Accounting Today
SEPTEMBER 8, 2023
Following a top-to-bottom review of enforcement efforts, the agency is shifting more attention from working-class taxpayers to high-income earners, partnerships, large corporations and promoters of abusive tax shelters.
FundThrough
SEPTEMBER 8, 2023
In the wake of Hurricane Idalia, the devastation faced by entrepreneurs is deeply felt. As business owners ourselves, the very thought of watching years of hard work being swept away overnight is heart-wrenching. Understanding the importance of rebuilding and getting back on your feet as soon as possible, we’ve compiled a few useful resources.
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Accounting Today
SEPTEMBER 8, 2023
The Internal Revenue Service is leveraging artificial intelligence to detect tax evasion as it uses the extra funding from the Inflation Reduction Act to ramp up compliance efforts.
Accounting Tools
SEPTEMBER 8, 2023
Related Courses Accountants' Guidebook Bookkeeping Guidebook New Controller Guidebook Most accounting tasks can be divided into financial accounting and managerial accounting. It is useful to describe the differences between these two aspects of accounting, since each one describes a distinctly different career path. In general, financial accounting refers to the aggregation of accounting information into financial statements , while managerial accounting refers to the internal processes used to
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 Today
SEPTEMBER 8, 2023
Despite the tremendous buzz, it is crucial to recognize that AI's true role in accounting will likely be to augment human capabilities and streamline processes.
Accounting Tools
SEPTEMBER 8, 2023
Related Courses The Income Statement The Interpretation of Financial Statements Gross vs. Net Income for a Business The concepts of gross and net income have different meanings, depending on whether a business or a wage earner is being discussed. For a company, gross income equates to gross margin , which is sales minus the cost of goods sold. Thus, gross income is the amount that a business earns from the sale of goods or services, before selling, administrative, tax, and other expenses have be
Financial Ops World brings together the best financial operations content from the widest variety of thought leaders.
Accounting Tools
SEPTEMBER 8, 2023
Related Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash The ledger balance and available balance are terms used by a bank for the cash position of a checking account. The ledger balance is the balance available as of the beginning of the day. The available balance may be defined in two different ways, which are as follows: The ledger balance, plus or minus any subsequent activity during the day; essentially, it is the ending balance at any point in time during the day;
Accounting Today
SEPTEMBER 8, 2023
Plus, Bill releases financial operations platform for SMBs; and other accounting technology news and updates.
Economize
SEPTEMBER 8, 2023
According to Fortinet’s report, one in five organizations now hosts 75% of their workloads in the cloud. As a majority of IT organizations move to public cloud services, which often involves storing sensitive and personally identifiable information (PII), cloud security has skyrocketed to the forefront of concern.
Accounting Today
SEPTEMBER 8, 2023
Indiana CPA Society adds five to board of directors; Eide Bailly Financial Services becomes Eide Bailly Wealth; and more news from across the profession.
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.
Insightful Accountant
SEPTEMBER 8, 2023
With the virtual event right around the corner, here's another sneak peek at what to expect—and why you should sign up today.
Accounting Today
SEPTEMBER 8, 2023
As accounting students start a new semester, there is a glimmer of optimism in the distance.
Accounting Fun
SEPTEMBER 8, 2023
Most people (in the UK anyway) who hear the two words 'Death and Taxes' tend to think of Benjamin Franklin (1706-90) who is usually credited with saying: "In this world nothing can be said to be certain, except death and taxes." This was apparently written in a letter to Jean-Baptiste Leroy, 1789, which was re-printed in The Works of Benjamin Franklin, 1817.
Accounting Tools
SEPTEMBER 8, 2023
Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook What is the General Journal? The general journal is part of the accounting record keeping system. When an event occurs that must be recorded, it is called a transaction , and may be recorded in a specialty journal or in the general journal. There are four specialty journals, which are so named because specific types of routine transactions are recorded in them.
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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!
NACM
SEPTEMBER 8, 2023
?️ On today's episode of NACM's Extra Credit podcast:⚖️ Subchapter V small business bankruptcies are up 43% year-over-year in August, the 13th consecutive month of increase. This upward trend is likely to continue through the rest of the year and beyond.
Accounting Tools
SEPTEMBER 8, 2023
Related Courses Accounting for Inventory How to Audit Inventory What is a LIFO Reserve? The LIFO reserve is the difference between the cost of inventory calculated using the FIFO method and using the LIFO method. The FIFO method assumes that the first units added to inventory are the first ones used, while the LIFO method assumes that the last units added to inventory are the first ones used.
Nanonets
SEPTEMBER 8, 2023
Ach and Wire are two of the most popular ways of money transfer in the United States. Both systems have their own unique advantages and disadvantages. You will have to make a choice based on your personal or business requirements. First, let's delve into the mechanics of ACH and Wire transfers, followed by an exploration of their distinctions, guidance tailored for small businesses, and concluding with instructions on establishing ACH and Wire processes.
Accounting Tools
SEPTEMBER 8, 2023
Related Courses Financial Analysis Investing Guidebook What is an Ordinary Annuity? An ordinary annuity is a series of payments having the following three characteristics: All payments are in the same amount (such as a series of payments of $1,000). All payments are made at the same intervals of time (such as once a month or quarter, over a period of a year).
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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
SEPTEMBER 8, 2023
What is the Income Exclusion Rule? The income exclusion rule specifies that certain types of income are not to be included in a taxpayer's reported gross income for the purpose of calculating income tax. This means that excluded income is not reported on a taxpayer’s Form 1040. The types of income that can be excluded from reportable income include the following: Annuity and pension payments that constitute returns of capital Child support payments Interest earned on municipal securities Life in
Accounting Tools
SEPTEMBER 8, 2023
Related Courses Accountants' Guidebook Bookkeeping Guidebook The Interpretation of Financial Statements What is the Statement of Retained Earnings? The statement of retained earnings reconciles changes in the retained earnings account during a reporting period. It is useful for understanding how management utilizes the profits generated by a business.
Accounting Tools
SEPTEMBER 8, 2023
Related Courses The Balance Sheet The Interpretation of Financial Statements What is a Common Size Balance Sheet? A common size balance sheet displays the numeric and relative values of all presented asset , liability , and equity line items. This format is useful for comparing the proportions of assets, liabilities, and equity between different companies, particularly as part of an industry analysis or an acquisition analysis.
Accounting Tools
SEPTEMBER 8, 2023
Related Courses The Income Statement The Interpretation of Financial Statements What is a Contribution Margin Income Statement? A contribution margin income statement is an income statement in which all variable expenses are deducted from sales to arrive at a contribution margin. Then, all fixed expenses are subtracted to arrive at the net profit or net loss for the period.
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 8, 2023
Related Courses Fixed Asset Accounting How to Audit Fixed Assets What is Double Declining Balance Depreciation? The double declining balance method is an accelerated form of depreciation under which most of the depreciation associated with a fixed asset is recognized during the first few years of its useful life. Advantages of Double Declining Balance Depreciation This approach is reasonable when the utility of an asset is being consumed at a more rapid rate during the early part of its useful l
Accounting Tools
SEPTEMBER 8, 2023
Related Courses The Balance Sheet The interpretation of Financial Statements What is a Current Liability? A current liability is an obligation that is payable within one year. The cluster of liabilities comprising current liabilities is closely watched, for a business must have sufficient liquidity to ensure that they can be paid off when due. All other liabilities are reported as long-term liabilities , which are presented in a grouping lower down in the balance sheet , below current liabilitie
Accounting Tools
SEPTEMBER 8, 2023
Related Courses Business Ratios Guidebook The Interpretation of Financial Statements What is the Gross Profit Ratio? The gross profit ratio shows the proportion of profits generated by the sale of products or services, before selling and administrative expenses. It is used to examine the ability of a business to create sellable products in a cost-effective manner.
Accounting Tools
SEPTEMBER 8, 2023
Related Courses Business Ratios Guidebook Inventory Management Purchasing Guidebook What is the Reorder Level Formula? The reorder level formula is that inventory level at which an entity should issue a purchase order to replenish the amount on hand. When calculated correctly, the reorder level should result in replenishment inventory arriving just as the existing inventory quantity has declined to zero.
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 Tools
SEPTEMBER 8, 2023
Related Courses Accounting Information Systems Lean Accounting Guidebook What is the Transaction Error Rate? The transaction error rate is the percentage of processing errors that an accounting department generates. It is critical to avoid processing errors, since the cost of correcting them is several multiples of the cost of initially completing them correctly.
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