Accounting Tools

SEPTEMBER 30, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook Earnings and profits are generally considered to mean the same thing, but there are some differences between the terms. The main one is that profit is more commonly used in the income statement , where it can refer to gross profit , operating profit , and net profit. Gross profit refers to sales minus the cost of goods sold , while operating profit subtracts operating expenses from gross profit, and net profit subtracts all other

Bookkeeping 75

Bookkeeping 75

Nanonets

SEPTEMBER 30, 2023

In today's interconnected world, the swift and secure transfer of funds across borders is essential for international trade and finance. SWIFT is a crucial player that facilitates this process. SWIFT is the most common and widely adopted wire transfer method, connecting financial institutions across the globe. In this blog post, we will delve into the history of SWIFT, its managing authority, its primary aim, and some key statistics that underline its significance in global finance.

Accounts Payable 52

Accounts Payable Accounts Payable AP QuickBooks 52

Accounting Tools

SEPTEMBER 30, 2023

Related Courses How to Audit Equity The Balance Sheet What is Stated Capital? Stated capital is the aggregate par value of all shares outstanding. A corporation must retain the stated capital; it cannot be distributed to shareholders as dividends. Companies commonly adopt a $0.01 stated value for their shares in order to minimize this requirement. Many states allow corporations to have no stated value on their shares.

Auditing 75

Auditing 75

Accounting Tools

SEPTEMBER 30, 2023

Related Courses How to Conduct an Audit Engagement What is a Successor Auditor? A successor auditor is the outside auditor of an organization that replaces the predecessor auditor. Thus, the successor auditor conducts the audit for the current year when there was a predecessor auditor in the immediately preceding year. The successor auditor might have been hired because the predecessor was fired, or because the client is required by law to change auditors periodically.

Auditing 40

Auditing 40

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 30, 2023

Related Courses Inventory Management What are Shortage Costs? Shortage costs are those costs incurred by an organization when it has no inventory in stock. These costs include the loss of business from customers who go elsewhere to make purchases, the loss of the margin on sales that were not completed, and overnight shipping costs to acquire goods that are not in stock.

Customer Service 40

Customer Service 40

Accounting Tools

SEPTEMBER 30, 2023

Related Courses Capital Budgeting What is Service Potential? Service potential is the expected benefit from an asset. This benefit can come from holding and later selling the asset, or by using the asset. Service potential is a major consideration when deciding whether to invest in a new asset. A concern is whether an asset will actually be used in the manner originally contemplated when the service potential figure was first derived.

Budgeting 40

Budgeting 40

Accounting Tools

SEPTEMBER 30, 2023

Related Courses Credit and Collection Guidebook Effective Collections Essentials of Collection Law A past due invoice is a billing that has not been paid as of its due date. If a business extends credit to its customers , it is likely to experience situations where it must collect a past due invoice. It is essential to do so, since not receiving payments on time can cause major cash flow problems.

Collections 40

Collections Invoicing Accounts Receivable Accounts Receivable 40

Accounting Tools

SEPTEMBER 30, 2023

Related Courses Accounting for Bonds Accounting for Investments Corporate Finance What is the Effective Interest Method? The effective interest method is a technique for calculating the actual interest rate in a period based on the amount of a financial instrument's book value at the beginning of the accounting period. Thus, if the book value of a financial instrument decreases, so too will the amount of related interest; if the book value increases, so too will the amount of related interest.

Corporate Finance 40

Corporate Finance Computation Accounting Accounting 40

Accounting Tools

SEPTEMBER 30, 2023

Related Courses Sales and Use Tax Accounting Sales taxes are generally applied to the sale of any goods. However (and depending on the state), it is generally only paid by the end customer. This means that a business does not pay sales tax on any purchases it makes that are to be resold to a third party. To avoid having to pay sales tax, the business obtains a reseller’s certificate from the state government, which it supplies to any vendor selling goods to it that are intended for resale.

Tax 40

Tax Accounting Accounting Billing 40

Accounting Tools

SEPTEMBER 30, 2023

Related Courses How to Conduct an Audit Engagement Internal Auditing Guidebook What is an Audit Committee? An audit committee is that subset of a firm’s board of directors that is responsible for the oversight of the internal auditors and external auditors. The audit committee is an essential part of an organization’s system of internal controls, because members of the board can have candid discussions with the auditors without anyone from management being present.

Auditing 40

Auditing 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.

Accounting Tools

SEPTEMBER 30, 2023

Related Courses Business Ratios Guidebook Financial Analysis The Interpretation of Financial Statements What is Gross Margin? Gross margin is the difference between revenues and the cost of goods sold , which leaves a residual margin that is used to pay for selling and administrative expenses. It is typically included as a subtotal on a company’s income statement.

Financial Analysis 40

Financial Analysis Financial Statements Tax 40

Accounting Tools

SEPTEMBER 30, 2023

Related Courses Disaster Recovery Planning Enterprise Risk Management New Manager Guidebook What is Contingency Planning? Contingency planning is the development of plans to deal with emergencies, such as a fire that destroys key company records, or a flood that impacts a production facility, or perhaps an earthquake that destroys a key supplier. These plans are specifically targeted at worst-case scenarios for situations that can have a severely negative effect on a business.

40

40

Accounting Tools

SEPTEMBER 30, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook What is the Double Entry System? The double entry system mandates that every business transaction be recorded in at least two accounts. Furthermore, it requires that the total value of all debits entered in a transaction must batch the total value of all credits ; otherwise, a journal entry is said to be out of balance.

Financial Statements 40

Financial Statements Bookkeeping Accounts Receivable Accounts Receivable 40

Accounting Tools

SEPTEMBER 30, 2023

Related Courses Oil and Gas Accounting What is an Undivided Interest? An undivided interest arises when the owners of a working interest share revenues and expenses in accordance with their proportional ownership interests. An alternative arrangement is a divided interest arrangement, where the owners of a working interest receive revenue and pay for expenses based on their ownership of specific acreage.

Accounting 40

Accounting Accounting 40

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Accounting

Accounting Tools

SEPTEMBER 30, 2023

Related Courses Bookkeeping Guidebook GAAP Guidebook New Controller Guidebook What is Operating Revenue? Operating revenue is the sales associated with the normal daily operations of a business. For example, the meals sold by a restaurant would generate operating revenue, while the sale of its delivery van would instead generate a gain or loss. The concept of operating revenue is important, because it reveals the core sales productivity of a business.

Bookkeeping 40

Bookkeeping 40