Accounting Tools

JANUARY 22, 2024

A customer is an entity that buys goods or services from third parties. Accumulating a profitable and recurring group of customers is the primary goal of a business, since this group generates revenue for the business. Conversely, an internal customer is a person or functional unit within a business that uses its goods or services.

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FinOps in Practice

OCTOBER 24, 2023

In this article, we describe block D, devoted to the automated machine learning workflow. Each of them is designed to solve specific tasks within the framework of ensuring the uninterrupted operation of the company’s ML services. It includes products whose purchase revenue is regularly calculated and tracked.

FinOps 130

FinOps FinOps 130

Accounting Tools

MAY 12, 2024

Related AccountingTools Courses Bookkeeper Education Bundle Bookkeeping Guidebook Sales Cycle In the sales cycle, a company receives an order from a customer , examines the order for creditworthiness , ships goods or provides services to the customer, issues an invoice , and collects payment.

Petty cash 75

Petty cash Revenue Cycle Purchase Order Accounting 75

Intuit

SEPTEMBER 13, 2023

Improve company revenue and performance Companies that promote women to leadership positions significantly improve their profitability and bottom line. In addition to boosting revenue, women improve other aspects of the IT industry. Many businesses are turning to freelance workers or outsourcing to meet growing demand.

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Billing Platform

NOVEMBER 15, 2023

Usage-based billing calculates charges based on how much of a product or service is used. Whereas metered billing uses the amount of time customers use the product or service. Consider mobile phone organizations, streaming services, utility companies, and internet access businesses, as well as ride share and taxi companies.

Billing 98

Billing Collections Customer Service Invoicing 98

Accounting Tools

DECEMBER 28, 2023

Operating activities are those functions of a business that are required for it to provide goods and services to its customers. Items classified within this area are an entity’s primary revenue -producing activity, so cash flows are generally associated with revenues and expenses. These constitute its core operating activities.

Collections 75

Collections Accounts Receivable Accounts Receivable Account Receivables 75

Accounting Tools

DECEMBER 22, 2023

A customer may pay in advance for goods being delivered or services being provided. Related AccountingTools Courses Bookkeeping Guidebook How to Audit Revenue Revenue Recognition Accounting for a Customer Advance For these reasons or others, a seller may receive an advance payment before it has done anything to earn the payment.

Accounting 75

Accounting Accounting Reconciling Bookkeeping 75

Accounting Tools

APRIL 24, 2024

Contribution margin analysis investigates the residual margin after variable expenses are subtracted from revenues. This analysis is used to compare the amount of cash spun off by various products and services, so that management can determine which ones should be sold and which should be terminated.

Financial Analysis 40

Financial Analysis Financial Statements 40

Counto

MAY 2, 2024

persons to the Inland Revenue Authority of Singapore (IRAS). Internal Revenue Service (IRS). For small businesses and entrepreneurs, particularly those in financial services or dealing with U.S. Consultation with a seasoned tax service provider is recommended to navigate the complexities of FATCA compliance effectively.

Tax 52

Tax Accounting Accounting Corporation Tax 52

Accounting Tools

OCTOBER 13, 2023

A sales tax is a tax imposed on retail goods and services at the point of sale. The tax is collected by the entity selling the product or service to a third party, and is remitted to the applicable government entity at regular intervals. Sales taxes are a key form of revenue for state, county, and local governments.

Tax 73

Tax Collections Accounting Accounting 73

Accounting Tools

FEBRUARY 9, 2024

Revenue Recognition for Contributions When a not-for-profit entity receives a contribution, it should recognize revenue when the contribution is received, and measure the amount of revenue at the fair value of the contribution. Only after a conditional transfer becomes unconditional can it be recognized as revenue.

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

APRIL 17, 2024

The selling price variance is the difference between the actual and expected revenue that is caused by a change in the price of a product or service. The expected revenue may also be influenced by the pricing strategy of the business, which could involve price skimming or penetration pricing.

Budgeting 40

Budgeting Cost Accounting Accounting Accounting 40

Accounting Tools

MARCH 5, 2024

Cost is the expenditure required to create and sell products and services, or acquire assets. Price is the amount of money expected in exchange for goods or services. A company sets prices for its goods and services. When customers pay these prices, a sale occurs, which is recorded as revenue in the seller’s accounting records.

Bookkeeping 40

Bookkeeping Accounting Accounting 40

Counto

APRIL 10, 2024

Through an example, imagine your company’s financials look like this : Revenue: $500,000 Expenses: $200,000 Profit (or chargeable income after tax adjustments): $300,000 Under the PTE, your company benefits from: A 75% exemption on the first $10,000 of chargeable income, equaling a $7,500 exemption.

Tax 98

Tax Corporation Tax Bookkeeping Accounting 98

Accounting Tools

NOVEMBER 6, 2023

Related Courses Revenue Management Revenue Recognition What are Fees Earned? Fees earned is a revenue account that appears in the revenue section at the top of the income statement. It contains the fee revenue earned during a reporting period. Related Articles Services Revenue Recognition

Accruals 40

Accruals Billing Auditing Tax 40

Accounting Tools

FEBRUARY 28, 2024

Why Revenues are Credited The reason why revenues are credited is that they increase the shareholders' equity of a business, and shareholders' equity has a natural credit balance. When a sale occurs, the revenue (in the absence of any offsetting expenses) automatically increases profits - and profits increase shareholders' equity.

Accounts Receivable 40

Accounts Receivable Accounts Receivable Account Receivables Bookkeeping 40

Counto

FEBRUARY 24, 2024

Understanding IRAS: A Guide for SMEs and Business Owners The Inland Revenue Authority of Singapore (IRAS) stands as the country’s foremost agency responsible for tax administration. Over time, it evolved into the Inland Revenue Department (IRD) in 1960, culminating in the formation of IRAS in 1992.

Collections 52

Collections Tax Financial Reporting Accounting 52

Xero

MAY 23, 2023

And while the increase in customers provides a nice boost in revenue, the summer months also bring unique challenges. In this article we’ll cover four tips for staying ahead of the curve this summer so you can make the most of the season. So what can you do to manage the chaos while simultaneously maintaining morale?

XERO 177

XERO Invoicing Invoice Processing Billing 177

Accounting Tools

SEPTEMBER 9, 2023

The calculation of net operating income is to subtract all operating expenses from the revenues generated by a specific property. Related Articles Pros and Cons of Real Estate Investing

Tax 75

Tax Management Accounting Accounting Accounting 75

Counto

MARCH 3, 2024

8 Financial Questions Every Business Owner Should Ask Themselves Running a business entails more than just offering a great product or service. What is my company’s monthly recurring revenue? By tracking recurring revenue fluctuations, a company gains insights into its trajectory. How much does it cost to run my business?

Payroll 52

Payroll Budgeting Tax Accounting 52

Accounting Tools

MAY 4, 2024

From top to bottom, the template for an income statement is comprised of a header block, a revenue section, a cost of goods sold section, a general and administrative expenses section, and an other income and profit or loss section. The revenue performance of a firm is usually based on this number, not the gross sales figure.

Financial Statements 52

Financial Statements Tax Expense Reports Payroll 52

Accounting Tools

SEPTEMBER 11, 2023

Examples of transactions are as follows: Paying a supplier for services rendered or goods delivered. Receiving payment from a customer in exchange for goods or services delivered. Related Articles Accounting Transaction Recording Transactions The Transaction Approach Types of Transaction Cycles in Accounting

General Ledger 75

General Ledger Accruals Financial Statements Bookkeeping 75

Accounting Tools

OCTOBER 6, 2023

Revenue Service revenues. Includes all sales related to the provision of services to customers. Product revenues. Repair revenues. Non-Operating Revenues and Expenses Interest income. Includes all cash retained in the business from profits, which have not been distributed to shareholders.

Accounting 75

Accounting Accounting Bookkeeping CPA 75

Accounting Tools

DECEMBER 23, 2023

An expense is the cost incurred in order to generate revenue or obtain something. An alternative definition is that an expense is the reduction in value of an asset as it is used to generate revenue. Under the matching principle , expenses are typically recognized in the same period in which related revenues are recognized.

Accruals 75

Accruals Bookkeeping Accounts Payable Accounts Payable 75

Accounting Tools

OCTOBER 22, 2023

A variable cost is a cost that varies in relation to either production volume or the amount of services provided. If no production or services are provided, then there should be no variable costs. If production or services are increasing, then variable costs should also increase.

Cost Accounting 75

Cost Accounting Accounting Accounting 75

Accounting Tools

JANUARY 20, 2024

This can arise with either a revenue or expense transaction. A deferral is used in order to only recognize revenues when earned and expenses when consumed. In the case of the deferral of a revenue transaction, you would credit a liability account instead of the revenue account. What is a Deferral in Accounting?

Accruals 40

Accruals Bookkeeping Accounting Accounting 40

Accounting Tools

OCTOBER 24, 2023

Intercompany Revenue and Expenses For intercompany revenue and expenses, a business eliminates the sale of goods or services from one entity to another within the group. This means that the related revenues , cost of goods sold , and profits are all eliminated. Related Articles Intercompany Accounting

Financial Statements 76

Financial Statements Accounting Accounting 76

Counto

FEBRUARY 17, 2024

Gross Income = Revenue – COGS For instance, if a business sells $500,000 worth of products over three months, with a cost of goods sold amounting to $100,000, the gross income is equal to $400,000 for that quarter. Try Counto accounting service Counto exists to help small businesses like you save time and money throughout the year.

Accounts Payable 52

Accounts Payable Accounts Payable Payroll Accounts Receivable 52

Accounting Tools

FEBRUARY 8, 2024

When to Record Reimbursed Expenses as Revenue If a customer agrees to reimburse you for certain expenses , then you can record the reimbursed expenses as revenue. The EITF stated that you report the payments as revenue. First, it tends to overstate revenue. The seller records no expense, and no revenue.

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

JULY 8, 2023

Related Courses Business Ratios Guidebook Financial Analysis The Interpretation of Financial Statements Sales margin is the amount of profit generated from the sale of a product or service. To calculate the sales margin, subtract all costs related to a sale from the net amount of revenue generated by the sale.

Financial Analysis 74

Financial Analysis Financial Statements 74

Accounting Tools

SEPTEMBER 7, 2023

Revenue is the gross amount recorded for the sale of goods or services. Conversely, the amount of revenue reported in the income statement is only for the current reporting period. This amount appears in the top line of the income statement. The balance in the accounts receivable account is comprised of all unpaid receivables.

Accounts Receivable 75

Accounts Receivable Accounts Receivable Account Receivables Accounting 75

Accounting Tools

OCTOBER 24, 2023

The sales volume concept can also be applied to services. Related Articles Sales Revenue Sales Trend Analysis This can be a difficult concept to employ when there are many different products, and especially when each product has a different contribution margin.

Financial Analysis 75

Financial Analysis Financial Statements Billing 75

Counto

MAY 8, 2024

Types of Consulting Businesses Singapore’s consulting industry is vast, covering multiple domains: Business Consulting: Includes specialised services like marketing, financial, HR, and IT consulting. GST Registration: Register for GST if your annual revenue is expected to exceed S$1 million. ~

Financial Accounting 52

Financial Accounting Tax Accounting Accounting 52

Accounting Tools

NOVEMBER 5, 2023

Related Courses Bookkeeping Guidebook Effective Sales Management Revenue Management Revenue Recognition What is Sales Revenue? Sales revenue is the amount realized by a business from the sale of goods or services. Terms Similar to Sales Revenue Sales revenue is also known as sales or revenue.

Bookkeeping 40

Bookkeeping Billing 40

Accounting Tools

OCTOBER 10, 2023

Related Courses Bookkeeping Guidebook How to Audit Revenue Revenue Recognition What is Revenue Recognition? Revenue recognition is the conditions under which an organization can recognize a sale transaction as revenue. Note the performance obligations required by the contract.

Collections 40

Collections Bookkeeping Auditing Accounting 40

Accounting Tools

APRIL 9, 2024

A warranty liability is a liability account in which a company records the amount of the repair or replacement cost that it expects to incur for products already shipped or services already provided. The entry is as follows: Related Article Warranty Accounting Thus, if a company experiences a 0.5%

Financial Statements 40

Financial Statements Accounting Accounting 40

Counto

FEBRUARY 22, 2024

Income Statement: An income statement summarises your business’s revenues and expenses over a specific period. Break-Even Analysis: Break-even analysis determines the point at which your revenues equal your expenses, resulting in neither profit nor loss. It’s essential for assessing your overall financial health.

Accruals 52

Accruals Financial Statements Accounting Accounting 52