Accounting Tools

SEPTEMBER 23, 2023

Related Courses Human Resources Guidebook Optimal Accounting for Payroll Payroll Management What is a Payroll Deduction? A payroll deduction is an itemized amount withheld by an employer from the gross pay of an employee. A payroll deduction is typically intended to pay taxes, fund a pension, or reimburse the employer for all or a portion of certain expenses incurred on behalf of the employee.

Payroll 75

Payroll Tax Accounting Accounting 75

Cloud Accounting Podcast

SEPTEMBER 23, 2023

The government shutdown threat looms as Congress scrambles to pass funding bills. The IRS previously said it could stay open during a shutdown by relying on Inflation Reduction Act funds. But now the agency says those funds can't sustain operations. According to its union, the IRS is preparing for furloughs and partial closures if a shutdown hits. This reversal surprised IRS employees and could spell delays for taxpayers and CPAs.

Billing 64

Billing Accounting Accounting 64

Accounting Tools

SEPTEMBER 23, 2023

Related Courses Bankruptcy Tax Guide Essentials of Corporate Bankruptcy What is a Preferential Transfer? A preferential transfer is a payment made by a bankrupt entity in the 90-day period prior to the bankruptcy, which must be paid back by the recipient. A payment is considered to be a preferential transfer when the debtor was insolvent at the time of the payment, and the effect of the payment was to put the recipient in a better position than other creditors who were not paid.

Tax 74

Tax 74

Nanonets

SEPTEMBER 23, 2023

For any organization, effective procurement and resource allocation are critical components of success. The  requisition order  process is an integral aspect of these functions, allowing businesses to manage orders, track expenses, and maintain inventory records. In this guide, we will explore the  requisition process  and its role in accounting, as well as discuss best practices for managing and optimizing the process.

Purchase Order 52

Purchase Order Budgeting Auditing Financial Records 52

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

Accounting Tools

SEPTEMBER 23, 2023

Related Courses Optimal Accounting for Payables Payables Management What are Payables? Payables refers to the full range of obligations owed by a business. A business typically keeps close watch over its ability to meet the obligations represented by its payables. Otherwise, late payments or defaults can trigger a slide in a company's credit rating , and could even lead to bankruptcy.

Accounts Payable 40

Accounts Payable Accounts Payable Reconciling Invoicing 40

Nanonets

SEPTEMBER 23, 2023

Encumbrance accounting  is a crucial financial tool that allows companies to track future payments and expenses, providing a detailed view of cash flow. It is a method that helps businesses reserve funds for future liabilities, ensuring accurate financial reporting, budgeting, and analysis. Encumbrances, also known as pre-expenditures, are reserved funds for future expenses such as payroll, monthly fees, and taxes.

General Ledger 52

General Ledger Accounting Accounting Budgeting 52

Nanonets

SEPTEMBER 23, 2023

Mastering the  best accounting practices  is crucial for unlocking  success  in  financial management  and driving business growth. Effective and efficient accounting strategies provide accurate financial information, facilitate informed decision-making, ensure compliance with regulations, and build investor trust. Different types of accounting, such as  financial accounting ,  management accounting ,  tax accounting ,  forensic accounting , audi

Accounting 52

Accounting Accounting Record Keeping Budgeting 52

Accounting Tools

SEPTEMBER 23, 2023

Related Courses Bookkeeping Guidebook New Controller Guidebook What is a Pro Forma Invoice? A pro forma invoice contains the estimated amounts that will later be included in an actual invoice. This type of invoice may be used for a customer who wants to know how much will be eventually billed, so that the information can be used to obtain approval for a purchase or to see if there is sufficient budgeted funding available for a purchase.

Invoicing 40

Invoicing Billing Budgeting Bookkeeping 40

Nanonets

SEPTEMBER 23, 2023

Small business accounting software  can unlock efficiency and streamline financial management for businesses of all sizes. By replacing traditional manual methods with automated systems, accounting software saves time, reduces the risk of errors, and provides valuable insights into financial transactions. With  small business accounting software , businesses can easily manage income and expenses, create invoices, track payments, reconcile bank statements, and generate accurate financia

Small Business Accounting 52

Small Business Accounting Accounting Software Data Entry Accounting 52

Accounting Tools

SEPTEMBER 23, 2023

Related Courses Payables Management Purchasing Guidebook What is a Purchase Discount? A purchase discount is a deduction that a payer can take from an invoice amount if payment is made by a certain date. This discount is used when a seller needs to accelerate the inflow of cash. However, the effective interest rate associated with purchase discounts is usually high, so this can be an expensive form of funding.

Invoicing 40

Invoicing Accounting Accounting 40

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.

Nanonets

SEPTEMBER 23, 2023

In today's competitive business world, mastering  procurement management  is essential to unlock  growth  and maintain a competitive edge. A well-executed  procurement strategy  can make all the difference in achieving  business success. By implementing  smart sourcing  techniques and effectively managing the  procurement  process, organizations can optimize their operations, reduce costs, and drive sustainable  growth.

Auditing 52

Auditing Budgeting Accounts Payable Accounts Payable 52

Accounting Tools

SEPTEMBER 23, 2023

Related Courses Payables Management What is a Payee? A payee is a person or entity that receives or is scheduled to receive a payment. The payment may be in any form, including bills, coins, a check , an electronic transfer, a promissory note , or in kind. The person or entity making the payment is the payer. The reason for the payment is a transfer of value from the payee to the payer , such as the legal right to an asset.

Deposits 40

Deposits Billing Accounting Accounting 40

Nanonets

SEPTEMBER 23, 2023

Flat file integration solutions  are a powerful tool for businesses looking to exchange data between different systems. Whether it's streamlining workflows, enhancing data management, or saving time,  easy flat file integration solutions  provide numerous benefits for businesses in the US market. Key Takeaways: Flat file integration solutions  offer a flexible and reliable method for exchanging data between systems.

Computation 52

Computation Accounts Payable Accounts Payable Accounting 52

Accounting Tools

SEPTEMBER 23, 2023

Related Courses Accounting for Bonds Accounting for Investments Corporate Finance What is Premium on Bonds Payable? Premium on bonds payable is the excess amount by which bonds are issued over their face value. This is classified as a liability on the books of the issuer , and is amortized to interest expense over the remaining life of the bonds. The net effect of this amortization is to reduce the amount of interest expense associated with the bonds.

Corporate Finance 40

Corporate Finance Accounting Accounting 40

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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

Nanonets

SEPTEMBER 23, 2023

Days Payable Outstanding  (DPO) is a financial metric that measures the number of days a company takes on average to pay outstanding supplier/vendor invoices for purchases made on credit. It provides valuable insights into a company's management of accounts payable, cash flow, and  working capital efficiency. Key Takeaways: DPO is a financial metric that measures how long a company takes to pay its outstanding supplier/vendor invoices.

Accounts Payable 40

Accounts Payable Accounts Payable Invoicing Invoice Processing 40

Accounting Tools

SEPTEMBER 23, 2023

Related Courses Fixed Asset Accounting How to Audit Fixed Assets What is Physical Life? Physical life is the period of time that an asset remains functional. This time period may be substantially longer than the useful life of an asset , since a functional asset may still be replaced by a more productive asset. Also, the asset may become too expensive to operate profitably after a period of time.

Auditing 40

Auditing Accounting Accounting 40

Nanonets

SEPTEMBER 23, 2023

Microsoft offers a range of ERP products designed to streamline business operations and improve overall efficiency. These enterprise resource planning systems automate routine tasks, provide a single source of intelligence, unify operations, and identify areas needing support. By leveraging Microsoft ERP solutions, businesses can enhance productivity, reduce costs, and make smarter strategic decisions.

Budgeting 52

Budgeting Financial Reporting Data Entry Bank Reconciliation 52

Accounting Tools

SEPTEMBER 23, 2023

Related Courses Accounting for Inventory How to Audit Inventory What is Physical Inventory? Physical inventory is an actual count of the goods in stock. This can involve counting, weighing, and otherwise measuring items, as well as asking third parties for counts of inventory items that have been consigned to them. If a business is maintaining inventory records for each item in stock, then these counts are compared to the recorded balances; the recorded amounts are then changed to match the phys

Auditing 40

Auditing Accounting Accounting 40

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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.

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Accounting Tools

SEPTEMBER 23, 2023

Related Courses Accounting for Inventory How to Audit Inventory What is a Physical Count? A physical count is an actual count of the goods in stock. This is a carefully coordinated counting process in which counting areas are segregated and count teams examine assigned inventory areas, recording their counts on count sheets. If there are any differences between the amounts counted and the amounts recorded in the inventory records, the records are updated to match the counted amounts.

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

SEPTEMBER 23, 2023

Related Courses Cost Accounting Fundamentals What is a Past Cost? A past cost is money that has already been spent. These funds cannot be recovered, so the related cost is irrelevant for decision-making purposes. A past cost is also known as a sunk cost. Example of a Past Cost A business has spent $100,000 on research related to carbon dioxide sequestration.

Cost Accounting 40

Cost Accounting Accounting Accounting 40

Accounting Tools

SEPTEMBER 23, 2023

Related Courses Accounting for Inventory Activity-Based Costing Cost Accounting Fundamentals What is Peanut-Butter Costing? Peanut-butter costing involves assigning overhead costs using broad averages, rather than doing so in a more targeted manner. The name comes from how peanut butter is spread - uniformly over an entire piece of bread. An effect of peanut-butter costing is that overhead costs may be underapplied or overapplied to cost objects (such as products).

Cost Accounting 40

Cost Accounting Accounting Accounting 40

Accounting Tools

SEPTEMBER 23, 2023

Related Courses Accounting for Retirement Benefits The Balance Sheet Pension payable is a general ledger account in which is recorded the liability that an employer owes to its employee pension plan. When there is a comparatively large balance in this account, it can signal a lack of employer liquidity.

General Ledger 40

General Ledger Accounting Accounting 40

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.

Accounting Tools

SEPTEMBER 23, 2023

Related Courses Auditing Nonprofit Entities Nonprofit Accounting What are Permanently Restricted Net Assets? Permanently restricted net assets are assets held by a nonprofit entity for which donors have imposed usage restrictions that do not expire. Donor permission must be given in order to alter these restrictions. Permanent restrictions are most commonly found when donors contribute large sums to nonprofits, and so are more inclined to control how the funds are used.

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

SEPTEMBER 23, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals What are Production Costs? Production costs are those costs incurred when a business manufactures goods. The three main categories of costs that comprise production costs are noted below. Once these costs are incurred, they are assigned to units produced, and then charged to the cost of goods sold once the goods are sold.

Cost Accounting 40

Cost Accounting Accounting Accounting 40

Accounting Tools

SEPTEMBER 23, 2023

Related Courses Auditing Nonprofit Entities Nonprofit Accounting What are Program Expenses? Program expenses are those expenses incurred in order to deliver specific programs in accordance with the mission of a nonprofit entity. These expenses are distinct from the other main categories of expenses for a nonprofit, which are fundraising expenses and management & administration expenses.

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

SEPTEMBER 23, 2023

Related Courses Payroll Management The Balance Sheet What are Payroll Taxes Payable? Payroll taxes payable is a liability account that contains the combined total of payroll taxes deducted from employee pay and the employer portion of payroll taxes. The balance in this account is increased by the addition of new liabilities, and reduced by payments made to the applicable governing authorities.

Payroll 40

Payroll Tax Accounting Accounting 40

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!

Accounting

Accounting Tools

SEPTEMBER 23, 2023

Related Courses Auditing Nonprofit Entities Nonprofit Accounting What is a Pass-Through Contribution? A pass-through contribution is a contribution made to one non-profit entity, which then transfers the funds to a second non-profit organization. The first non-profit may be acting as the sales arm of the second entity, taking in and passing along contributions.

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

SEPTEMBER 23, 2023

Related Courses Accounting for Inventory How to Audit Inventory What are Phantom Profits? Phantom profits are earnings generated when there is a difference between historical costs and replacement costs. The issue most commonly arises when the first in, first out (FIFO) cost layering system is used, so that the cost of the oldest inventory is charged to expense when a product is sold.

Auditing 40

Auditing Accounting Accounting 40