Accounting Tools

FEBRUARY 15, 2024

What is a Financial Analysis Report? A financial analysis report is constructed by a person who is researching a company, usually with the intent of recommending its stock to investors. These documents are intensively reviewed by investors, who need the information to make investment decisions. There are several ways to do so.

Financial Analysis 72

Financial Analysis Financial Statements 72

Nolan Accounting Center

OCTOBER 15, 2023

The best way to do this is with financial forecasting, which is the process of predicting your company’s performance. If your business is located in Southeast Wisconsin, Nolan Accounting can help with your company’s financials. We offer a variety of financial services including accounting, bookkeeping, payroll, and tax prep.

Budgeting 90

Budgeting Account Bookkeeping Payroll Financial Services 90

Accounting Tools

AUGUST 4, 2023

Financial Accounting The financial accounting group records accounting transactions and converts the resulting information into financial statements. Its primary responsibility is to generate financial statements and the related disclosures that fairly reflect the financial results and condition of the organization.

Accounting 75

Accounting Accounting Financial Statements Auditing 75

Accounting Tools

JULY 17, 2023

It is used by organizations to properly organize their financial information into accounting records , summarize the accounting records into financial statements , and disclose certain supporting information. Users of GAAP GAAP is used primarily by businesses reporting their financial results in the United States.

Financial Statements 75

Financial Statements Financial Reporting Financial Accounting Accounting 75

Accounting Tools

FEBRUARY 25, 2024

Construction Audit A construction audit is an analysis of the costs incurred for a specific construction project. The intent is to ensure that the costs incurred for a project were reasonable. 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 27, 2023

Related Courses Accountants’ Guidebook Cost Accounting Fundamentals There are a number of differences between cost accounting and financial accounting , which are noted below. Level of Detail Financial accounting primarily focuses on reporting the financial results and financial position of an entire business entity.

Financial Accounting 75

Financial Accounting Cost Accounting Accounting Accounting 75

Analytix Finance & Accounting

AUGUST 24, 2023

Financial modeling is an essential part of the forecasting process, as it allows you to estimate the potential of a product, project, or entire business. A financial model will take into account many relevant operational and financial variables, as well as growth and risk assumptions, to interpret their impact on the bottom line.

Accounting 52

Accounting Accounting 52

Accounting Tools

JUNE 7, 2023

Related Courses Budgeting Capital Budgeting The Income Statement What is a Budgeted Income Statement? The budgeted income statement contains all of the line items found in a normal income statement , except that it is a projection of what the income statement will look like during future budget periods.

Budgeting 40

Budgeting Financial Statements Accounting Software Accounting 40

Accounting Tools

SEPTEMBER 6, 2023

Verifiability means that it should be possible for an organization's reported financial results to be reproduced by a third party, given the same facts and assumptions. When financial statements are verifiable, this assures the users of the statements that they fairly represent the underlying business transactions.

Financial Statements 40

Financial Statements Accounting Accounting Auditing 40

Nanonets

APRIL 12, 2024

The Importance of Accounts Reconciliation Companies handle a variety of finance-related documents, ranging from bank statements to invoices and payroll records. Without accurate reconciliation, discrepancies can slip through unnoticed, leading to financial inaccuracies, compliance issues, and potential for fraud.

Account Reconciliation 52

Account Reconciliation Reconciling General Ledger Bank Reconciliation 52

Accounting Tools

JUNE 20, 2023

Related Courses Business Ratios Guidebook Financial Analysis The Interpretation of Financial Statements When analyzing the financial statements of a third party, it may be necessary to calculate its capital expenditures. This information should be listed in the notes accompanying the financial statements.

Financial Statements 40

Financial Statements Financial Analysis 40

Accounting Tools

JUNE 16, 2023

Related Courses Auditing Construction Contractors Construction Accounting Project Accounting Revenue Recognition What is the Completed Contract Method? The completed contract method is used to recognize all of the revenue and profit associated with a project only after the project has been completed.

Financial Statements 40

Financial Statements Billing Collections Auditing 40

Accounting Tools

JANUARY 9, 2024

Government auditing standards are used to conduct financial audits and performance audits of government entities and entities that receive government awards. Performance audits are used to measure the performance of a project or program against previously defined objectives. What are Government Auditing Standards?

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

MARCH 29, 2024

The percentage-of-sales method is used to develop a budgeted set of financial statements. Related Articles Budget Stress Testing (podcast) How to Create a Business Budget Long-Term Cash Flow Forecasts (podcast) Projected Financial Statements Types of Budgeting Models What is the Percentage-of-Sales Method?

Budgeting 40

Budgeting Financial Statements Accounts Payable Accounts Payable 40

Accounting Tools

OCTOBER 25, 2023

Example of the Accounting for a Reserve For example, a business wants to reserve funds for a future building construction project, and so credits a Building Reserve fund for $5 million and debits retained earnings for the same amount. The building is then constructed at a cost of $4.9

Accounting 75

Accounting Accounting Financial Statements Bookkeeping 75

Accounting Tools

MAY 19, 2023

This statement is typically presented in a separate explanatory paragraph that follows the auditor's opinion paragraph. A lender is typically only interested in lending to a business that has received an unqualified opinion from its auditors regarding its financial statements.

Financial Statements 75

Financial Statements Record Keeping Auditing Accounting 75

Accounting Tools

JULY 31, 2023

Related Courses Capital Budgeting New Controller Guidebook Project Accounting What is Management Accounting? The intent of this analysis is to take action to improve the financial performance of a business. Related Articles Activity-Based Management Managerial Accounting Formulas The Functions of Managerial Accounting

Management Accounting 40

Management Accounting Accounting Accounting Financial Statements 40

Accounting Tools

JULY 27, 2023

Related Courses Credit and Collection Guidebook Bookkeeping Guidebook Budgeting CFO Guidebook Cost Accounting Fundamentals New Controller Guidebook Payables Management Payroll Management Project Accounting Someone wanting to enter the accounting field can choose to train for a number of possible positions.

General Ledger 40

General Ledger Accounting Accounting Payroll 40

Accounting Tools

JULY 10, 2023

Related Courses Investor Relations Guidebook Public Company Accounting and Finance What is a Forward Looking Statement? A forward looking statement describes future events or results. When made by a company, these statements can trigger shareholder lawsuits, so safe harbor provisions are now used to mitigate a company's risk.

Accounting 45

Accounting Accounting 45

Nanonets

APRIL 14, 2023

In this article, we'll look at how you can use ChatGPT in accounting to help simplify tedious tasks, generate financial projections quickly, create accurate audit reports, assist with invoice processing and expenses, and manage client communications effectively. Source: Twitter.

Data Entry 52

Data Entry Financial Reporting Accounting Accounting 52

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

Accounting Tools

AUGUST 5, 2023

If the firm is issuing financial statements every month, then it needs to create accruals for each set of financials. For example, a consulting firm conducts work for the government during a month, but is not allowed to bill the government until the project has been completed, which will not be for several months.

Accruals 40

Accruals Financial Statements Bookkeeping Billing 40

Accounting Tools

OCTOBER 10, 2023

Related Courses Business Ratios Guidebook Key Performance Indicators The Interpretation of Financial Statements What are Leverage Ratios? A lender also needs to know if a business is generating sufficient cash flows to pay back debt, which involves a review of both the income statement and statement of cash flows.

Financial Statements 75

Financial Statements Budgeting 75

Outsourced Bookeeping

OCTOBER 26, 2023

Careful management of a small business’s finances is essential for financial health. This article will examine 8 useful bookkeeping stratergies that every owner of a small business ought to be aware of. It involves fast billing of clients or customers after completing a project or selling goods.

Bookkeeping 52

Bookkeeping Outsourced Bookkeeping Small Business Bookkeeping Data Entry 52

Accounting Tools

JULY 28, 2023

The budgeted balance sheet contains all of the line items found in a normal balance sheet , except that it is a projection of what the balance sheet will look like during future budget periods. The budgeted balance sheet is extremely useful for testing whether the projected financial position of a company appears to be reasonable.

Budgeting 40

Budgeting Financial Statements Accounts Payable Accounts Payable 40

Accounting Tools

NOVEMBER 6, 2023

Related Courses Business Ratios Guidebook Effective Sales Management The Interpretation of Financial Statements What is Sales Turnover? Thus, it does not include gains from financial or other activities, such as interest income , gains on the sale of fixed assets , or the receipt of payments related to insurance claims.

Accruals 40

Accruals Financial Statements Billing Accounting 40

Accounting Tools

NOVEMBER 1, 2023

Aggressive accounting is the use of optimistic projections or gray areas in the accounting standards to overstate a firm’s financial performance. For example, managers may be paid significant bonuses if they can achieve certain financial results.

Accounting 40

Accounting Accounting Financial Statements Auditing 40

Accounting Tools

JULY 13, 2023

It is nearly impossible to generate financial statements without using accruals, unless the cash basis of accounting is used. Revenue Accrual A consulting company works billable hours on a project that it will eventually bill to a client for $5,000. Examples of accruals are noted below.

Accruals 40

Accruals Financial Statements Bookkeeping Billing 40

Accounting Tools

JULY 29, 2023

Related Courses Bookkeeping Guidebook Bookkeeper Education Bundle The Interpretation of Financial Statements Who are the Users of Financial Information? There are many possible users of the financial information generated by a business. The following list presents the more likely users.

Financial Statements 40

Financial Statements Bookkeeping Tax Accounting 40

Accounting Tools

JUNE 16, 2023

Related Courses Cost Accounting Guidebook Financial Analysis The Interpretation of Financial Statements What is the Weighted Average Contribution Margin? The concept is a key element of breakeven analysis , which is used to project profit levels for various amounts of sales.

Financial Analysis 40

Financial Analysis Financial Statements Cost Accounting Accounting 40

Accounting Tools

OCTOBER 8, 2023

Related Courses Business Ratios Guidebook Financial Analysis The Interpretation of Financial Statements What is Horizontal Analysis? Horizontal analysis is the comparison of historical financial information over a series of reporting periods. It may also apply to the ratios derived from this information.

Financial Statements 40

Financial Statements Financial Analysis Accounts Payable Accounts Payable 40

Accounting Tools

SEPTEMBER 2, 2023

Accruals are a key part of the closing process used to create financial statements under the accrual basis of accounting ; without accruals, financial statements are considerably less accurate. Related Articles Accruals and Deferrals (podcast) Where do Accruals Appear on the Balance Sheet? Sales accrual.

Accruals 40

Accruals Financial Statements Bookkeeping Invoicing 40

Accounting Tools

JULY 31, 2023

This step is usually only taken for substantial construction projects. Fraudulent Capitalization Capitalization can be used as a tool to commit financial statement reporting fraud. It is calculated as the total number of shares outstanding, multiplied by the current market price of the stock.

Record Keeping 75

Record Keeping Financial Statements Computation Budgeting 75

Accounting Tools

JULY 30, 2023

Related Courses Budgeting Financial Forecasting and Modeling The Statement of Cash Flows What is Pro Forma Cash Flow? If excess cash is projected by the pro forma document, this information can also be used to plan the most appropriate investment strategy for the cash.

Budgeting 40

Budgeting Accounts Payable Accounts Payable Billing 40

Accounting Tools

FEBRUARY 25, 2024

Once the setup is complete, the software will produce financial statements using cash accounting. First, it can be used to manipulate the financial results of a business, since not recording a cash receipt can delay revenue recognition , and delaying a supplier payment will defer the recognition of expense.

Accruals 40

Accruals Accounting Accounting Bookkeeping 40

Accounting Tools

JULY 21, 2023

Related Courses Business Ratios Guidebook Capital Budgeting The Interpretation of Financial Statements What is the Return on Invested Capital? Related Articles Economic Value Added Market Value Added Return on Average Equity Return on Net Assets Return on Total Assets Return on Total Capital

Financial Statements 40

Financial Statements Budgeting 40

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