Accounting Tools

JUNE 14, 2023

Are there sufficient expense accruals ? What types of assets are recorded as intangible assets ? Is amortization being appropriately applied? Have impairment losses been recognized? Notes payable and accrued expenses. Are loans properly classified? Long-term liabilities. Are the terms of debt agreements properly disclosed?

Financial Statements 75

Financial Statements Auditing Accruals Financial Reporting 75

Compleatable

JUNE 15, 2023

The first step is to provide finance with total visibility and control before the shopping purchase is made, during the transaction processes and historically after the event, maintaining a full digital audit trial of every step. This removes the financial management barriers to online buying adoption.

Invoicing 100

Invoicing Accounting Software Billing Purchase Order 100

Accounting Tools

JUNE 6, 2024

When revenue is earned will depend on whether you use the accrual basis of accounting or the cash basis. Under the accrual basis, revenue is recorded when it is earned, while revenue is recorded under the cash basis when the associated cash is received from the customer.

Accruals 40

Accruals Accounting Accounting 40

Billah and Associates

JULY 19, 2023

Accrual basis vs. cash basis accounting : Accrual basis accounting recognizes revenue and expenses when they are *earned* or *incurred*, regardless of the cash flow. Materiality : The Materiality refers to the significance of an item or event in financial statements.

Bookkeeping 52

Bookkeeping Financial Statements Accruals Bank Reconciliation 52

Accounting Tools

SEPTEMBER 29, 2023

Estimates are used in accrual basis accounting to make the financial statements more complete, usually to anticipate events that have not yet occurred, but which are considered to be probable. An accounting estimate is an approximation of the amount of a business transaction for which there is no precise means of measurement.

Accruals 40

Accruals Accounting Accounting Financial Statements 40

Accounting Tools

MARCH 26, 2023

It is possible to incur an expense without having any corresponding supplier invoice or payroll payment to record the event; this arises when the supplier invoice has not yet arrived, or an employee has not yet been paid.

Accruals 40

Accruals Bookkeeping Invoicing Payroll 40

Accounting Tools

JULY 12, 2023

An extraordinary item in accounting is an event or transaction that is considered abnormal, not related to ordinary company activities, and unlikely to recur in the foreseeable future. The reporting of an extraordinary item used to be an extremely rare event. Thus, a business might never report an extraordinary item.

Accruals 40

Accruals Financial Reporting Tax Accounting 40

Accounting Tools

APRIL 8, 2023

Revenue has not really been earned prior to completion, so there should be no accrual prior to that point. By using accruals, ABC has recognized $50,000 of revenue and receivables in January, $30,000 in February, and $70,000 in March, rather than recognizing all $150,000 in March, when it issues an invoice to the customer.

Accruals 40

Accruals General Ledger Invoicing Billing 40

Accounting Tools

MAY 4, 2023

Managers may engage in creative accounting to increase their bonuses, convince a lender to give the firm a loan , or increase its valuation in the event of a sale. A third creative accounting technique is to reduce the periodic accrual charge for the bad debt reserve.

Accounting 40

Accounting Accounting Accruals Auditing 40

AvidXchange

SEPTEMBER 19, 2017

This live event, Tips & Tricks to Prepare for Year-End Close , will take place on September 21 at our new corporate campus located at the AvidXchange Music Factory. In preparation for the event, we sat down with panelist Bill Schiffli, Partner at Scale Finance, LLC. , Roll forward fixed assets: prepaid, expense accruals, etc.

Billing 52

Billing AP Accounts Payable Accounts Payable 52

Accounting Tools

MAY 2, 2023

This concept is incorporated into the accrual basis of accounting. Also under the accrual basis of accounting, if an entity receives payment in advance from a customer, then the entity records this payment as a liability , not as revenue.

Accruals 40

Accruals Collections Bookkeeping Accounting 40

Invoicera

JUNE 10, 2024

There are a lot of individuals who find it challenging to prepare cash flows because- It’s the only statement produced in cash terms, not on an accrual basis. Another example is identifying cash inflows from one-time events (e.g., Whether you use IFRS or US GAAP, this process can be complicated.

Computation 52

Computation Accounts Payable Accounts Payable Invoicing 52

Billing Platform

JANUARY 31, 2023

In the event of a discrepancy in the amount charged, the issue must be resolved before the invoice can be routed for approval. Invoice automation software provides the visibility to quickly address inefficient processes, realize under-reported expenses, know when accruals are incomplete, get an overview of outstanding payments, etc.

Invoicing 52

Invoicing Accounts Payable Accounts Payable Invoice Processing 52

AvidXchange

OCTOBER 1, 2024

Many of you probably are interested to know a former motorcycle rider, but she’s been a leader with Speedway Motorsports since June of 2020 and has a strong history of working in events and the entertainment industry. They’re now saving over 200 hours annually in the month-end accrual process for Speedway Motorsports.

Accounts Payable 59

Accounts Payable Accounts Payable Accruals Payroll 59

Counto

NOVEMBER 7, 2024

Analyse Sales Patterns: Track peak and off-peak sales periods, such as weekends, public holidays, or special events. Understand Your Revenue Cycles For high-turnover F&B businesses, understanding and forecasting revenue cycles are vital for preparing for fluctuations in cash flow. during rainy seasons or post-holiday periods).

Revenue Cycle 40

Revenue Cycle Accruals Accounts Receivable Accounts Receivable 40

Nanonets

SEPTEMBER 21, 2023

The purpose of adjusting entries is to align the financial statements with the accrual basis of accounting, which recognizes revenue and expenses when they are earned or incurred, not when they are paid. Adjusting entries are typically made for accruals and deferrals. Reversing entries are typically used for accruals and deferrals.

General Ledger 40

General Ledger Financial Statements Accounting Accounting 40

Nanonets

MARCH 12, 2024

Transactions are recorded in a ledger format noting the date, amount, and payment method, with separate sheets for sales, expenses, assets, and other financial events. This might include confirming all invoices have been issued and paid, expenses recorded, and necessary accruals made.

Financial Reporting 52

Financial Reporting Accounting Software Financial Statements Collections 52

Cloud Accounting Podcast

AUGUST 3, 2020

There's a form called Form 3115, which you file with your income tax return to change your accounting method from cash to accrual, vice versa. You used to have to actually mail a duplicate copy of that to the IRS - you file one with your tax return and then you mail a duplicate copy.

QuickBooks 40

QuickBooks XERO Bookkeeping Payroll 40

Cloud Accounting Podcast

JUNE 28, 2020

They'll do cash, or accrual accounting. They're not gonna charge you $500 a month if you're a $10 million-a-year business. [00:11:41] They also have accrual accounting, but it's pretty much similar, other than that. It is possibly the biggest, most important event in our space, and the booths are very expensive.

Bookkeeping 40

Bookkeeping QuickBooks Payroll Auditing 40