Sat.Jul 15, 2023

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When to Invest in Your Own Business’s Growth

Nolan Accounting Center

When you own your own business, there are lots of things to think about and decisions that must be made. One of these major decisions is when you should invest in your own business’s growth. Often, there are valid reasons for both sides of the argument- it all comes down to your personal thoughts and situation. Nolan Accounting works with small businesses around Southeast Wisconsin.

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Rolling budget definition

Accounting Tools

Related Courses Budgeting Capital Budgeting What is a Rolling Budget? A rolling budget is continually updated to add a new budget period as the most recent budget period is completed. Thus, the rolling budget involves the incremental extension of the existing budget model. By doing so, a business always has a budget that extends one year into the future.

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COGS definition

Accounting Tools

Related Courses Accounting for Inventory Cost Accounting Fundamentals How to Audit Inventory What is COGS? COGS is the cost of those goods associated with product sales. The cost of goods sold includes the costs of all items that are directly or indirectly associated with the production or purchase of goods that have been sold. The main categories of costs included in COGS are direct materials , direct labor , factory overhead , and production supplies.

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Purchasing definition

Accounting Tools

Related Courses Contract Management How to Audit Procurement Purchasing Guidebook What is Purchasing? Purchasing is the organized acquisition of goods and services on behalf of the buying entity. Purchasing activities are needed to ensure that needed items are obtained in a timely manner and at a reasonable cost. A purchasing department is especially necessary in a manufacturing business, where large amounts of raw materials and components must be obtained on a recurring basis.

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Your Accounting Expertise Will Only Get You So Far: The New Way To Lead

Speaker: Victor C. Barnes, CPA, MBA

In the climb from contributor to leader, the rules quietly change. But if you’re aiming for the summit, the air gets thinner, and what got you here won’t be enough to get you to the top. 🗻 What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.

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Authorized capital stock definition

Accounting Tools

What is Authorized Capital Stock? Authorized capital stock is the maximum number of shares that a corporation is legally allowed to issue. This restriction applies to both common stock and preferred stock. The number of authorized shares is initially set in a company's articles of incorporation, and can be increased thereafter if a majority of the shareholders approve of the change.

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Accumulation definition

Accounting Tools

What is Accumulation? Accumulation refers to an increase in the equity of a business due to the retention of profits. Accumulation is most common in growing businesses that need the cash to pay for increases in working capital and fixed assets. A firm that is not experiencing much growth is more likely to reverse the accumulation process and pay out more dividends , since it has a reduced need for the excess cash.

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Channel stuffing definition

Accounting Tools

Related Courses Fraud Examination Fraud Schemes Unethical Behavior What is Channel Stuffing? Channel stuffing is the practice of sending more goods to distributors and customers than they currently need. A seller engages in this practice to artificially boost its reported sales and profit levels, thereby deceiving anyone reading its financial statements.

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Accounting procedure definition

Accounting Tools

Related Courses Accounting Controls Guidebook Accounting Procedures Guidebook What is an Accounting Procedure? An accounting procedure is a standardized process that is used to perform a function within the accounting department. Examples of accounting procedures are: Issue billings to customers Pay invoices from suppliers Calculate payroll for employees Calculate depreciation for fixed assets Derecognize fixed assets Conduct a bank reconciliation An accounting procedure is designed to complete

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Tolerable misstatement definition

Accounting Tools

Related Courses Guide to Audit Sampling How to Conduct an Audit Engagement The Audit Risk Model What is a Tolerable Misstatement? A tolerable misstatement is the amount by which a financial statement line item can differ from its true amount without impacting the fair presentation of the entire financial statements. The concept is used by auditors when designing audit procedures to examine the financial statements of a client.

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Activity cost assignment definition

Accounting Tools

Related Courses Activity-Based Costing Activity-Based Management Cost Accounting Fundamentals What is Activity Cost Assignment? Activity cost assignment involves the use of activity drivers to assign costs to cost objects. The concept is used in activity-based costing to give more visibility to the total amount of costs that are incurred by cost objects.

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The Hidden Science Behind Why Finance Teams Resist Change—And How to Fix It

Speaker: Kim Beynon, CPA, CGMA, PMP

The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.

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White-collar crime definition

Accounting Tools

Related Courses Fraud Examination Fraud Schemes How to Audit for Fraud What is White-Collar Crime? White-collar crime refers to several types of fraud that are committed by business professionals. These crimes are not violent; instead, perpetrators rely upon deceit and concealment to divert funds and other assets for their personal gain, or to avoid the loss of assets.

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Contingent fee definition

Accounting Tools

Related Courses Auditor Independence Unethical Behavior What is a Contingent Fee? A contingent fee is a form of compensation that is only paid when a specific objective has been achieved. For example, a contingent fee arrangement could pay an accountant $50,000 when the business plan he constructs is used in the successful sale of securities by a client.

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Functional obsolescence definition

Accounting Tools

Related Courses Capital Budgeting Fixed Asset Accounting What is Functional Obsolescence? Functional obsolescence is the impaired usage of an asset because its design is outdated and it can no longer be updated to handle current requirements. For example, a computer becomes functionally obsolete when it no longer has sufficient RAM to handle video processing applications in a timely manner.

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What is materiality in accounting information?

Accounting Tools

Related Courses Accountants' Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook In accounting, materiality refers to the impact of an omission or misstatement of information in a company's financial statements on the user of those statements. If it is probable that users of the financial statements would have altered their actions if the information had not been omitted or misstated, then the item is considered to be material.

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Doing More With Less: The Modern Finance Miracle

Speaker: Mark Gilham, FCCA, CPP

Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.

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Contingent liability definition

Accounting Tools

Related Courses Accountants' Guidebook GAAP Guidebook How to Audit Liabilities What is a Contingent Liability? A contingent liability is a potential loss that may occur at some point in the future, once various uncertainties have been resolved. This liability is not yet an actual, confirmed obligation. The exact status of a contingent liability is important when determining which liabilities to present in the balance sheet or in the attached disclosures.