Accounting Tools

SEPTEMBER 18, 2023

Typical categories in which these assets may be found include cash , marketable securities , accounts receivable , prepaid expenses , inventory , fixed assets , intangible assets , goodwill , and other assets. Related Articles Asset Recognition Criteria Tangible Assets The Difference Between Assets and Liabilities Types of Assets

Accounts Receivable 75

Accounts Receivable Accounts Receivable Account Receivables Bookkeeping 75

Less Accounting

JUNE 20, 2023

In this article, we will explore the benefits of using a chart of accounts template for your ecommerce business, factors to consider when choosing a template, and how to customize and maintain your chart of accounts. Depending on your industry, there may be specific accounts or categories that are necessary for accurate financial reporting.

Financial Reporting 52

Financial Reporting Accounting Accounting Accounting Software 52

Accounting Tools

SEPTEMBER 25, 2023

Comprehensive income is the change in the equity of a business during a reporting period , not including the purchase or sale of stock or the distribution of dividends. Related Articles Other Comprehensive Income (podcast) Other Comprehensive Income Reclassifications (podcast)

40

40

Nanonets

MARCH 4, 2024

This capability streamlines expense reporting and reimbursement processes, minimizing errors and fraud. It reduces manual effort, increases accuracy, and ensures consistency in financial reporting. Expense Report Generation:  The process of trying to compile these spreadsheets into something resembling an expense report.

Data Entry 52

Data Entry Expense Reports Invoicing General Ledger 52

Accounting Tools

MAY 21, 2023

The assertion is that all transactions were recorded within the correct reporting period. The assertion is that all reported asset , liability , and equity balances have been fully reported. The assertion is that all reported asset , liability , and equity balances have been fully reported. Occurrence.

Auditing 75

Auditing Financial Statements General Ledger Accounting 75

Accounting Tools

JUNE 8, 2023

Cash from operating activities is the aggregate amount of cash flow reported in the operating activities section of the statement of cash flows of a business. The investing activities and financing activities are reported lower down in the statement of cash flows. This statement is part of the organization’s financial statements.

Financial Statements 40

Financial Statements Accruals Tax Accounting 40

Accounting Tools

SEPTEMBER 6, 2023

Typically, a collections manager estimates the amount of bad debt by guesstimating which specific invoices will not be paid, or by estimating the amount of losses that will arise from each 30-day time bucket in the aged accounts receivable report. Neither method is especially accurate. 103,000 Medium high 4,605,000 2.9%

Collections 40

Collections Invoicing Accounts Receivable Accounts Receivable 40

Accounting Tools

JUNE 11, 2023

How to Calculate the Cost of Sales The various costs of sales fall into the general sub-categories of direct labor , direct materials , and overhead and may also be considered to include the cost of the commissions associated with a sale. The result of this calculation is the gross margin earned by the reporting entity.

Cost Accounting 75

Cost Accounting Accounts Payable Accounts Payable Bookkeeping 75

Nanonets

JANUARY 25, 2024

Global business services, shared services, procure-to-pay, order to cash, record to report, and tax organizations are areas of focus, where it shares best practice tips through webinars, articles, white papers and more. Its library of more than 3,000 reports covers financial services technology innovations over the past 16 years.  

Accounts Payable 52

Accounts Payable Accounts Payable AP AR 52

Accounting Tools

FEBRUARY 8, 2024

Related Courses The Statement of Cash Flows Presentation of Cash Outflow The general categories of cash flow (operating, investing, and financing) are located within the statement of cash flows , which is one of the financial statements that a business produces.

Accruals 40

Accruals Record Keeping Financial Statements Accounting 40

Nanonets

JANUARY 17, 2024

Let me start by defining the expense report. An expense report is made for recording and reporting all the expenses made by the company during the month, quarter, or year. However, this report also includes all the purchases and taxes paid during the period. What is an expense report? What is an expense report?

Expense Reports 52

Expense Reports Budgeting Account Reconciliation Accounts Payable 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. Reduce Data Errors Expense reports are prone to errors, leading to overpayments. This feature reduces the workload on your finance team, streamlining expense reconciliation.

Payroll 52

Payroll Record Keeping Billing Collections 52

Accounting Tools

APRIL 14, 2024

Supplies expense refers to the cost of consumables used during a reporting period. They are usually charged to expense as incurred, in which case the supplies expense account is included within the cost of goods sold category on the income statement. What is Supplies Expense?

Accruals 40

Accruals Accounts Payable Accounts Payable Accounting 40

Accounting Tools

OCTOBER 7, 2023

Types of Financial Ratios The categories of financial ratios that are used for analysis purposes are noted below, under the categories of performance ratios, liquidity ratios, leverage and coverage ratios, and activity ratios. The most important of these ratios are the gross profit ratio and net profit ratio.

Financial Statements 40

Financial Statements General Ledger Financial Analysis Customer Service 40

Xero

MAY 13, 2024

You can run the Employee Contact Details report to check for accuracy, keeping a close eye on things like date of birth, email address and postcode. Review pay items and their settings Under STP, the ATO requires the correct reporting categories be used for your earnings, deduction and paid leave pay items.

Payroll 183

Payroll XERO General Ledger Reconciling 183

Counto

JANUARY 11, 2024

The Accounting and Corporate Regulatory Authority ( ACRA ) mandates this process to ensure transparency, accountability, and compliance with the Singapore Financial Reporting Standards (SFRS). Cash Flow Statement : This statement reveals the flow of cash in and out of the company due to its financing, operating, and investment activities.

Financial Statements 52

Financial Statements AR Corporation Tax Tax 52

Accounting Tools

DECEMBER 10, 2023

A cost sheet is a report on which is accumulated all of the costs associated with a product or production job. The costs listed on the report are usually aggregated into three categories, which are direct materials , direct labor , and allocated factory overhead. What is a Cost Sheet?

Cost Accounting 40

Cost Accounting Computation Billing Accounting 40

Accounting Tools

AUGUST 5, 2023

A business may report robust profits , and yet be quite short of cash. This means that a business could pay out massive amounts of cash and yet still report a profit, because the related fixed assets are not yet considered to be an expense.

Accruals 40

Accruals Financial Statements Payroll Tax 40

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

Stephanie Peterson

AUGUST 8, 2022

Bureau of Labor and Statistics reported its largest increase in 40 years, as consumer pricing (CPI) was up 9.1% Additionally, it was just reported that we had two consecutive quarters of negative GDP, indicating we are in a recession. You will also need to organize existing categories by their current profitability.

Virtual Bookkeeping 52

Virtual Bookkeeping QuickBooks Financial Reporting Bookkeeping Services 52

Accounting Tools

FEBRUARY 8, 2024

The more common categories of insurance company include the types noted below. Once a captive insurer has been created, it is subject to the capital, reserve, and reporting requirements of the applicable state regulatory agency. Related Article Underwriting There are many types of insurance companies.

Financial Services 40

Financial Services 40

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

Counto

JANUARY 10, 2024

XBRL Filing for Companies in Singapore In Singapore, companies are required to file their financial statements in XBRL (eXtensible Business Reporting Language) format with the Accounting and Corporate Regulatory Authority (ACRA). This standardised language streamlines financial reporting and analysis, benefiting both companies and regulators.

Financial Statements 52

Financial Statements Microsoft Excel Financial Reporting Data Entry 52

Accounting Tools

JUNE 14, 2023

Related Articles Alternative Procedures Analytical Procedures Audit Data Analytics Audit Procedures Concurrent Audit Techniques Top-Down Approach to Auditing Thus, substantive procedures are performed by an auditor to detect whether there are any material misstatements in accounting transactions.

Auditing 40

Auditing Financial Statements Purchase Order Accounts Payable 40

Counto

APRIL 15, 2024

Importance of Accurate Classification Accurate classification and reporting of OW and AW are not only legal requirements but also affect an employee’s eligibility and benefits under various CPF schemes, such as home loans or medical coverage. Understanding Exemptions and Special Cases Who is Exempt from CPF Contributions?

Payroll 98

Payroll Billing 98

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

Outsourced Bookeeping

OCTOBER 26, 2023

This article will examine 8 useful bookkeeping stratergies that every owner of a small business ought to be aware of. In essence, this chart is a detailed description of all the accounts or categories you use to organize your financial operations. Bookkeeping is a very essential area for every small business owner to know.

Bookkeeping 52

Bookkeeping Outsourced Bookkeeping Small Business Bookkeeping Data Entry 52

Nanonets

MARCH 4, 2024

Inaccuracies in Expense Reporting Manual Data Entry Errors Mistakes in receipts and expense reports due to human error. Remote Work Expenses New categories of expenses arising from remote work arrangements add complexity to policy definitions and reimbursements. The HR department reports a 30% increase in remote workers.

Expense Reports 52

Expense Reports Record Keeping Budgeting Data Entry 52

Accounting Tools

JULY 13, 2023

This type of costing is required for financial reporting under several accounting frameworks , such as Generally Accepted Accounting Principles and International Financial Reporting Standards , as well as for income tax reporting. This tends to be a relatively small cost category. An example is production supplies.

Financial Reporting 40

Financial Reporting Cost Accounting Financial Statements Collections 40

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

Accounting Tools

NOVEMBER 2, 2023

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. Related Articles Billing Best Practices (podcast) Billing Controls (podcast) The Difference Between an Invoice and a Statement Why are Account Statements Issued?

Accounting 40

Accounting Accounting Billing Record Keeping 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

Accounting Tools

FEBRUARY 5, 2024

Payables controls are aggregated into three general categories, which are verifying the obligation of the business to pay, entering the payables data into the computer system, and paying suppliers. Related Articles Accounts Payable Controls (podcast) Expense Report Controls (podcast) Procurement Card Controls (podcast)

Accounts Payable 75

Accounts Payable Accounts Payable Purchase Order Accounting 75

Nanonets

NOVEMBER 14, 2023

In this article, we shall look at how E-Procurement works and discuss its benefits. It encompasses budgets, purchase history, spending reports, and expenditures, crucial for optimizing costs and enhancing expenditure management. Optimum Supplier Network Maintenance : Enables real-time reporting and comparison among vendors.

Purchase Order 52

Purchase Order Vendor Management Invoicing Collections 52

Atlassian

MARCH 31, 2022

Related Article. For the next one, I’d like you to outline a plan with incremental due dates so you can deliver the final report on time.”. 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.

80

80

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). Print depreciation report. Print the depreciation report, sorted by asset class. This information comes from the totals on the depreciation report.

General Ledger 40

General Ledger Auditing Computation Accounting Software 40