Accounting Tools

FEBRUARY 11, 2024

It is acceptable under the generally accepted accounting principles and international financial reporting standards accounting frameworks to use normal costing to derive the cost of a product for financial reporting purposes. What is Normal Costing? Normal costing is used to derive the cost of a product.

Financial Reporting 74

Financial Reporting Cost Accounting Budgeting Accounting 74

Accounting Tools

JUNE 8, 2023

Related Courses Bookkeeping Guidebook How to Audit Receivables New Controller Guidebook How to Account for Sales Discounts A sales discount is a reduction in the price of a product or service that is offered by the seller, in exchange for early payment by the buyer. The customer does so, sending in a payment of $9,800.

Accounting 75

Accounting Accounting Accounts Receivable Accounts Receivable 75

Accounting Tools

JULY 15, 2023

How to Recognize COGS COGS is recognized in the same period as the related revenue, so that revenues and related expenses are always matched against each other (known as the matching principle ); the result should be recognition of the proper amount of profit or loss in an accounting period.

Payroll 75

Payroll Auditing Cost Accounting Tax 75

Accounting Tools

JUNE 14, 2023

Related Courses Bookkeeping Guidebook How to Audit Receivables New Controller Guidebook What is the Direct Write Off Method? The direct write off method involves charging bad debts to expense only when individual invoices have been identified as uncollectible.

Accounts Receivable 75

Accounts Receivable Accounts Receivable Account Receivables Financial Statements 75

Accounting Tools

APRIL 9, 2024

Accounting for a Warranty Liability The appropriate time to record a warranty liability is in the same reporting period when the associated revenue is recognized ; doing so ensures that all revenues and expenses related to a sale are recorded at the same time (known as the matching principle ). What is a Warranty Liability?

Financial Statements 40

Financial Statements Accounting Accounting 40

Accounting Tools

JANUARY 9, 2024

How to Classify the Cost of Goods Sold The cost of goods sold is considered to be linked to sales under the matching principle. What is the Cost of Goods Sold? The cost of goods sold is usually the largest expense that a business incurs. This means that the cost of goods sold is an expense.

Financial Statements 40

Financial Statements Cost Accounting Accounting Accounting 40

Less Accounting

JUNE 15, 2023

In this article, we’ll walk you through the essential steps of accounting for your construction business. By the end of this article, you’ll have a solid understanding of how to manage your finances effectively, allowing you to focus on growing your business and achieving your goals. So, let’s get started!

Financial Statements 52

Financial Statements Accounting Accounting Budgeting 52

Accounting Tools

DECEMBER 10, 2023

The accrual basis of accounting is advocated under both generally accepted accounting principles ( GAAP ) and international financial reporting standards ( IFRS ). The accrual basis of accounting is advocated under both generally accepted accounting principles ( GAAP ) and international financial reporting standards ( IFRS ).

Accruals 75

Accruals Accounting Accounting Financial Statements 75

Accounting Tools

AUGUST 7, 2023

Subsequent Event Reporting Generally accepted accounting principles state that the financial statements should include the effects of all subsequent events that provide additional information about conditions in existence as of the balance sheet date. The two types of subsequent events are noted below.

Financial Statements 75

Financial Statements Collections Invoicing Accounting 75

Accounting Tools

SEPTEMBER 6, 2023

In most companies, this assumption closely matches the actual flow of goods, and so is considered the most theoretically correct inventory valuation method. For example, in an inflationary environment, current-cost revenue dollars will be matched against older and lower-cost inventory items, which yields the highest possible gross margin.

Financial Reporting 40

Financial Reporting Auditing Accounting Accounting 40

Accounting Tools

APRIL 8, 2024

Related AccountingTools Courses Cost Accounting Fundamentals Revenue Management Example of Target Pricing Scuba Corporation wants to use target pricing principles to design and sell a high-end scuba regulator. A design team then tries to create a product with the requisite features within the pre-set cost constraint. Competitor analysis.

Cost Accounting 40

Cost Accounting Accounting Accounting 40

Nanonets

FEBRUARY 6, 2024

This article provides the most comprehensive guide to intercompany reconciliation and how automation can help you save time & cost! Match the documents using document ID or amount/date combo. Continue this process till all transactions are matched. Reconciliation helps remove duplicate entries and rectify errors.

General Ledger 52

General Ledger Financial Statements Reconciling Collections 52

Accounting Tools

DECEMBER 23, 2023

Under the matching principle , expenses are typically recognized in the same period in which related revenues are recognized. 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.

Accruals 75

Accruals Bookkeeping Accounts Payable Accounts Payable 75

Accounting Tools

DECEMBER 28, 2023

This is called the matching principle , where all expenses related to a sale are recognized in the same reporting period as the revenue from the sale transaction. What is Warranty Expense? Warranty expense is the cost that a business expects to or has already incurred for the repair or replacement of goods that it has sold.

Bookkeeping 40

Bookkeeping Accounting Accounting 40

Counto

MARCH 21, 2024

Legal services 69101 Legal Activities (excluding online marketplaces)) *To establish a law practice, applicants must apply for a law practice license through LSRA e-Services and secure in-principle approval before registering the business with ACRA. What is an SSIC code? SSIC codes: Referrals to authorities and Licensing requirements 1.

Deposits 52

Deposits 52

Accounting Tools

JUNE 6, 2023

The amount of income tax expense recognized is unlikely to exactly match the standard income tax percentage that is applied to business income, since there are a number of differences between the reportable amount of income under the GAAP or IFRS frameworks and the reportable amount of income allowed under the applicable government tax code.

Tax 40

Tax Financial Statements Accounting Accounting 40

Accounting Tools

JANUARY 13, 2024

The reason for using depreciation is to match a portion of the cost of a fixed asset to the revenue that it generates; this is mandated under the matching principle , where you record revenues with their associated expenses in the same reporting period in order to give a complete picture of the results of a revenue-generating transaction.

Accounting 40

Accounting Accounting Auditing Tax 40

Accounting Tools

JULY 23, 2023

The concept of the bad debt reserve is mandated by accrual basis accounting , where all expenses associated with a sale transaction should be recorded at the same time as the revenue from the sale (known as the matching principle ). Thus, a large bad debt reserve is ultimately caused by inattention to the corporate credit policy.

Accruals 40

Accruals Accounts Receivable Accounts Receivable Account Receivables 40

Accounting Tools

JULY 13, 2023

Understanding Accruals Using accruals allows a business to more closely adhere to the matching principle , where revenues and related expenses are recognized together in the same period. An accrual allows a business to record expenses and revenues for which it expects to expend cash or receive cash, respectively, in a future period.

Accruals 40

Accruals Financial Statements Bookkeeping Billing 40

Accounting Tools

JULY 12, 2023

This approach is intended to record revenues and all related expenses within the same time period, which is known as the matching principle. Accrual basis accounting conforms to the generally accepted accounting principles ( GAAP ) and international financial reporting standards ( IFRS ) frameworks.

Accruals 40

Accruals Accounting Accounting Financial Statements 40

Future Firm

JULY 11, 2023

Yes, you will get a template for your staff accountant job description and an overview of the role in this article, but before I give this, I want to talk strategy with you. Do you want to attract top-tier talent for your staff accountant position? Let’s get into it! The more exciting and unique, the more applicants you’ll receive.

Accounting 40

Accounting Accounting Financial Analysis Microsoft Excel 40

Nanonets

NOVEMBER 19, 2023

This article will guide you through the fundamental aspects of invoice settlement and provide practical tips to help you settle an invoice properly. This article will guide you through the fundamental aspects of invoice settlement and provide practical tips to help you settle an invoice properly. What is the settlement of an invoice?

Invoicing 52

Invoicing Financial Records Accounts Receivable Accounts Receivable 52

Jetpack Workflow

DECEMBER 5, 2023

In this article, we share their secrets to growth, which you can implement in your firm. From navigating client acquisition strategies to building a qualified team you can depend on, the path to expanding your CPA firm can seem overwhelming. Specializing can help you expand your network and receive more referrals.

Accounting 52

Accounting Accounting Data Entry Invoicing 52

Nanonets

FEBRUARY 15, 2024

Procurement is a pivotal function for any business upon which the pillars of efficiency, cost management, and strategic sourcing rest. This is more than just buying; it's about acquiring goods and services in a way that optimizes value for an organization. Let’s demystify these.

Purchase Order 52

Purchase Order Invoicing Budgeting Collections 52

Less Accounting

JUNE 20, 2023

However, creating a chart of accounts from scratch can be a daunting task, especially for those who are not familiar with accounting principles. By the end of this article, you will have a solid understanding of how to create and use a chart of accounts template to help you manage your ecommerce business more efficiently and effectively.

Financial Reporting 52

Financial Reporting Accounting Accounting Accounting Software 52

Nanonets

JUNE 19, 2023

This article covers why accounts payable audits are important to maintain financial health and the steps in an AP audit process. The Sarbanes-Oxley Act of 2002 necessitates that most public companies undergo external auditing to ensure their records comply with the Generally Accepted Accounting Principles (GAAP).

Accounts Payable 52

Accounts Payable Accounts Payable Auditing General Ledger 52

Nanonets

DECEMBER 12, 2023

In the fast-paced world of sales and marketing, understanding and managing leads is like finding and nurturing hidden treasures. Every lead is a potential customer, but not all leads are created equal. Some are ready to make a decision, while others need more time or information. This is where Lead Prioritization comes into play.

Budgeting 52

Budgeting QuickBooks Invoicing Collections 52

Invoicera

FEBRUARY 20, 2024

In this article, we will explain what profit planning involves. Studies show that less than half of small businesses do profit planning each year. Everyone wants their business to be profitable. But this does not just happen on its own. Failing to plan properly is why companies do not hit profit goals. Let’s dive in.

Budgeting 52

Budgeting AR / AP Invoicing AR 52

Nanonets

JUNE 23, 2023

In this article, we’ll delve into the concept of workflow automation and how it drives business growth and success, showcasing both the benefits and the challenges to achieving digital workflow automation, and how tools like Nanonets can streamline the process. What is workflow automation? Below are a few examples.

Data Entry 52

Data Entry Purchase Order Invoice Processing Invoicing 52

IMA's Count Me

SEPTEMBER 11, 2022

Connect with Anthony Full Episode Transcript: Adam: I'm Adam Larson and welcome back to Count Me In, the podcast by and for management accountants. Today's guest comes to us from the forefront of the data automation revolution. Enjoy the show. Adam: Anthony, thank you so much for coming on the podcast today. Anthony: So thank you, Adam for that.

Computation 40

Computation Data Entry QuickBooks CPA 40

Nanonets

DECEMBER 15, 2023

In today's fast-paced business environment, the art of selling has evolved significantly. Sales teams are no longer just about making calls and closing deals. They are about understanding, qualifying, and nurturing leads to ensure that every effort contributes to the bottom line. This is where the concept of lead qualification becomes pivotal.

Budgeting 52

Budgeting QuickBooks Invoicing Collections 52

IMA's Count Me

JULY 8, 2019

And once I kind of finished the qualification, I went back and did my internship and articles in my late twenties. I'm Adam Larson and I'm joined by my cohost, Mitch Roshong and today we have a very interesting episode to share with you for this week's conversation.

Accounting 40

Accounting Accounting Corporate Finance Computation 40

IMA's Count Me

JUNE 6, 2021

So there's all kinds of, accounting principles and things like that. And so anyone can apply those principles to what they do I think, and add value. During his conversation with my co-host Mitch, Bob discusses the role of the CFO in building organizations ready for the future. So for me, it's kind of that simple.

Collections 40

Collections Accounting Accounting Billing 40

Cloud Accounting Podcast

MAY 26, 2020

Sponsors Bill.com: [link] OnPay: [link] BQE Core: [link] Show Notes 03:07 -- Questions Persist After Release of New Small-Business Loan Rules - WSJ 04:39 – Our first less-than-five-star review? Thanks for the feedback! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Interested in sponsoring the Cloud Accounting Podcast?

XERO 40

XERO Accounting Accounting QuickBooks 40