Fri.Sep 22, 2023

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Tax Strategy: IRS expands focus on digital asset reporting

Accounting Today

The proposed regulations define a digital asset as any digital representation of value that is recorded on a cryptographically secure distributed ledger or any similar technology.

Tax 285
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How to use GCP BigQuery Studio? + BigLake & Duet AI Tutorial

Economize

Google Cloud has introduced their BigQuery Studio—a groundbreaking solution designed to be your one-stop-shop for data analytics and AI workflows. This centralized dashboard is an intelligent blend of Google Cloud’s trusted services like Dataproc, Dataflow, BigQuery, BigLake, and Vertex AI.

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Win the big game with a nonprofit bookkeeping playbook

Accounting Today

NFPs may not be like the NFL, but they can borrow a page from the playbook to tackle operational and bookkeeping hurdles and score the ultimate touchdown: accomplishing their mission.

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Unlocking Efficiency with E-Tendering: Your Business Solution

Nanonets

E-tendering  is a powerful solution that can transform your business by streamlining  procurement  processes and  driving efficiency. In today's fast-paced and dynamic business environment, the use of technology, such as e- procurement  systems, has revolutionized  procurement  practices. By automating tasks and improving accuracy,  e-tendering  unlocks new levels of efficiency and cost savings.

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How to Easily Navigate Crypto Accounting in the Web3 Era

Speaker: Aaron Jacob, VP of Accounting Solutions & Reagan Cook, GTM Lead

Are you struggling to navigate the complexities and challenges that come with crypto accounting? 🤔 This new webinar will cover everything businesses need to know to get started with crypto accounting after incorporating crypto into their business models! Industry experts Aaron Jacob and Reagan Cook of TaxBit will thoroughly explore the prevalent operational hurdles encountered by accounting teams when interacting with crypto on the books, and detail how software solutions can effectively

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IESBA revises ethics handbook for accountants

Accounting Today

The board released an annual update of its ethics code to reflect the latest changes in auditing and quality management standards.

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Understanding the Difference: Sales Order vs Invoice

Nanonets

Sales orders and invoices are essential documents in business transactions, but they serve different purposes and play distinct roles in the sales process. A  sales order  is filled out by the customer to initiate a sale, specifying the goods or services they wish to purchase. On the other hand, an  invoice  is sent by the business to request payment from the customer after the products or services have been delivered.

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Understanding Accounts Payable vs Receivable: A Simple Guide

Nanonets

Accounts payable  and  accounts receivable  play a crucial role in a company's financial health and should be managed effectively for optimal  cash flow  and accurate  balance sheet  reporting.  Accounts payable  (AP) refers to the money a company owes to vendors and suppliers for goods or services purchased on credit.

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IRS plans possible furloughs in case of shutdown

Accounting Today

The service is developing a contingency plan that may involve cutbacks if Congress can't reach a deal.

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Mastering the Basics: How to Do Accounts Receivable

Nanonets

Accounts receivable  is a crucial aspect of financial management for businesses, and understanding how to effectively manage it is essential for maintaining a healthy cash flow and business growth.  Accounts receivable  (AR) refers to the money that a company will receive from customers for purchasing products or services on credit. It is considered an asset on a company's balance sheet.

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Planning beyond the numbers

Accounting Today

If clients don't know what their future selves look like, they can't finish the planning process. That's where you (and behavioral finance) come in.

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Predictions You Can Rely On: How Data Drives Successful Financial Forecasting

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.

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Streamline Your Business with Efficient Vendor Onboarding

Nanonets

Efficient  vendor onboarding  is essential for streamlining your business and maximizing productivity. The process of integrating new vendors into your organization's  procurement system  can be time-consuming and prone to errors. That is why many organizations are now turning to  software solutions  to streamline the onboarding process.

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On the move: Herbein appoints director of ops

Accounting Today

LBMC and Wilkin & Guttenplan both announce next managing partners; CohnReznick names cannabis industry practice leader; and more news from around the profession.

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Unleashing Efficiency: The Ultimate Guide to Source to Pay

Nanonets

Welcome to "Unleashing  Efficiency : The Ultimate Guide to  Source to Pay ," your comprehensive resource for streamlining  procurement  and achieving better  control  in your business. In today's fast-paced and ever-evolving business landscape, organizations must adapt and optimize their  procurement  processes to stay competitive.

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Tech News: Wolters Kluwer releases audit quality solution

Accounting Today

Plus, Docyt unveils Docyt AI for real time accounting, and other accounting technology news.

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The Definitive Guide to Spend Management

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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Boost Efficiency with Accounts Payable Software for Small Business

Nanonets

Accounts payable software for small business  can significantly enhance financial workflow and improve overall efficiency. This powerful tool automates and streamlines the accounts payable processes, helping businesses manage invoices, vendor payments, and maintain accurate financial records. By eliminating errors and delays through automation, the software ensures timely transactions and reduces manual workload.

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Firm culture: Put the pistol away

Accounting Today

Hermann Goering has nothing to teach us about building a culture in your practice.

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Microsoft Pricing: The Return of Complexity

Azure FinOps

Once upon a time, not that long ago, everyone who’d spent time wrestling with Microsoft licensing looked to, at first, Office 365 (as it was known before rebranding) and later, Azure, as a source of relief. “Relief” might be too strong; certainly, simplification. To focus on Azure, the subject of this blog, there was an expectation that using FinOps methods, for example, making architectural choices based in part on runtime cost impacts would be sufficient to achieve observability of cost genera

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The accountant's eulogy in rhyme

Accounting Fun

He counted every penny, with precision and with care, In columns and in ledgers, he kept the numbers fair. His spreadsheets were a marvel, each figure in its place, With formulas like poetry, in this his special space. Sadly his life was little more than balance sheets and sums, No tales of grand adventures, no travel to far-off lands. He left behind a legacy of numbers neat and wide, For though he never truly lived, his ledger never lied.

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Navigating Financial Storms: Strategies for Building Resilient Balance Sheets

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.

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Mastering Your Business with Accounts Payable Reports

Nanonets

Accounts payable reports  are an essential tool for businesses of all sizes, providing valuable insights into financial management and helping to optimize business operations. These reports track and report business expenses, ensuring accurate financial records and allowing businesses to make informed decisions. Whether it's paying invoices on time, preparing for tax season, or maintaining good relationships with suppliers, mastering  accounts payable reports  is crucial for

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Benefits accrual accounting

Accounting Tools

Related Courses How to Audit Payroll Optimal Accounting for Payroll Payroll Management A benefits accrual occurs when a benefit-related expense is recognized despite the absence of a supplier invoice. By doing so, a business is properly recognizing this expense in the period in which it is incurred, rather than the period in which the related supplier invoice is paid.

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Understanding the Order to Cash Process: A Simple Guide

Nanonets

Running a business involves various processes, and one crucial aspect is understanding the order to cash (OTC) process. The  OTC process  encompasses a series of steps, starting from when a customer makes a purchase to when the business receives and clears cash for that purchase. It includes  order management ,  credit management ,  order fulfillment , invoicing, accounts receivable, payment collection, and  data management.

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Bonus accrual definition

Accounting Tools

Related Courses Bookkeeping Guidebook Human Resources Guidebook Payroll Management Accounting for a Bonus Accrual A bonus expense should be accrued whenever there is an expectation that the financial or operational performance of a company at least equals the performance levels required in any active bonus plans. The decision to accrue a bonus calls for considerable judgment, for the entire period of performance may encompass many future months, during which time a person may not continue to ach

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Putting the ‘Tech’ in Spend Management Techniques

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!

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Unlock Potential with an Efficient Accounts Payable Department

Nanonets

An  accounts payable department  is an integral part of any organization, responsible for managing and processing all outgoing payments to suppliers and vendors. An inefficient  accounts payable process  can result in lost opportunities, damaged vendor relationships, and cash flow issues. On the other hand, an efficient  accounts payable process  can significantly improve your business's efficiency and  profitability.

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Wage accrual definition

Accounting Tools

Related Courses How to Audit Payroll Optimal Accounting for Payroll Payroll Management What is a Wage Accrual? It is quite common to have some amount of unpaid wages at the end of an accounting period , so you should accrue this expense (if it is material). The accrual entry shown below is a simple one, because you typically clump all payroll taxes into a single expense account and offsetting liability account.

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Boost Efficiency with Robotic Process Automation Accounting

Nanonets

Robotic process automation (RPA) is a game-changer for the accounting industry, offering significant improvements in efficiency and productivity. By automating repetitive tasks, RPA allows organizations to reduce human errors and free up employees for more impactful work. In the realm of accounting, RPA has proven to be a powerful tool for enhancing speed and accuracy, streamlining processes, and revolutionizing the way financial tasks are handled.

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First day motions definition

Accounting Tools

Related Courses Bankruptcy Tax Guide Essentials of Corporate Bankruptcy What are First Day Motions? When a debtor files for Chapter 11 bankruptcy protection, its attorney typically files first day motions. As the name implies, these motions are initiated as soon as possible. The motions are requests to the court to pay certain creditors , so that the organization can continue to operate.

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Book of Secrets for the Month-End Close

Developing a consistent month-end close doesn’t need to be a mystery. We’re sharing our top 10 secrets (plus one bonus!) for streamlining your close.

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Understanding Your Vendor Invoice: Key Details Explained

Nanonets

Managing your  vendor invoices  effectively is crucial for efficient  payment processing  and  budget management. To ensure smooth processing, it is essential to understand the  key details  that should be looked for on an invoice. The  key details  on a  vendor invoice  include: Vendor contact information : This is necessary for sending  payment  to the right recipient.

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Types of dividends

Accounting Tools

Related Courses Accountants' Guidebook Bookkeeping Guidebook New Controller Guidebook What are Dividends? A dividend is generally considered to be a cash payment issued to the holders of company stock. However, there are several types of dividends, some of which do not involve the payment of cash to shareholders. These dividend types are noted below.

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Understanding the Accounts Receivable Cycle - Get Paid Faster!

Nanonets

The  accounts receivable cycle  plays a crucial role in the financial health of businesses, enabling them to streamline operations, optimize cash flow, and ultimately get paid faster. Accounts receivable refers to the amount of money owed to a company for goods or services already provided on credit. It is important to collect accounts receivable as soon as possible to avoid tying up working capital and facing longer business cycles.

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How to account for liabilities

Accounting Tools

Related Courses Accountants' Guidebook GAAP Guidebook How to Audit Liabilities A liability is a a legally binding obligation payable to another entity. Liabilities are a component of the accounting equation , where liabilities plus equity equals the assets appearing on an organization's balance sheet. Examples of Liabilities Examples of liabilities are accounts payable , accrued liabilities , accrued wages , deferred revenue , interest payable , and sales taxes payable.

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Global Accounting Principles and Commission Capitalization

Speaker: Ryan Dillard, Chief of Staff Director at CBIZ ARC Consulting LLC; Kelly Hicks, Global Controller at Airbase

ASC 606 is the revenue recognition standard that sets global accounting principles for all private or public companies that enter sales agreements or contracts with customers. Along with ASC 606, ASC 340-40 was added to address accounting costs to obtain a contact and costs to fulfill a contract. Join us for this webinar when Airbase Controller Kelly Hicks and Ryan Dillard, a Director at CBIZ ARC Consulting explore how to approach capitalizing sales commissions under ASC 340-40.