Accounting Tools

MAY 21, 2023

If the company grows to a larger size, supervision of the accounting function is likely to be shifted to a controller. For example, a billing clerk, payables clerk, or payroll clerk may report to the bookkeeper.

Bookkeeping 75

Bookkeeping Petty cash Payroll Reconciling 75

Nanonets

JUNE 23, 2023

Balance sheet reconciliation is a critical process in finance and accounting that ensures the accuracy and integrity of financial statements. While it may seem like a straightforward process, there are common mistakes that can hinder the effectiveness of balance sheet reconciliation. This process is known as the financial close.

General Ledger 52

General Ledger Reconciling Financial Statements Financial Analysis 52

Accounting Tools

SEPTEMBER 29, 2023

Substantive Procedures These procedures are intended to create evidence to support the assertion that there are no material misstatements in regard to the completeness, validity, and accuracy of a client’s financial statements. Agreeing the financial statements and accompanying notes to the underlying accounting records.

Auditing 40

Auditing Financial Statements Billing Tax 40

Accounting Tools

JULY 24, 2023

Related Courses Business Ratios Guidebook The Interpretation of Financial Statements What is the Operating Margin Ratio? This is one of the most important income statement ratios, since it reveals the profitability of the core operations of a business, excluding any impact of its financial structure.

Financial Statements 40

Financial Statements 40

Accounting Tools

MAY 19, 2023

Related Courses The Income Statement The Interpretation of Financial Statements What is a Partial Income Statement? A partial income statement reports information for only part of a normal accounting period. It should never be included in an otherwise full set of financial statements without complete disclosure.

Financial Statements 40

Financial Statements Accounting Accounting 40

Accounting Tools

DECEMBER 19, 2023

What are Financial Statement Footnotes? Financial statement footnotes are explanatory and supplemental notes that accompany a firm’s financial statements. The exact nature of these footnotes varies, depending upon the accounting framework used to construct the financial statements (such as GAAP or IFRS ).

Financial Statements 40

Financial Statements Reconciling Auditing Accounting 40

Accounting Tools

JULY 19, 2023

Material variance has two definitions, one relating to direct materials and the other to the size of a variance. The calculation is: (Actual unit usage - Standard unit usage) x Standard cost per unit Material Variance Related to Size A variance is considered to be material if it exceeds a certain percentage or dollar amount.

Financial Statements 40

Financial Statements Cost Accounting Accounting Accounting 40

Nanonets

JUNE 17, 2023

Account reconciliation is a critical process in accounting, which ensures that financial records are accurate and consistent. This article will provide an in-depth understanding of account reconciliation, its benefits, and how businesses can leverage technology to automate the process. What is Account Reconciliation?

Account Reconciliation 52

Account Reconciliation General Ledger Accounting Accounting 52

Accounting Tools

OCTOBER 21, 2023

Related Courses Business Ratios Guidebook The Interpretation of Financial Statements What is the Return on Common Equity? The return on common equity ratio (ROCE) reveals the amount of net profits that could potentially be payable to common stockholders.

Accruals 40

Accruals Financial Statements Accounting Accounting 40

Accounting Tools

JUNE 8, 2023

Related Courses Business Ratios Guidebook The Interpretation of Financial Statements What is the Earnings per Share Ratio? The earnings per share ratio (EPS ratio) measures the amount of a company's net income that is theoretically available for payment to the holders of its common stock.

Financial Statements 40

Financial Statements Tax 40

Jetpack Workflow

JUNE 1, 2023

In this article, we share some of the most common services accounting firms outsource, reveal the best accounting firms for outsourcing, and provide some questions to help you find the right partner for your firm. Founded in December 2013, they provide dedicated outsourced accounting talent to international firms of any size.

Outsourced Bookkeeping 52

Outsourced Bookkeeping Bookkeeping Services AR / AP Bookkeeping 52

Accounting Tools

JULY 19, 2023

In both cases, the intent is to provide the reader with a series of snapshots of a company's financial position over time, which is useful for developing trend line analyses (though this works better when the reader has the entire set of financial statements to work with and not just the balance sheet).

Financial Statements 40

Financial Statements Financial Analysis Accounts Payable Accounts Payable 40

Accounting Tools

SEPTEMBER 8, 2023

Related Courses The Income Statement The Interpretation of Financial Statements What is a Contribution Margin Income Statement? A contribution margin income statement is an income statement in which all variable expenses are deducted from sales to arrive at a contribution margin.

Financial Statements 40

Financial Statements 40

Nanonets

MAY 22, 2023

Among these challenges, setting up effective financial controls often gets overlooked in the whirlwind of activities. However, establishing robust financial controls is fundamental to the sustainability and growth of any startup. It ensures financial integrity, reduces risks, and aids in decision-making.

Budgeting 98

Budgeting Invoicing Auditing Financial Operations 98

Nanonets

APRIL 24, 2023

PDF → Excel Convert PDF bank statements to Excel  Try for Free The digitization of financial documents is an important task for financial institutions like banks as well as individual banking customers and businesses.  The various areas of application of bank statements OCR are also discussed.

Deposits 52

Deposits Data Entry Invoicing Computation 52

Counto

FEBRUARY 15, 2024

Provides a Short-term Cash Boost: A working capital loan can provide the necessary funds, offering a lifeline for short-term financial needs.Whether it’s paying off liabilities, covering seasonal spikes in sales, or bolstering cash flow, you have the freedom to allocate the funds as necessary. Advantages of Business Loans 1.

Invoicing 52

Invoicing Financial Statements Payroll Financial Reporting 52

Accounting Tools

AUGUST 31, 2023

Related Courses The Statement of Cash Flows Working Capital Management What is Cash Flow? When a business only sells to customers in excellent financial condition, the payments from them are much more likely to arrive on time. The interest payments made also reduce its cash reserve, making the organization less financially viable.

Accruals 75

Accruals Financial Statements Accounts Payable Accounts Payable 75

Nanonets

APRIL 4, 2023

This article will explore four easy methods to import Excel data into MySQL. Importing Excel data into MySQL offers several benefits for businesses of all sizes. But don’t worry; we'll dive more into these challenges later on in the article. Why Import Excel Data Into MySQL? Let’s get started.

Data Entry 52

Data Entry XERO Collections Invoicing 52

Accounting Tools

OCTOBER 3, 2023

The three-digit format is most commonly used by small businesses that do not break out the results of any departments or divisions in their financial statements. When a company increases in size and wants to track information for individual subsidiaries or departments, it should instead adopt a 5-digit or 7-digit chart of accounts.

Petty cash 40

Petty cash Computation Accounting Accounting 40

Accounting Tools

AUGUST 2, 2023

The size of the reserve also reveals the amount of bad debt that the company expects to experience from the current set of receivables. Related Articles Contra Accounts Contra Expense This account is paired with and offsets another asset account, so that a net balance is reported on the balance sheet.

Accounting 40

Accounting Accounting Bookkeeping Financial Statements 40

Accounting Tools

JULY 27, 2023

Bookkeeper The bookkeeper position originates accounting transactions and compiles the information into financial statements. Chief Financial Officer The chief financial officer position is the top-level accounting position in a business. It also reconciles general ledger accounts. Accurate cash recordation is emphasized.

General Ledger 40

General Ledger Accounting Accounting Payroll 40

Accounting Tools

JUNE 21, 2023

Related Courses Business Ratios Guidebook The Interpretation of Financial Statements What is the Current Ratio? It is a common measure of the short-term liquidity of a business. Example of the Current Ratio A supplier wants to learn about the financial condition of Lowry Locomotion.

Billing 40

Billing Financial Statements Accounts Payable Accounts Payable 40

Nanonets

JUNE 19, 2023

Accounts payable audits play a crucial role in the financial health of businesses. They ensure compliance in financial reporting and can cut discrepancies and inefficiencies. This article covers why accounts payable audits are important to maintain financial health and the steps in an AP audit process.

Accounts Payable 52

Accounts Payable Accounts Payable Auditing AP 52

Less Accounting

JUNE 15, 2023

Are you an engineering firm struggling with the financial management of your business? In this article, we’ll explain everything you need to know about bookkeeping for engineering firms, including the basics, specific needs of your industry, types of records you need to keep, and effective financial management strategies.

Bookkeeping 52

Bookkeeping Budgeting Accounting Software Tax 52

Jetpack Workflow

MARCH 23, 2023

Discrepancies in your financial reports could lead to inaccurate data for future decisions, a mistake that could quickly spell disaster for any business. This article will share why having this checklist is important, the key items to include, and a free template to get you started.

Reconciling 52

Reconciling AR AP Payroll 52

Future Firm

SEPTEMBER 27, 2023

In this article, I’ll run through some of the more modern options that might make the most sense for your firm at the moment. What makes offshoring unique is that you essentially maintain full control over the financial data processing, which might be interesting if you’re providing client accounting services.

Outsourced Bookkeeping 98

Outsourced Bookkeeping Bookkeeping Bookkeeping Services QuickBooks 98

Spenmo

NOVEMBER 8, 2022

Balance sheets are one of the most important financial statements needed for business analysis because it provides a snapshot of the business’s financial condition, which is essential for keeping an organisation on track with its financial goals. In this article, we break down the know-how.

Account Reconciliation 52

Account Reconciliation Financial Statements XERO Accounts Payable 52

Accounting Tools

SEPTEMBER 8, 2023

Related Courses The Balance Sheet The interpretation of Financial Statements What is a Current Liability? Examples of Current Liabilities The following are common examples of current liabilities: Accounts payable. Related Articles Noncurrent Liabilities Other Current Liabilities Sales taxes payable.

Accounts Payable 40

Accounts Payable Accounts Payable Computation Deposits 40

Nanonets

JUNE 21, 2023

Efficient reconciliation of payments is a vital aspect of financial management for businesses of all sizes. As transactions flow in and out, reconciling payments becomes crucial to ensure accuracy, identify discrepancies, and maintain a clear financial picture.

Reconciling 52

Reconciling Bank Reconciliation Financial Records Data Entry 52

Accounting Tools

AUGUST 28, 2023

This fee can increase in size if the prospective arrangement is a large one or is unusually complex. When invoices have been issued to large, financially stable customers, then a lender is more willing to pay a large proportion of the face amount for these invoices. Its exact cost depends on several factors.

Accounts Receivable 40

Accounts Receivable Accounts Receivable Account Receivables Accounting 40

Accounting Tools

SEPTEMBER 10, 2023

Related Courses Business Ratios Guidebook Financial Analysis The Interpretation of Financial Statements What is Profit Margin? Profit margin is a key indicator of the financial health of a business. Presentation of Profit Margin Profit margin is reported in an organization’s income statement.

Financial Analysis 40

Financial Analysis Tax Financial Statements Auditing 40

Accounting Tools

JUNE 19, 2023

Also, monitor trends in the industry to see if there have been or are expected to be changes in profit levels or the size of the market. Cash Flow Analysis A key part of the financial statements is the statement of cash flows. This is a common problem for one-time sales to large customers.

Financial Statements 73

Financial Statements Auditing Tax Accounts Payable 73

Accounting Tools

JUNE 20, 2023

Related Courses Business Ratios Guidebook Credit and Collection Guidebook The Interpretation of Financial Statements What is Accounts Receivable Analysis? The most common time buckets are from 0-30 days old, 31-60 days old, 61-90 days old, and older than 90 days.

Accounts Receivable 40

Accounts Receivable Accounts Receivable Account Receivables Accounting 40

Nanonets

MARCH 30, 2023

The benefits of IDP are numerous and far-reaching, and businesses of all types and sizes are quickly realizing the value of this technology in streamlining their operations and improving their bottom line. This can help to automate the process of financial analysis and also to reduce the risk of errors and inaccuracies.

Data Entry 52

Data Entry Invoice Processing Invoicing Purchase Order 52

Nanonets

FEBRUARY 15, 2024

Documentation: Payment details are recorded in the Payment Voucher , and the transaction is entered into the financial system for reconciliation. Reconciliation and Record Keeping Process: The finance department periodically reconciles the payments made with the bank statements to ensure accuracy.

Purchase Order 52

Purchase Order Invoicing Budgeting Collections 52

Accounting Tools

MAY 21, 2023

Related Courses The Balance Sheet The Interpretation of Financial Statements What is the Statement of Financial Position? The statement of financial position is another term for the balance sheet. The statement lists the assets , liabilities , and equity of an organization as of the report date.

Financial Statements 74

Financial Statements Accounts Payable Accounts Payable Financial Reporting 74

Accounting Tools

JUNE 20, 2023

Related Courses The Balance Sheet The Interpretation of Financial Statements The balance sheet is part of the financial statements issued by a business, informing the reader of the amounts of assets , liabilities , and equity held by the entity as of the balance sheet date.

Financial Statements 40

Financial Statements Accounting Accounting 40