Mon.Jun 12, 2023

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10 of the Most Common Invoice Payment Terms

Compleatable

For small business owners, cash flow is the lifeblood that keeps their ventures running smoothly. Managing invoices and ensuring timely payments from clients and customers is crucial to maintaining a healthy cash flow. But if you’re a new business owner or perhaps snoozed through your accountancy classes at University (we’re not judging!

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Watch Out for Everything 'AI', a Murph Commentary

Insightful Accountant

Murph cautions us against accepting the results of 'AI' like ChatGPT. the data these AI machines produce may be more 'artificial' than 'intelligent'.

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Financial statement audit definition

Accounting Tools

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 Audit? A financial statement audit is the examination of an entity's financial statements and accompanying disclosures by an independent auditor. The result of this examination is a report by the auditor, attesting to the fairness of presentation of the financial statements and related disclosures.

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Intuit Ventures Invest in Finch

Insightful Accountant

Intuit Ventures has announced an investment in Finch, the No. 1 API for employment systems. The investment will allow Finch to build deeper integrations with the Intuit QuickBooks ecosystem.

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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

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How to reconcile accounts receivable

Accounting Tools

Related Courses Bookkeeping Guidebook How to Audit Receivables New Controller Guidebook The reconciliation of accounts receivable is the process of matching the detailed amounts of unpaid customer billings to the accounts receivable total stated in the general ledger. This matching process is important, because it proves that the general ledger figure for receivables is justified.

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10 Smart Tax Deductions You Shouldn’t Miss

Outsourced Bookeeping

Tax deductions are a beneficial tactic to decrease your taxable income and reduce expenses when filing taxes. This writing digs into ten clever tax deductions that individuals and businesses should know. You can improve your financial status by integrating these deductions into your tax planning strategy. We will also explore the advantages that come with using outsourced bookkeeping and accounting services , such as outsourced management of accounts payable, to guarantee precise deduction monit

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Switch to Cloud-Based Utility Billing Software: Advantages for Your Business

Invoicera

Are you tired of the hassle of traditional utility billing methods? Have you been searching for an efficient & streamlined process to manage your business’s utility bills? Look no further! Cloud-based utility billing software is the answer to all your problems. With its numerous benefits, switching to cloud-based utility billing software can lead to: Increase in productivity Cost savings Improve accuracy and more This blog post will explain – Why should your business make a move

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Simple rate of return definition

Accounting Tools

Related Courses Capital Budgeting Corporate Finance Treasurer's Guidebook What is the Simple Rate of Return? The simple rate of return is the incremental amount of net income expected from a prospective investment opportunity, divided by the investment in it. The simple rate of return is used for capital budgeting analysis, to determine whether a business should invest in a fixed asset and any incremental change in working capital associated with the asset.

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Catalyst for Growth – How Do I Manage the Business

Insightful Accountant

You can use your potential as a CEO Whisperer to offer differentiated advisory services. In Part 3 of G76's Peter Mares' four-part series, unlock the secrets to managing your business. Sign up for the June 14 webinar here.

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Consignment accounting

Accounting Tools

Related Courses Accounting for Inventory How to Audit Inventory How to Account for a Consignment Consignment occurs when goods are sent by their owner (the consignor ) to an agent (the consignee ), who undertakes to sell the goods. The consignor continues to own the goods until they are sold, so the goods appear as inventory in the accounting records of the consignor, not the consignee.

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Predictions You Can Rely On: How Data Drives Successful Financial Forecasting

Speaker: Robbie Bhathal, Founder & CEO, and Matthew Acalin, Head of Credit Intelligence

In today's volatile financial environment, how confident are you in your company’s financial forecasting? To get the most accurate cash predictions that will lead to long-term financial survival, real-time data is critical. Innovative cash management strategies can lead to better credit opportunities, more sustainable growth, and long-term financial prosperity.

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Bookkeepers: What you need to know about legal entities and owner compensation

5 Minute Bookkeeping

Are you ready to take your bookkeeping knowledge to the next level? As bookkeepers, our clients come in an assorted variety of legal entities. Legal entities and owner compensation might not sound like the most exciting topic, but trust me, it’s essential knowledge for any bookkeeper looking to grow, gain confidence, or tackle clean-up projects. Understanding your client’s legal entity and how they should be compensated can make a world of difference in your work with US clients.

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Subsidiary ledger definition

Accounting Tools

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is a Subsidiary Ledger? A subsidiary ledger stores the details for a general ledger control account. Once information has been recorded in a subsidiary ledger, it is periodically summarized and posted to a control account in the general ledger , which in turn is used to construct the financial statements of a company.

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Best OCR and PDF Data Extraction Integrations for OneDrive in 2023

Nanonets

Introduction OneDrive is Microsoft's cloud storage solution that allows users to save files and personal data like Windows settings across all their Windows PCs. It also offers a simple way to store, sync, and share various types of files, with others, and across multiple devices. A major advantage of OneDrive is its seamless integration with Microsoft products like Windows 10 and Office 365.

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How to calculate total equity

Accounting Tools

Related Courses Business Ratios Guidebook The Interpretation of Financial Statements The total equity of a business is derived by subtracting its liabilities from its assets. The information for this calculation can be found on a company's balance sheet , which is one of its financial statements. The asset line items to be aggregated for the calculation are cash , marketable securities , accounts receivable , prepaid expenses , inventory , fixed assets , goodwill , and other assets.

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Your New & Improved Month-End Close Process Is Not So Far Out of Reach!

All accounting teams know what it is like to dread the inevitable month-end scaries. If there was a way to feel less burdened and maybe even a little enthusiastic to work on your month-end close and reconciliation process, would you do it? No, don't answer that, of course you would! Automate your month-end close process by up to 40% with SkyStem's ART and see how much more alive you feel!

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10 Expert Strategies to Get New Tax Clients for Your Firm

Jetpack Workflow

Competing against big-name tax preparers like H&R Block or Jackson Hewitt can be challenging for smaller firms building their tax filing services. You may think it’ll break the bank to implement strategies that effectively expand your tax client base. However, you don’t always need access to endless resources for your tax preparation business to flourish.

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The 8 Best Open-Source Cloud Cost Optimization Tools

Economize

Navigate the complex landscape of cloud cost management with our comprehensive guide on the best open-source cloud cost optimization tools of 2023. We unpack the strengths and weaknesses of each tool, discuss what to consider when choosing a tool, and provide insights into the leading players in the field.

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Wise vs Aspire vs Airwallex: Which is the best business account in Singapore?

Counto

Wise vs Aspire vs Airwallex: Which is the best business account in Singapore? Choosing the right business account provider is an important decision that can have a significant impact on your company’s financial operations. Wise, Aspire and Airwallex are among the more modern solutions available here in Singapore. These are fintech companies that can transform the banking experience for small and medium businesses, enabling them to open a multi-currency account in minutes, and move money cheaper

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Switch to Cloud-Based Utility Billing Software: Advantages for Your Business

Invoicera

Are you tired of the hassle of traditional utility billing methods? Have you been searching for an efficient & streamlined process to manage your business’s utility bills? Look no further! Cloud-based utility billing software is the answer to all your problems. With its numerous benefits, switching to cloud-based utility billing software can lead to: Increase in productivity Cost savings Improve accuracy and more This blog post will explain – Why should your business make a move

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The Definitive Guide to Spend Management

The status quo for AP in small and mid-market companies is broken. It consists of messy tech stacks of siloed solutions that give rise to manual work, a lack of control, wasted spend, and unnecessary risks. The benefits of shifting to spend management are tangible, measurable, and are felt across the whole organization. Spend management is a different way of thinking and an innovation whose time has come.

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IRS Collection Season Is Underway. Are You Ready?

Insightful Accountant

As taxpayers start seeing the 5 million to 8 million collection notices hitting the mail, your phone is going to start ringing. Are you ready for the rush?

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A Guide To Ensuring Profitability For Your SaaS Company

CloudZero

Achieving SaaS profitability can seem daunting without the right tools in your toolbox. Here’s how to maximize your margins in today’s economy.

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How to calculate break even sales

Accounting Tools

Related Courses Financial Analysis The Interpretation of Financial Statements Break even sales is the dollar amount of revenue at which a business earns a profit of zero. This sales amount exactly covers the underlying fixed expenses of a business, plus all of the variable expenses associated with the sales. It is useful to know the break even sales level, so that management has a baseline for the minimum amount of sales that must be generated in each reporting period to avoid incurring losses.

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Best OCR Software of 2023

Nanonets

Optical character recognition (OCR) software help convert non-editable document formats such as PDFs, images or paper documents into machine-readable formats that are editable & searchable. OCR applications are commonly used to capture text from PDFs & images and convert the text into editable formats such as Word, Excel or a plain text file.

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Navigating Financial Storms: Strategies for Building Resilient Balance Sheets

Speaker: Carolina Aponte - Owner and CEO, Caja Holdings LLC

In today's rapidly changing business environment, building a resilient balance sheet is crucial to the survival of any business. A resilient balance sheet allows a company to withstand financial shocks and adapt to changing market conditions. To achieve this, companies need to focus on key strategies such as maintaining adequate liquidity, managing debt levels, diversifying revenue streams, and prioritizing profitability over growth.

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How to calculate the implied interest rate

Accounting Tools

Related Courses Corporate Finance Treasurer's Guidebook The implied interest rate is the difference between the spot rate and the forward rate or futures rate on a transaction. When the spot rate is lower than the forward or futures rate, this implies that interest rates will increase in the future. Implied Interest Rate Example For example, if a forward rate is 7% and the spot rate is 5%, the difference of 2% is the implied interest rate.

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Top 12 Tax Scams to Avoid Even After Tax Season

Remote Quality Bookkeeping

You may think there is nothing to fret about now that the tax season is over. Newsflash: Fraudsters are always plotting ways to trap taxpayers in tax scams. While it is true that their lucrative schemes are at their peak during filing season, that doesn’t mean they are sitting idle the rest of the year. Considering this, the Internal Revenue Service (IRS) compiles a yearly list titled “Dirty Dozens” that brings forward the worst tax scams.

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Accrued salaries definition

Accounting Tools

Related Courses Closing the Books Payroll Management The Year-End Close What is Accrued Salaries? Accrued salaries refers to the amount of liability remaining at the end of a reporting period for salaries that have been earned by employees but not yet paid to them. This information is used to determine the residual compensation liability of a business as of a specific point in time.

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Top 12 Tax Scams to Avoid Even After Tax Season

Remote Quality Bookkeeping

You may think there is nothing to fret about now that the tax season is over. Newsflash: Fraudsters are always plotting ways to trap taxpayers in tax scams. While it is true that their lucrative schemes are at their peak during filing season, that doesn’t mean they are sitting idle the rest of the year. Considering this, the Internal Revenue Service (IRS) compiles a yearly list titled “Dirty Dozens” that brings forward the worst tax scams.

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Putting the ‘Tech’ in Spend Management Techniques

Speaker: Wayne Spivak, President and CFO of SBA * Consulting Ltd., Industry Writer, Public Speaker

If you’re lost in the world of spend management needs and your GAP analysis is lacking perspective on the future state of your business performance, listen up! With the advancement of technology, the implementation of spend management best practices and concrete GAP analyses is more streamlined and accessible than ever before. And while this may sound like great news for you and your clients, it won’t be worthwhile unless you have the latest techniques to back up your ambitions!

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Applied overhead definition

Accounting Tools

Related Courses Accounting for Inventory Activity-Based Costing Cost Accounting Fundamentals What is Applied Overhead? Applied overhead is the amount of overhead cost that has been applied to a cost object. Overhead application is required to meet certain accounting requirements, but is not needed for most decision-making activities. Applied overhead costs include any cost that cannot be directly assigned to a cost object, such as rent, administrative staff compensation, and insurance.

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OCR and PDF Data Extraction in Microsoft Power Automate

Nanonets

Introduction to Microsoft Power Automate Power Automate, formerly known as Microsoft Flow, is a cloud-based service offered by Microsoft to help users create and automate workflows across multiple applications and services. Its aim is to boost user productivity in business processes and automate repetitive manual tasks. Using Power Automate, you can design workflows that connect to over 300 services, such as SharePoint, Outlook, Excel, OneDrive, Dynamics 365, and third-party applications like Tw

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Books of original entry definition

Accounting Tools

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What are Books of Original Entry? Books of original entry refers to the accounting journals in which business transactions are initially recorded. The information in these books is then summarized and posted into a general ledger , from which financial statements are produced.

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OCR and PDF Data Extraction in Zapier

Nanonets

Introduction Zapier is a web-based automation tool that connects applications and simplifies workflow. It enables users to automate repetitive tasks, by "zapping" information between different online services without needing to manually perform the actions. Through a concept known as "Zaps," the software allows seamless data integration across multiple platforms such as Gmail, Slack, Dropbox, and many more.

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Book of Secrets for the Month-End Close

Developing a consistent month-end close doesn’t need to be a mystery. We’re sharing our top 10 secrets (plus one bonus!) for streamlining your close.