Accounting Tools
APRIL 14, 2024
What is a Ghost Employee? A ghost employee is a person who is on an employer's payroll , but who does not actually work for the company. Someone in the payroll department creates and maintains a ghost employee in the payroll system, and then intercepts and cashes the paychecks intended for this person. How to Create a Ghost Employee There are several ways to create a ghost employee.
Insightful Accountant
APRIL 14, 2024
Top 100 Applicants told Insightful Accountant what their clients really think about the unique features of QuickBooks Enterprise. the good, the bad and the ugly based on use.
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Outsourced Bookeeping
APRIL 14, 2024
Success in the quick-paced field of accounting outsourcing usually depends on one’s capacity to efficiently gauge and maximize output. Accounting outsourcing firms are essential in helping organizations with all of their financial requirements, from payroll processing to accounting. These businesses need to monitor important indicators every month to maintain operational excellence and provide value to their clientele.
CSI Accounting & Payroll
APRIL 14, 2024
As a small business owner, you care about offering the right benefits to your employees. Plus, if they also benefit you, that’s a great bonus. At CSI Accounting & Payroll, we’ve worked with small businesses for over 50 years. We know a thing or two about employee benefits! When it comes to medical plans, you may have heard a few things about ICHRA and QSEHRA as options.
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.
Nanonets
APRIL 14, 2024
As one of the premiere ERP solutions for growing businesses, Sage Intacct has become the go-to for leaders looking to scale. With AI-driven accounting capabilities, HR modules, payroll features, and a wide range of integrations, Sage Intacct supports businesses' needs today while helping them prepare for the future. On its own, Sage Intacct is a powerful tool, but with the long list of integrations on the Sage Intacct Marketplace, it transforms into something even more magnificent.
IMA's Count Me
APRIL 14, 2024
Join Adam Larson on Count Me In for a riveting session with Chris Papin , owner of Papin CPA , as we explore the ins and outs of being a trusted advisor in the ever-evolving business world. Chris, who also brings a wealth of knowledge from the legal and insurance sectors, shares his first-hand experience on building trust with clients and making ethical decisions during times of uncertainty, such as the challenges presented by COVID-19.
Financial Ops World brings together the best financial operations content from the widest variety of thought leaders.
Accounting Tools
APRIL 14, 2024
What is Equity Position? Equity position refers to an investment made by a third party (the investor) in a business in exchange for stock. Such a position may be taken by an investor for a variety of reasons, including the ones noted below. An equity position represents less than a 100% share of the stock of the business issuing the shares. Expectation of a Return The investor may believe that it can earn a generous return by buying shares in the business.
Accounting Tools
APRIL 14, 2024
What is Restricted Retained Earnings? Restricted retained earnings refers to that amount of a company's retained earnings that are not available for distribution to shareholders as dividends. The primary reason why retained earnings are restricted is that a company is in arrears in its payment of dividends that were due in the past; if so, the amount of the restriction will match the cumulative amount of unpaid dividends.
Accounting Tools
APRIL 14, 2024
What is a Remittance Advice? A remittance advice is a statement that accompanies a payment to a supplier, detailing what was paid. The supplier uses the information on the remittance advice to flag outstanding receivables in its accounting system as having been paid. This information is quite useful for the recipient, especially when a large number of invoices are being paid, perhaps with offsetting credits.
Accounting Tools
APRIL 14, 2024
What is Other-Than-Temporary Impairment? An other-than-temporary impairment charge arises when a security is classified as either available-for-sale or held-to-maturity and there is a decline in its market value below its amortized cost. The amount by which its market value is below its amortized cost is the amount of other-than-temporary impairment.
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.
Accounting Tools
APRIL 14, 2024
What is a Budgeting Fund? A budgeting fund is an annual compilation of the projected revenues and expenditures for a government fund. This information is tracked against actual results throughout the budget period, so that government accountants and managers can maintain a proper level of control over the operational results of the entity. A budgeting fund is especially critical for a government entity, which has caps imposed on its expenditure levels, and so cannot afford to spend an excess amo
Accounting Tools
APRIL 14, 2024
What is the Bonus Method? The bonus method is used to grant a new partner additional capital in a partnership when the person is adding goodwill or some other intangible asset to the partnership. Any positive difference between the capital amount granted and the tangible asset contribution of the new partner is recorded in the original partners' capital accounts based on the partners' normal method of allocating profits and losses.
Accounting Tools
APRIL 14, 2024
What is Budgetary Control? Budgetary control is a system of procedures used to ensure that an organization's actual revenues and expenditures adhere closely to its financial plan. The system typically involves setting personal goals for managers that are based on the budget , along with a set of rewards that are triggered when the goals are attained.
Accounting Tools
APRIL 14, 2024
What are Level 2 Inputs? Level 2 inputs are financial assets and financial liabilities that are in the mid-range of difficulty to value. They are in the middle of a hierarchy of information sources that range from Level 1 (best) to Level 3 (worst). The general intent of these levels of information is to step the accountant through a series of valuation alternatives, where solutions closer to Level 1 are preferred over Level 3.
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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!
Accounting Tools
APRIL 14, 2024
What is an Evaluation of Internal Controls? An evaluation of internal control involves an examination of the effectiveness of an organization's system of internal controls. By engaging in this evaluation, an auditor can determine the extent of other tests that must be performed in order to arrive at an opinion regarding the fairness of the entity's financial statements.
Accounting Tools
APRIL 14, 2024
What is the Purchase Price Variance? The purchase price variance is used to discover changes in the prices of goods and services. It can be used to spot instances in which the purchases being made differ in price from your planning levels. By using the variance, you can identify cases in which it can make sense to look for a different supplier, or to start pricing negotiations with an existing one.
Accounting Tools
APRIL 14, 2024
What is a Usage Variance? A usage variance is the difference between the expected number of units used in a process and the actual number used. If more units are used than expected, the difference is considered an unfavorable variance. If fewer units are used than expected, the difference is considered a favorable variance. For example, the standard number of ounces of titanium needed to fabricate a widget is ten.
Accounting Tools
APRIL 14, 2024
What is the Risk of Material Misstatement? The risk of material misstatement is the risk that the financial statements of an organization have been misstated to a material degree. This risk is assessed by auditors at the two levels noted below. When the risk of material misstatement is high, the level of detection risk is lowered (increases the amount of evidence obtained from substantive procedures ).
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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.
Accounting Tools
APRIL 14, 2024
What is Supplies Expense? Supplies expense refers to the cost of consumables used during a reporting period. Depending on the type of business, this can be one of the larger corporate expenses. There are two types of supplies that may be charged to expense, which are noted below. Factory Supplies Factory supplies include maintenance materials, janitorial supplies, and items that are considered incidental to the production process.
Accounting Tools
APRIL 14, 2024
What is a Sales Volume Variance? The sales volume variance is used to determine the change in the number of units sold over time. This variance is a good starting point for a deeper analysis of which products are selling, and the factors that may be influencing your sales. How to Calculate the Sales Volume Variance The sales volume variance is the difference between the actual and expected number of units sold, multiplied by the budgeted price per unit.
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