflow management software for your CPA firm. Important Categories to Evaluate. But time tracking and billing within workflow management software for accounting firms is a must, so I’ll include this as an important category to evaluate. Key Takeaways. Table of Contents.

Accounting 105

Accounting Accounting QuickBooks Accounting Software 105

Nanonets

FEBRUARY 6, 2024

This article provides the most comprehensive guide to intercompany reconciliation and how automation can help you save time & cost! This article will focus on the first two steps - Data Collection & Reconciliation. This process is critical for audit, taxation, and legal compliance.

General Ledger 52

General Ledger Financial Statements Reconciling Collections 52

Nanonets

MAY 8, 2023

Worst case – your business may not survive a financial audit at tax time without the proper records. In this article, we will walk through answers to all these questions and more, so you can begin your business bookkeeping journey with confidence. Each different expense will need to be assigned a numbered category.

Bookkeeping 52

Bookkeeping Financial Statements Accounting Software Reconciling 52

Nanonets

MAY 10, 2023

This article will show how workflow management solutions can automate routine procedures, minimize repetitive jobs and operator mistakes, detect bottlenecks, and simplify communication across all departments. Businesses lose around 1 Trillion US dollars annually due to ineffective management activities! And there is no way out of it.

Data Entry 98

Data Entry Invoice Processing Customer Service Invoicing 98