Sun.Jul 07, 2024

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Automate Your I-9 Process with QuickBooks Workforce

Insightful Accountant

Murph takes you through the steps of automating I-9 compliance using QuickBooks Workforce coupled with QuickBooks Premium or Elite.

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How to collect accounts receivable

Accounting Tools

The collection of accounts receivable is vital, since it provides the cash needed to support company operations. Collecting accounts receivable is not just the task of the collections department. Instead, it calls for a company-wide effort, because collections can be improved before an invoice is ever issued to customers. Consider the following steps for collecting accounts receivable: Resolve Internal Problems A fair proportion of all customer invoices are not paid because customers are dissati

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Using the Section 338 Election: Stock Sale Treated as an Asset Sale

CSI Accounting & Payroll

When you’re looking to buy a specialized business, it can take a lot of time to get your own licensing, patents, contracts, and customers. Time is money – can you afford to wait?

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Cost concepts in decision making

Accounting Tools

Many business decisions require a firm knowledge of several cost concepts. Different types of costs have differing characteristics. Consequently, when reviewing a business case to determine which path to take, it is useful to understand the following cost concepts: Fixed, Variable, and Mixed Costs A fixed cost , such as rent, does not change in lock step with the level of activity.

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5 Steps to Shield Your Business: The Ultimate Guide to Avoiding Payment Fraud

As scams grow more sophisticated, it's crucial to stay proactive in defending against these threats. This guide equips CFOs, accountants, and business leaders with five essential steps—from fundamental safeguards to advanced security measures to strengthen your financial defenses. From enhancing data security to implementing fraud detection tools and safeguarding financial transactions, this guide provides expert advice that could save your company millions.

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Ep. 270: Jane Sarah Lat - Mastering Data Integrity

IMA's Count Me

Join host Adam Larson as he sits down with data integrity expert and author, Jane Sarah Lat , to uncover essential insights from her book, Managing Data Integrity for Finance. Jane breaks down the critical concepts of data integrity and data quality, using relatable analogies and real-world applications. In this episode, Jane shares the importance of maintaining accurate and reliable data in today's tech-driven finance landscape.

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Weighted cost driver definition

Accounting Tools

What is a Weighted Cost Driver? A weighted cost driver is a factor that triggers the incurrence of overhead , which has been assigned more importance than is really the case. For example, all factory overhead could be allocated based on the amount of machine time used, even though other factors also trigger the incurrence of factory overhead. This situation can arise when the cost accountant does not want to track very many cost drivers , preferring instead to use a more simplified system.

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Capital maintenance definition

Accounting Tools

What is Capital Maintenance? The capital maintenance concept states that a profit should not be recognized unless a business has at least maintained the amount of its net assets during an accounting period. Stated differently, this means that profit is essentially the increase in net assets during a period. This concept excludes the following cash inflows and outflows that impact net assets: Increase in assets from the sale of stock to shareholders (increases cash ) Decrease in assets from the p

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Wholly owned subsidiary definition

Accounting Tools

What is a Wholly Owned Subsidiary? A wholly owned subsidiary is an entity whose stock is entirely owned by another entity. The owning entity is called the parent. A subsidiary may become wholly owned as the result of an acquisition , or because the parent spun off certain assets and liabilities into a separate entity. Larger organizations are more likely to have wholly owned subsidiaries.

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Wrap report definition

Accounting Tools

What is a Wrap Report? A wrap report is a low-cost annual report , which is a public company 's Form 10-K with an annual report cover wrapped around it. A small amount of additional commentary may be added by management. The cost is kept low by avoiding the use of graphics or color, and by minimizing the page count. Larger entities are usually willing to allocate substantially more money to the production of a more lavish annual report.

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How to set up an accounts payable system

Accounting Tools

An accounts payable system pays the bills of a business in an organized manner. The goals of this system are to make payments in a timely manner and to pay the correct amounts to the correct suppliers. The following steps can be used to set up such a system: Select software. Buy an off-the-shelf accounting software package that contains an accounts payable module.

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How to Navigate Revenue and Expense Management: Competitive Insights for Financial Success

Speaker: Hilary Akhaabi, PhD - Founder, Chief Financial & Operations Officer at Go Africa Global

In the fast-paced world of corporate finance, staying ahead of the curve is crucial for sustainable growth and profitability. This exclusive webinar with leading expert Hilary Akhaabi, PhD, will teach you practical ways to navigate complex financial landscapes and enhance your company's revenue management capabilities. Whether you're aiming to refine your financial strategies or seeking innovative solutions to drive performance, this new session is for you!

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Byproduct definition

Accounting Tools

What is a Byproduct? A byproduct is an incidental product that is created by a manufacturing process that creates multiple products. The other products created by the process are considered to be the primary output of the system. It may be possible to sell byproducts; alternatively, any revenues to be gained from byproducts are so minor that they are simply discarded as waste.

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Warranty definition

Accounting Tools

What is a Warranty? A warranty is a guarantee related to the performance of non-financial assets that are owned by the party being guaranteed. A guarantee is frequently incurred in connection with the sale of goods or services to the party being guaranteed. If the warranty is related to a product, the party providing the guarantee normally replaces or repairs the product in question.

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Permanent account definition

Accounting Tools

What is a Permanent Account? Permanent accounts are those accounts that continue to maintain ongoing balances over time. All accounts that are aggregated into the balance sheet are considered permanent accounts; these are the asset accounts , liability accounts , and equity accounts. In a nonprofit entity, the permanent accounts are the asset, liability, and net asset accounts.

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Bad debt provision definition

Accounting Tools

What is a Bad Debt Provision? A bad debt provision is a reserve against the future recognition of certain accounts receivable as being uncollectible. For example, if a company has issued invoices for a total of $1 million to its customers in a given month, and has a historical experience of 5% bad debts on its billings, it would be justified in creating a bad debt provision for $50,000 (which is 5% of $1 million).

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How To Streamline Finance Operations Through Automation

Speaker: Claire Grosjean

In today’s fast-paced business environment, finance professionals are under increasing pressure to optimize operations and drive strategic value. As a result, automation has become a core part of business strategy, offering unprecedented opportunities to streamline operations and drive efficiency. Join esteemed global finance and operations executive, Claire Grosjean, for a comprehensive guide on how to harness automation’s power through strategic collaboration with functional leaders.