Accounting Tools

JANUARY 30, 2024

Common-Law Employee Under common-law rules, someone is an employee if you have the right to control what will be done and how it will be done, even if the individual has a considerable degree of freedom of action. These people are not considered employees, especially if they have control over the means and methods of producing their work.

Payroll 40

Payroll Tax Accounting Accounting 40

Accounting Tools

SEPTEMBER 29, 2023

Tests of Controls These procedures test the effectiveness of a control in preventing or detecting a material misstatement. Depending on the results of this test, the auditor may choose to rely upon a client’s system of controls as part of the audit plan.

Auditing 40

Auditing Financial Statements Billing Tax 40

Accounting Tools

FEBRUARY 8, 2024

Only by keeping tight control over these outflows will a business stand a reasonable chance of generating decent cash flows over the long term. Related Articles Statement of Cash Flows Overview The Purpose of the Statement of Cash Flows

Accruals 40

Accruals Record Keeping Financial Statements Accounting 40

Counto

JANUARY 9, 2024

Step 3: Check for Controlled Goods Certain goods, such as food products and medicines, are categorised as “controlled” goods, subject to additional regulations by relevant agencies in Singapore. Documentation such as copies of the applicant’s NRIC and the company’s certificate of incorporation may be required.

Tax 52

Tax Accounting Accounting 52

Counto

JANUARY 27, 2024

Our spend management software comes equipped with smart rules and custom expense categories, ensuring that all necessary data is collected accurately. With Counto Bill Pay, you can take control of your finances, streamline operations, and drive your business towards greater profitability. Want to schedule a demo?

Payroll 52

Payroll Record Keeping Billing Collections 52

Accounting Tools

JULY 13, 2023

Related Courses CFO Guidebook Investor Relations Guidebook New Controller Guidebook What is a Stakeholder? We list the various categories of stakeholder in the sections below. Related Articles The Difference Between a Shareholder and a Stakeholder

Tax 40

Tax Bookkeeping 40

Nanonets

APRIL 6, 2023

In this article, we’ll cover why image recognition matters for your business and how Nanonets can help optimize your business wherever image recognition is required. Manufacturing : Image recognition is being used in manufacturing to automate quality control processes. What is image recognition?

Collections 52

Collections Invoice Processing Computation Invoicing 52

Accounting Tools

JULY 30, 2023

Cost classification involves the separation of a group of expenses into different categories. This information is used on a trend line to examine the ability of each department manager to control his or her assigned costs. Related Courses Cost Accounting Fundamentals What is Cost Classification?

Cost Accounting 40

Cost Accounting Customer Service Accounting Accounting 40

Accounting Tools

NOVEMBER 2, 2023

Related Courses Bookkeeping Guidebook New Controller Guidebook What is an Account Statement? First, they act as a control, since the recipient can compare the transactions listed on the report to its own internal records, and may question any anomalies found. There are several variations on the concept.

Accounting 40

Accounting Accounting Billing Record Keeping 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. It can also track transactions made with it in real-time so that it can be matched accordingly to a particular merchant, vendor or expense category. Read on to find out more.

Accounts Payable 52

Accounts Payable Accounts Payable Accounting Accounting 52

Accounting Tools

JULY 9, 2023

The variable overhead category includes a number of accounts , some of which may have been incorrectly classified and so do not appear as part of variable overhead (or vice versa). There are a number of possible causes of a variable overhead spending variance. For example: Account misclassification. Outsourcing.

Budgeting 40

Budgeting Cost Accounting Accounting Accounting 40

Nanonets

NOVEMBER 14, 2023

In this article, we shall look at how E-Procurement works and discuss its benefits. Increased Control : Centralizes information in the E-Procurement environment for heightened control. Digital Transformation Opportunities : Transitions from inefficient email and spreadsheet processes to a centrally controlled database.

Purchase Order 52

Purchase Order Vendor Management Invoicing Collections 52

Accounting Tools

JULY 8, 2023

Administrative Overhead The variance calculation is normally applied to each individual line item within this general category of expense. Related Articles Accounting for Variances Cost Control Cost Variance Analysis Exception Report Variance Analysis Variance Report

Budgeting 40

Budgeting Cost Accounting Accounting Accounting 40

Nanonets

DECEMBER 19, 2023

See Nanonet’s blog article for the differences in RFQ vs. RFP.  The eSourcing software may include online software systems with hundreds of pre-approved vendors and controlled employee limits. eRFX are requests prepared by companies in the procurement sourcing process to be completed and submitted by competing vendors.  

Purchase Order 52

Purchase Order Data Entry AP Budgeting 52

Accounting Tools

DECEMBER 10, 2023

It can also be used as the basis for a variety of cost control measures. The costs listed on the report are usually aggregated into three categories, which are direct materials , direct labor , and allocated factory overhead. Related Articles Job Cost Record Job Costing Job Order Costing System Work Ticket

Cost Accounting 40

Cost Accounting Computation Billing Accounting 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

Accounting Tools

NOVEMBER 2, 2023

If an account falls into this category, its monthly total is added to a cost pool , from which the total overhead cost is allocated to a cost object (usually inventory). Control of Overhead Costs Overhead costs tend to be fixed, which means that they do not change from period to period.

Cost Accounting 40

Cost Accounting Accounting Accounting Tax 40

Remote Quality Bookkeeping

JUNE 19, 2023

This article will explore some of the most common expenses related to running a small business and how you should categorize them when trying to get an accurate picture of the expense side of your business. You could be spending significantly more on this expense category during busy times.

Bookkeeping 52

Bookkeeping Budgeting Tax Payroll 52

Remote Quality Bookkeeping

JUNE 19, 2023

This article will explore some of the most common expenses related to running a small business and how you should categorize them when trying to get an accurate picture of the expense side of your business. You could be spending significantly more on this expense category during busy times.

Bookkeeping 52

Bookkeeping Budgeting Tax Payroll 52

Spenmo

NOVEMBER 1, 2022

In this article, you will learn how your company's finances can benefit from using business virtual cards in day-to-day transactions. Benefits of Virtual Cards More control over spending Companies with traditional reimbursement systems only know which expenses they incur once the employee submits an expense report.

Petty cash 52

Petty cash Budgeting Expense Reports Financial Reporting 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). Have the controller review and approve the file. If it does not, then charge the expenditure to expense as incurred. Otherwise, continue to the next step. Approve record.

General Ledger 40

General Ledger Auditing Computation Accounting Software 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. The effectiveness of account reconciliation as an internal control measure is higher when the data being compared is from a third-party source, like a bank or credit card company.

Account Reconciliation 52

Account Reconciliation General Ledger Accounting Accounting 52

Nanonets

MAY 31, 2023

For every business, a well-defined approval process for spends and expenses is crucial to maintaining financial control and ensuring responsible expenditure. By implementing an approval process, businesses can enhance financial control, promote responsible spending behavior, and mitigate potential risks, such as fraud and legal action.

Budgeting 52

Budgeting Purchase Order Accounting Software Accounting 52

Atlassian

MARCH 31, 2022

Related Article. If you find that you’re checking off any boxes in the first category (hey, we’re all human) you may want to defer feedback until a later time when you’re in a more effective mindset. Grenny explained why in the Harvard Business Review (HBR): “Control is central to safety. By Patricia Omoqui. In Leadership.

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Counto

JANUARY 10, 2024

XBRL FSH for Insurance : This format addresses the reporting needs of insurance companies, ensuring structured and controlled financial data. Reserve the “others” category for unique items that cannot be mapped to any concept in the taxonomy. Name of parent entity or group.

Financial Statements 52

Financial Statements Microsoft Excel Financial Reporting Data Entry 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

Nanonets

MARCH 4, 2024

Remote Work Expenses New categories of expenses arising from remote work arrangements add complexity to policy definitions and reimbursements. A good policy strikes a delicate balance between flexibility and control. Moderate limits reflect the need for some client engagement but also budget control. Read the article below.

Expense Reports 52

Expense Reports Record Keeping Budgeting Data Entry 52

Jetpack Workflow

APRIL 17, 2023

Step 2: Enter your business name in the search bar, click “Add your business to Google,” and enter your firm’s appropriate business type and category. Ponder some of the questions you repeatedly hear on sales calls or conversations with existing clients, like: How do I prepare a pest control business for tax season?

Accounting 52

Accounting Accounting Bookkeeping Services Bookkeeping 52

Spenmo

NOVEMBER 3, 2022

This article will discuss some challenges of company expense policy implementation and the steps in creating an effective expense reimbursement policy. Then, develop guidelines for each expense category to ensure alignment between your finance department and employees regarding reimbursements.

Expense Reports 52

Expense Reports Budgeting Account Reconciliation Deposits 52

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

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. What are some best practices for tracking expenses and ensuring they are properly categorized?

Bookkeeping 52

Bookkeeping Record Keeping Financial Reporting Budgeting 52

Nanonets

FEBRUARY 15, 2024

Visibility and Control Over Spend Problem: Lack of visibility into company-wide spending is another significant challenge. Solution: Adopting an integrated procurement software solution is one of the most effective ways to gain visibility and control over company-wide spending.

Purchase Order 52

Purchase Order Invoicing Budgeting Collections 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. Another example would be a cash restriction in order to fund a letter of credit.

Financial Statements 73

Financial Statements Auditing Tax Accounts Payable 73

Accounting Tools

JUNE 16, 2023

Management should maintain tight control over these costs, since they increase the break even point of a business. Consequently, it is especially important to maintain tight control over SG&A costs, which can be achieved through the continual review of discretionary costs , trend analysis , and comparisons of actual to budgeted costs.

Budgeting 75

Budgeting Financial Statements Accounting Accounting 75

Nanonets

APRIL 1, 2024

The platform provides a user-friendly interface and guided onboarding to help businesses optimize their AP processes, save time, reduce errors, and improve financial control. Although Nanonets and Tipalti provide a wide range of business solutions, this article will focus solely on comparing their AP automation capabilities.

AP 98

AP Accounts Payable Accounts Payable Invoicing 98

Nanonets

APRIL 1, 2024

The platform provides a user-friendly interface and guided onboarding to help businesses optimize their AP processes, save time, reduce errors, and improve financial control. Although Nanonets and Tipalti provide a wide range of business solutions, this article will focus solely on comparing their AP automation capabilities.

AP 52

AP Accounts Payable Accounts Payable Invoicing 52