Nolan Accounting Center
JULY 15, 2023
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.
Accounting Tools
JULY 15, 2023
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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Accounting Tools
JULY 15, 2023
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.
Accounting Tools
JULY 15, 2023
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.
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.
Accounting Tools
JULY 15, 2023
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.
Accounting Tools
JULY 15, 2023
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.
Financial Ops World brings together the best financial operations content from the widest variety of thought leaders.
Accounting Tools
JULY 15, 2023
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.
Accounting Tools
JULY 15, 2023
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
Accounting Tools
JULY 15, 2023
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.
Accounting Tools
JULY 15, 2023
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.
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
JULY 15, 2023
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.
Accounting Tools
JULY 15, 2023
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.
Accounting Tools
JULY 15, 2023
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.
Accounting Tools
JULY 15, 2023
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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Accounting Tools
JULY 15, 2023
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.
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