Accounting Tools

FEBRUARY 25, 2024

In general, an audit is an investigation of an existing system, report, or entity. It may be conducted by either an internal or external party, depending on the situation. Financial Audit A financial audit is an analysis of the fairness of the information contained within an entity's financial statements.

Auditing 75

Auditing Payroll Financial Statements Tax 75

Accounting Tools

OCTOBER 25, 2023

Related Courses The Income Statement Public Company Accounting and Finance What are Interim Financial Statements? Interim financial statements are financial statements that cover a period of less than one year. The line items appearing in these documents will also match the ones found in annual financial statements.

Financial Statements 75

Financial Statements Auditing Accounting Accounting 75

Nanonets

APRIL 24, 2024

Audit Bank Reconciliation Guide  Both internal and external accounting audits are essential parts of financial management as well as organizational risk management. A bank reconciliation audit is one such process that helps in identifying financial gaps or discrepancies. Looking out for a Reconciliation Software?

Bank Reconciliation 52

Bank Reconciliation Auditing Reconciling General Ledger 52

Outsourced Bookeeping

JANUARY 29, 2024

In this article, we will delve into the benefits of offshoring accounting and how it can significantly contribute to the success of your business. By opting for offshoring, companies can access skilled accountants abroad and streamline their financial operations.

Outsourced Bookkeeping 59

Outsourced Bookkeeping Payroll Financial Reporting Bookkeeping 59

Accounting Tools

AUGUST 1, 2023

Related Courses How to Conduct an Audit Engagement How to Conduct a Compilation Engagement How to Conduct a Review Engagement What are Financial Statement Assertions? Financial statement assertions are claims made by an organization's management regarding its financial statements. These assertions are noted below.

Financial Statements 75

Financial Statements Auditing Accounting Accounting 75

Accounting Tools

JUNE 20, 2023

Financial Accounting Those in the financial accounting field are concerned with the aggregation of financial information into external reports. There are several career tracks involved in financial accounting. There are several career tracks involved in financial accounting.

Accounting 75

Accounting Accounting Financial Statements CPA 75

Counto

FEBRUARY 24, 2024

Here’s why it might be the right choice for you: Greater Control and Flexibility: Make instant changes to payroll processes without relying on external parties. Comprehensive Reporting Capabilities: Generate customised payroll reports to meet specific business requirements.

Payroll 52

Payroll Financial Analysis Budgeting 52

Nanonets

APRIL 12, 2024

Without accurate reconciliation, discrepancies can slip through unnoticed, leading to financial inaccuracies, compliance issues, and potential for fraud.   Integrate Nanonets Reconcile financial statements in minutes Try for Free   What is Accounts Reconciliation?

Account Reconciliation 52

Account Reconciliation Reconciling General Ledger Bank Reconciliation 52

Accounting Tools

JULY 30, 2023

However, this does not mean that there would be a controller position that reports to a comptroller. Both the controller and comptroller positions report to the chief financial officer (CFO) position, if such a position exists. In essence, the titles are mutually exclusive within an organization.

General Ledger 75

General Ledger Financial Statements Accounts Payable Accounts Payable 75

Counto

MAY 3, 2024

The Fiscal Year-End (FYE), also known as a financial year, is the last day of a company’s accounting period, which typically spans 12 months, but does not necessarily align with the calendar year. This timing facilitates easier inventory management and financial assessment post-peak season. What is the Fiscal Year-End (FYE)?

Financial Reporting 52

Financial Reporting AR Accruals Tax 52

Accounting Tools

NOVEMBER 3, 2023

Substance over form is the concept that the financial statements and accompanying disclosures of a business should reflect the underlying realities of accounting transactions. Conversely, the information appearing in the financial statements should not merely comply with the legal form in which they appear.

Financial Statements 75

Financial Statements Financial Reporting Bookkeeping Billing 75

Accounting Tools

AUGUST 5, 2023

Those running a non-profit need enough information to make decisions about how to use limited resources, as well as to report to third parties about how well they are preserving and using those resources. Used to account for financial resources that have been set aside for capital outlays (usually major outlays). Debt service funds.

Accounting 74

Accounting Accounting Budgeting Auditing 74

Accounting Tools

DECEMBER 18, 2023

Substantive testing is an audit procedure that examines the financial statements and supporting documentation to see if they contain errors. These tests are needed as evidence to support the assertion that the financial records of an entity are complete, valid, and accurate. What is Substantive Testing?

Auditing 75

Auditing Financial Statements Financial Records Accounts Payable 75

Accounting Tools

NOVEMBER 8, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook Accounting is the systematic recordation of the financial transactions of a business. The recordation process includes setting up a system of record keeping, tracking transactions within that system, and aggregating the resulting information into a set of financial reports.

Record Keeping 40

Record Keeping Accounting Accounting Financial Statements 40

Accounting Tools

JUNE 12, 2023

After all transactions have been recorded for a reporting period and all subsidiary ledger balances have been posted to the general ledger, the resulting ending balance in the receivables account is the summary total to be verified through a reconciliation.

Reconciling 75

Reconciling Accounts Receivable Accounts Receivable Account Receivables 75

Accounting Tools

MAY 16, 2023

Auditors are needed in order to verify that processes are functioning as planned, and that the financial statements produced by an organization fairly reflect its operational and financial results. They are primarily engaged in audits , which verify an entity’s financial records and their presentation in related financial reports.

Auditing 40

Auditing Financial Statements Financial Records Financial Reporting 40

Accounting Tools

JULY 8, 2023

Related Courses Business Ratios Guidebook Financial Analysis The Interpretation of Financial Statements What is Financial Analysis? Financial analysis is the examination of financial information to reach business decisions. This type of analysis applies particularly well to the situations noted below.

Financial Analysis 75

Financial Analysis Financial Statements 75

Nanonets

SEPTEMBER 21, 2023

Accounting problems  can create significant challenges for businesses, affecting their  financial flow  in the  US. In this article, we will explore common  accounting problems  faced by businesses and provide  solutions  to overcome them.

Outsourced Bookkeeping 52

Outsourced Bookkeeping Accounting Accounting Financial Reporting 52

Counto

FEBRUARY 22, 2024

Deciding on a Financial Year End (FYE) for Singapore Businesses Choosing the right Financial Year End (FYE) is a pivotal step for businesses in Singapore, influencing tax planning, compliance, and financial strategy. What Is a Financial Year End in Singapore?

Financial Analysis 52

Financial Analysis Financial Statements AR Tax 52

Accounting Tools

SEPTEMBER 11, 2023

A fiduciary fund is used in governmental accounting to report on assets held in trust for others. When financial statements are prepared for fiduciary funds, they are presented using the economic resources measurement focus and the accrual basis of accounting. Related Articles Fund Accounting Governmental Accounting

Accruals 40

Accruals Financial Statements Auditing Accounting 40

Accounting Tools

SEPTEMBER 24, 2023

Related Courses How to Conduct an Audit Engagement The Balance Sheet The Income Statement The Statement of Cash Flows What are Audited Financial Statements? Audited financial statements are the financial statements of an organization that have been examined by a certified public accountant (CPA).

Financial Statements 40

Financial Statements Auditing CPA Financial Reporting 40

Accounting Tools

OCTOBER 24, 2023

Intercompany eliminations are used to remove from the financial statements of a group of companies any transactions involving dealings between the companies in the group. The reason for these eliminations is that a company cannot recognize revenue from sales to itself; all sales must be to external entities.

Financial Statements 76

Financial Statements Accounting Accounting 76

oAppsNet

MAY 9, 2024

This article aims to demystify the accounts receivable process, elucidating its significance, operational mechanisms, challenges, and optimization strategies. This financial term encapsulates a credit agreement between a business and its client, where the company allows the client to purchase now and pay later.

Accounts Receivable 40

Accounts Receivable Accounts Receivable Account Receivables Accounting 40

Accounting Tools

JUNE 14, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is a Financial Statement Review? How Expensive is a Financial Statement Review? Have stock options been properly measured and disclosed in the financial statements? Revenue and expenses.

Financial Statements 75

Financial Statements Auditing Accruals Financial Reporting 75

Counto

JANUARY 11, 2024

The Importance of an Income Statement & How to Read it When it comes to evaluating a business’s financial health, investors, lenders, and business owners rely on three core financial statements: income statements (also known as profit and loss statements), balance sheets, and cash flow statements.

Financial Statements 40

Financial Statements Record Keeping Tax Accounting 40

Accounting Tools

MARCH 26, 2023

Related Courses How to Conduct an Audit Engagement What is an Auditor’s Report? An auditor’s report is a written statement made by an external auditor , stating that party’s opinion on whether a client’s financial statements comply with the applicable accounting framework and are free of material misstatements.

Financial Statements 40

Financial Statements Auditing Accounting Accounting 40

Counto

FEBRUARY 22, 2024

Accounting Basics Every Startup Should Know Launching a business is thrilling, yet demands crucial financial decision making. At its core, accounting is the systematic process of recording, classifying, and summarising financial transactions. Involves internal employees managing financial operations. What is Accounting?

Accounting 52

Accounting Accounting Accruals Accounting Software 52

oAppsNet

APRIL 9, 2024

This article will explore nine key ways AP departments are expected to change in 2024 and the implications for individuals and organizations. Real-time access to financial data and seamless integration with other systems will empower AP professionals to make informed decisions and drive strategic initiatives.

Accounts Payable 52

Accounts Payable Accounts Payable AP Vendor Management 52

Accounting Tools

JUNE 8, 2023

These transactions are then aggregated at the end of each reporting period into financial statements. The cycle is also needed to produce financial statements. In addition, most businesses use accounting software to accumulate transactional data and convert them into financial statements.

General Ledger 75

General Ledger Financial Statements Accounting Accounting 75

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

Accounting Tools

MAY 21, 2023

The general ledger is then used to create financial statements for the business. This information may be accessed by the external auditors as part of their year-end investigation of a company's financial statements and related systems. Types of Journal Entries There are several types of journal entries, which are noted below.

General Ledger 75

General Ledger Financial Statements Accruals Payroll 75

Invoicera

FEBRUARY 20, 2024

In this article, we will explain what profit planning involves. We will look at key benefits like improving financial performance. Profit planning takes work but leads to real financial benefits. It guides financial and operational decisions. Adjust plans if needed to reach financial targets.

Budgeting 52

Budgeting AR / AP Invoicing AR 52

Future Firm

JULY 27, 2022

These services can help businesses level up with financial reporting, planning and forecasting, and more. Otherwise called fractional CFO services, outsourced CFO services, or part-time CFO services, virtual CFO services are professional financial management services that are delivered remotely. Benefits of Virtual CFO Services.

Budgeting 98

Budgeting XERO Financial Analysis QuickBooks 98

Accounting Tools

JULY 18, 2023

A management representation letter is a form letter written by a company's external auditors , which is signed by senior company management. The letter attests to the accuracy of the financial statements that the company has submitted to the auditors for their analysis. The auditors use this letter as part of their audit evidence.

Financial Statements 40

Financial Statements Auditing Financial Records Financial Reporting 40

Nanonets

APRIL 15, 2024

A Bank Reconciliation Statement is a financial document that ensures that the cash balances recorded in the internal financial records align with the financial records presented in the bank statement. It is important in maintaining financial integrity transparency and health. Bank Reconciliation does the following.  

Bank Reconciliation 52

Bank Reconciliation Deposits Reconciling Financial Records 52

Nanonets

JANUARY 28, 2024

QuickBooks is a handy tool to help you reconcile your accounts without using any external tools.    In this article, we walk through the reconciliation process in QuickBooks, address common issues, and provide useful tips. Learning to reconcile with QuickBooks Online is a starting step for using QuickBooks to manage books.

QuickBooks 52

QuickBooks Bank Reconciliation Reconciling Deposits 52

Jetpack Workflow

FEBRUARY 16, 2023

This article will walk you through the essential elements of an accounting policy and procedure manual and provide a template to help you create one for your firm. Policies may be applied arbitrarily and favor one client over another or leave you vulnerable to fraud, accounting mistakes, and unreliable financial reports.

General Ledger 52

General Ledger Accounting Accounting Budgeting 52