Accounting Tools

DECEMBER 12, 2023

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 amount of evidence collected must provide a reasonable basis for the auditor’s opinion. What is Audit Evidence?

Auditing 40

Auditing Collections Financial Statements Financial Records 40

Accounting Tools

NOVEMBER 8, 2023

Record Keeping System The system of record keeping for accounting requires the use of a standard set of accounting policies and procedures, as well as standardized forms. The procedures should incorporate controls designed to ensure that assets are used as intended. Transaction tracking occupies the bulk of the time of the accountant.

Record Keeping 40

Record Keeping Accounting Accounting Financial Statements 40

Nanonets

APRIL 24, 2024

  This article discusses the significance of bank reconciliation audits and the role of automation in streamlining the process. This audit aims to verify the accuracy and completeness of the bank reconciliation procedures and ensure that they are conducted in accordance with established accounting standards and regulatory requirements.

Bank Reconciliation 52

Bank Reconciliation Auditing Reconciling General Ledger 52

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? Substantive procedures are included in the audit plan around which an audit is structured.

Auditing 40

Auditing Financial Statements Purchase Order Accounts Payable 40

Accounting Tools

JUNE 12, 2023

A high level of effectiveness allows the auditors to scale back some of their later audit procedures. there is a high risk of material misstatement ), then the auditors must use other procedures to examine the financial statements. Confirm account balances, investigate subsequent collections, test year-end sales and cutoff procedures.

Financial Statements 76

Financial Statements Auditing General Ledger Bank Reconciliation 76

Accounting Tools

AUGUST 3, 2023

Related Courses Credit and Collection Guidebook Effective Collections Essentials of Collection Law Debt collection for a small business can be a difficult endeavor. A smaller organization does not have the resources to invest in an expensive debt collection infrastructure.

Collections 40

Collections Invoicing Accounts Payable Accounts Payable 40

Accounting Tools

JULY 23, 2023

Related Courses Credit and Collection Guidebook Effective Collections Essentials of Collection Law What is the Procedure for Collections? The collections staff may deal with an enormous number of overdue invoices. The detailed collection procedure is listed below. The steps are noted below.

Collections 40

Collections Invoicing Accounting Software Accounts Receivable 40

Accounting Tools

FEBRUARY 25, 2024

Compliance Audit A compliance audit is an examination of the policies and procedures of an entity or department, to see if it is in compliance with internal or regulatory standards. The intent is to locate and remedy control breaches, as well as to collect evidence in case charges are to be brought against someone.

Auditing 75

Auditing Payroll Financial Statements Tax 75

Accounting Tools

MAY 10, 2024

Related AccountingTools Courses Credit and Collection Guidebook Effective Collections Credit Policy Main Body The main body of the policy can include a number of statements regarding credit policy, along with more detailed application information. Related Articles Credit Analysis Credit Granting Procedure Five Cs of Credit

Collections 40

Collections Accounts Receivable Accounts Receivable Account Receivables 40

Counto

FEBRUARY 3, 2024

However, not all customers adhere to payment timelines, leading to the need for accounts receivable collections, a process aimed at ensuring timely payments for products or services provided. It reflects the credit extension policies and collection procedures in place.

Accounts Receivable 52

Accounts Receivable Accounts Receivable Account Receivables Accounting 52

Accounting Tools

JULY 29, 2023

Related Courses Optimal Accounting for Payroll Payroll Management The payroll clerk position is accountable for collecting timekeeping information, incorporating a variety of deductions into a periodic payroll , and issuing pay and pay-related information to employees. Associates degree in business preferred. Must be detail oriented.

Payroll 40

Payroll Deposits Collections Tax 40

Accounting Tools

JULY 30, 2023

Manages the processing of all accounting transactions , which is supported by a detailed set of policies, procedures, and forms. Accounting transactions typically include billings, accounts payable , payroll , collections, and cash receipts. Maintains a system of controls to ensure that assets are used appropriately.

General Ledger 75

General Ledger Financial Statements Accounts Payable Accounts Payable 75

Accounting Tools

JUNE 15, 2023

Related Courses Credit and Collection Guidebook Effective Collections Essentials of Collection Law What is a Credit Application? Related Articles Credit Analysis Credit Application Terms Credit Granting Procedure Credit Reference Five Cs of Credit The On-Line Credit Application

Collections 40

Collections 40

Accounting Tools

MARCH 8, 2024

The key elements of the system are as follows: The policies and procedures governing how information is collected. Related Articles Accounting System Design Budgeting and Planning Software Financial Information Systems Treasury Workstations Types of Accounting Software

General Ledger 40

General Ledger Accounting Accounting Accounts Payable 40

Accounting Tools

JULY 27, 2023

Related Courses Credit and Collection Guidebook Effective Collections What is a Credit Policy? A credit policy contains guidelines that structure the amount of credit granted to customers , as well as how collections are to be conducted for delinquent accounts.

Collections 40

Collections Financial Statements Accounts Receivable Accounts Receivable 40

Accounting Tools

APRIL 8, 2024

You will have problems collecting accounts receivable if an order is shipped to a customer with a bad credit rating. The collections staff reviews all overdue accounts receivable using collections software, using it to contact customers and discuss their payment situations. Overdue accounts analysis. Write-off approvals.

Accounts Receivable 40

Accounts Receivable Accounts Receivable Account Receivables Accounting 40

Counto

MAY 2, 2024

Compliance Procedures Registration: Financial institutions must register with the IRS to obtain a Global Intermediary Identification Number (GIIN). Documentation and Reporting Financial institutions need to collect and verify tax residency certificates and other relevant documents from all account holders. Individuals: U.S.

Tax 52

Tax Accounting Accounting Corporation Tax 52

Accounting Tools

JUNE 17, 2023

Related Courses Credit and Collection Guidebook Effective Collections What is a Check Guarantee? The guarantor will only pay a merchant if it follows a predetermined check processing procedure, typically involving the use of a check scanner to upload presented checks to the guarantor's database.

Collections 40

Collections Accounting Accounting 40

Accounting Tools

DECEMBER 10, 2023

Related AccountingTools Courses Credit and Collection Guidebook The Interpretation of Financial Statements Related Articles Credit Analysis Credit Application Credit Application Terms Credit Granting Procedure Credit Policy Credit Reference The Risk of Default The reverse of creditworthiness is the risk of default.

Financial Statements 40

Financial Statements Collections Billing 40

Accounting Tools

SEPTEMBER 21, 2023

Related Courses Accounting Procedures Guidebook The following billing procedure addresses three tasks in the billing process, which involve collecting the information needed to construct an invoice , creating invoices, and issuing them to customers. Deliver the billing envelopes to the mail room for mailing.

Billing 40

Billing Invoicing Computation Collections 40

Accounting Tools

JANUARY 30, 2024

Related AccountingTools Courses Credit and Collection Guidebook Effective Collections Arbitration Clause Both parties agree to arbitration of any payment disputes. It is not likely that the fees will actually be collected, but it may be worthwhile to insert the clause just to provide the company with extra collection leverage.

Collections 40

Collections Invoicing Accounting Accounting 40

Accounting Tools

JUNE 17, 2023

Related Courses Credit and Collection Guidebook Effective Collections What is a Credit Reference? Related Articles Credit Best Practices (podcast) Credit Analysis Credit Application Terms Credit Granting Procedure Credit Policy Sample The On-Line Credit Application

Collections 40

Collections 40

Accounting Tools

NOVEMBER 26, 2023

Trend analysis involves the collection of information from multiple time periods and plotting the information on a horizontal line for further review. Related Articles Incremental Analysis Quantitative Analysis Sales Trend Analysis Types of Financial Analysis What is Trend Analysis?

Financial Analysis 75

Financial Analysis Financial Statements Expense Reports Budgeting 75

Counto

FEBRUARY 3, 2024

Transparency is key, so communicate payment schedules, late payment fees, interest rates, and debt collection procedures clearly to your clients. Automation takes the burden off your team and streamlines the payment collection process. Discover a smarter way to outsource your accounting with confidence.

AR 52

AR Invoicing Collections Financial Operations 52

Accounting Tools

JUNE 10, 2023

An auditor will likely want to review a sampling of all invoices issued as part of the procedures associated with an audit. Invoice Best Practices The structure of an invoice can have a major impact on the ability of a business to collect from its customers. It is sent to a customer prior to the delivery of goods or services.

Invoicing 40

Invoicing Billing Collections Auditing 40

Jetpack Workflow

FEBRUARY 16, 2023

Does your accounting firm have a policies and procedures manual for your business or your clients? However, not having a defined set of policies and procedures can cause significant problems for your clients and make your work more difficult, especially as your company grows or during client audits.

General Ledger 52

General Ledger Accounting Accounting Budgeting 52

Counto

MAY 1, 2024

EntrePass Application Procedure Step 1: Submitting Your Application Applicants need to prepare and submit a detailed application that includes a comprehensive business plan. Routine businesses such as retail outlets, cafes, and massage parlours do not qualify.

Financial Statements 52

Financial Statements Collections Auditing Accounting 52

Nanonets

APRIL 19, 2024

  In this article, we’ll dive into petty cash reconciliation — how best to go about it, common challenges, and how advanced automation solutions like Nanonets can help.  However, without proper oversight and reconciliation procedures, petty cash can be susceptible to misuse, errors, or theft.

Petty cash 52

Petty cash Financial Records Data Entry Reconciling 52

Accounting Tools

SEPTEMBER 6, 2023

Related Courses Credit and Collection Guidebook Effective Collections What is an Online Credit Application? Related Articles Credit Application Terms Credit Granting Procedure Credit Policy Credit Policy Sample An online credit application is a form that a credit applicant can complete online.

Collections 40

Collections 40

Accounting Tools

NOVEMBER 7, 2023

Collect Receivables Faster You can add staff and use a variety of procedures to accelerate the payment of accounts receivable by customers. Related Articles Factoring Advantages and Disadvantages How to Get Venture Capital Funding How to Operate with Zero Working Capital Selling Accounts Receivable to Fund a Business

Accounts Receivable 75

Accounts Receivable Accounts Receivable Account Receivables Corporate Finance 75

Accounting Tools

SEPTEMBER 30, 2023

Related Courses Credit and Collection Guidebook Effective Collections Essentials of Collection Law A past due invoice is a billing that has not been paid as of its due date. If a business extends credit to its customers , it is likely to experience situations where it must collect a past due invoice.

Collections 40

Collections Invoicing Accounts Receivable Accounts Receivable 40

Accounting Tools

NOVEMBER 2, 2023

The Forensic Audit Process The forensic auditing process involves planning the investigation, collecting evidence, and writing a final report. Planning Phase Includes writing procedures to identify the type of fraud being carried out, when it occurred, how it was concealed, who was involved, and the size of the loss incurred.

Auditing 40

Auditing Financial Statements Financial Records Payroll 40

Accounting Tools

OCTOBER 11, 2023

Alter the collection procedures to enforce more rapid customer contacts regarding overdue accounts. One might also shift overdue accounts more rapidly to collection firms, which are more aggressive in their collection activities. Negotiate with suppliers to lengthen payment terms.

Collections 40

Collections Bookkeeping Billing Invoicing 40

Accounting Tools

AUGUST 24, 2023

Related Courses Essentials of Employment Law Human Resources Guidebook Payroll Management What is Collective Bargaining? Collective bargaining is the process of negotiating a labor contract between an employer and a union. Grievance procedure. Related Articles Agency Shop Bargaining Unit Dues checkoff. Employee security.

Collections 40

Collections Payroll 40

Accounting Tools

JUNE 14, 2023

The basis may also be based on cash received from a sale, rather than from the initial sale; this is used most commonly when a company wants to involve the sales staff in collecting overdue accounts receivable.

Payroll 74

Payroll Accruals Collections Accounts Receivable 74

Accounting Tools

MAY 19, 2023

Related Courses Credit and Collection Guidebook What is a Credit Limit? Related Articles Credit Analysis Credit Granting Procedure Credit Policy Sample Credit Rating Five Cs of Credit The On-Line Credit Application A credit limit is the maximum amount of credit offered to a customer.

Financial Statements 40

Financial Statements Collections 40

Accounting Tools

SEPTEMBER 2, 2023

Here are some of the accounts receivable audit procedures that they may follow: Trace receivable report to general ledger. If there are any related party receivables , the auditors may review them for collectibility, as well as whether they should instead be recorded as wages or dividends , and whether they were properly authorized.

Accounts Receivable 40

Accounts Receivable Accounts Receivable Account Receivables Auditing 40