Counto

JANUARY 9, 2025

These returns provide the IRAS with details of the GST you have collected and paid, and they ensure that you remain compliant with Singapores tax laws. Keep Accurate Records : Its essential to maintain accurate records of all GST -related transactions, including receipts, invoices, and financial statements.

Collections 52

Collections Tax Corporation Tax Financial Statements 52

Accounting Tools

SEPTEMBER 6, 2023

Related Courses Business Ratios Guidebook Credit and Collection Guidebook Effective Collections The Interpretation of Financial Statements What is the Collection Effectiveness Index? The collection effectiveness index (CEI) is a measure of the ability of the collections staff to collect funds from customers.

Collections 40

Collections Financial Statements 40

Accounting Tools

NOVEMBER 7, 2023

Related Courses Credit and Collection Guidebook Effective Collections The Interpretation of Financial Statements What is the Altman Z Score? The formula is based on information found in the income statement and balance sheet of an organization; as such, it can be readily derived from commonly-available information.

Collections 75

Collections Financial Statements Tax 75

Counto

FEBRUARY 10, 2025

No Additional Steps Required: The GST is collected by the service provider, so consumers do not need to take action. Key Considerations for Payroll and Accounting With GST applied to digital services, businesses should ensure: Accurate Expense Reporting: Proper recording of GST-inclusive software subscriptions in financial statements.

Budgeting 52

Budgeting Payroll Financial Statements Tax 52

Accounting Tools

JULY 11, 2023

Related Courses Credit and Collection Guidebook Effective Collections What is Financial Information? Financial information is data about the monetary transactions of a person or business. Related Articles Credit Analysis Credit Granting Procedure Credit Policy Sample

Financial Statements 74

Financial Statements Collections 74

Accounting Tools

JUNE 11, 2023

The results shown in financial statements can vary somewhat, depending on the framework used. The framework that a business uses depends upon which one the recipient of the financial statements wants. The framework that a business uses depends upon which one the recipient of the financial statements wants.

Financial Statements 75

Financial Statements Accounting Accounting Financial Reporting 75

Counto

NOVEMBER 7, 2024

Key Financial Statements You Should Know: There are three primary financial statements you should focus on: Income Statement : Shows your business’s profitability over a specific period. Improve Invoicing : Use invoicing software to streamline billing and ensure payments are collected promptly.

Financial Statements 40

Financial Statements Accounting Accounting Payroll 40

Accounting Tools

OCTOBER 23, 2023

The bookkeeper also makes collection calls to customers whose invoices are overdue for payment. Payroll The bookkeeper collects timesheet information from employees and pay rate information from the human resources department, and uses these inputs to prepare a periodic payroll.

Bookkeeping 75

Bookkeeping Financial Statements Payroll Deposits 75

Accounting Tools

AUGUST 7, 2023

A subsequent event is an event that occurs after a reporting period, but before the financial statements for that period have been issued or are available to be issued. Depending on the situation, such events may or may not require disclosure in an organization's financial statements.

Financial Statements 75

Financial Statements Collections Invoicing Accounting 75

Gaviti

MARCH 11, 2025

In today’s dynamic financial landscape, effective B2B credit management is paramount for businesses aiming to maintain financial stability and foster growth. The evolution of technology has introduced advanced tools that enhance risk assessment, streamline credit processes, and mitigate potential financial losses.

Collections 52

Collections Accounts Receivable Accounts Receivable Account Receivables 52

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.

Collections 40

Collections Invoicing Accounts Receivable Accounts Receivable 40

Accounting Tools

NOVEMBER 1, 2023

Related Courses Accountants' Guidebook Bookkeeping Guidebook New Controller Guidebook An accountant is a person who records business transactions on behalf of an organization, reports on company performance to management, and issues financial statements. Management reports are issued to the management team.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

Accounting Tools

JUNE 18, 2023

Related Courses Business Ratios Guidebook Credit and Collection Guidebook The Interpretation of Financial Statements What is the Accounts Receivable Collection Period? The accounts receivable collection period compares the outstanding receivables of a business to its total sales.

Accounts Receivable 40

Accounts Receivable Accounts Receivable Account Receivables Collections 40

Accounting Tools

APRIL 6, 2024

Collections Function The accounting department is responsible for keeping track of overdue invoice payments from customers, and uses a variety of methods to extract payment from them, including dunning letters , phone calls, and attorney letters. The previous year’s budget may be used as a baseline to formulate the budget for the next year.

Accounting 75

Accounting Accounting Financial Statements Budgeting 75

Accounting Tools

MAY 21, 2023

Responsibilities of a Full Charge Bookkeeper The subject areas over which the full charge bookkeeper has responsibility are as follows: Record and pay accounts payable Issue invoices to and collect from customers Calculate pay and issue payments to employees Create financial statements and related financial reports Remit payroll taxes , sales taxes (..)

Bookkeeping 75

Bookkeeping Petty cash Payroll Reconciling 75

Accounting Tools

AUGUST 29, 2024

Ratio analysis involves comparing information taken from the financial statements to gain a general understanding of the results, financial position , and cash flows of a business. These people need to create a picture of the financial results and position of a business just from its financial statements.

Financial Analysis 75

Financial Analysis Financial Statements Customer Service Collections 75

Accounting Tools

NOVEMBER 26, 2023

Trend analysis involves the collection of information from multiple time periods and plotting the information on a horizontal line for further review. Thus, trend analysis is quite useful for examining preliminary financial statements for inaccuracies, to see if adjustments should be made before the statements are released for general use.

Financial Analysis 75

Financial Analysis Financial Statements Expense Reports Collections 75

Accounting Tools

JULY 30, 2023

Accounting transactions typically include billings, accounts payable , payroll , collections, and cash receipts. Maintains a chart of accounts and general ledger , from which are compiled a set of financial statements.

General Ledger 75

General Ledger Financial Statements Accounts Payable Accounts Payable 75

Accounting Tools

SEPTEMBER 6, 2023

In essence, public accounting involves being an independent third party that examines the financial statements and supporting systems of client companies to see if their financial statements fairly represent the results, financial position , and cash flows of the clients.

Financial Statements 75

Financial Statements Accounting Accounting Auditing 75

Billing Platform

FEBRUARY 17, 2025

This article explores the meaning, examples, and importance of accrued revenue, while comparing it with deferred revenue and accounts receivable. We’ll also discuss best practices for recording it and why it’s critical for modern financial operations. Accounting Treatment : Recorded as a liability on the balance sheet.

Accruals 73

Accruals Accounts Receivable Accounts Receivable Account Receivables 73

Accounting Tools

APRIL 24, 2024

It is calculated as follows: (Cash + Marketable securities + Accounts receivable) ÷ Current liabilities = Quick ratio Related AccountingTools Courses Business Ratios Guidebook Financial Analysis The Interpretation of Financial Statements Current Ratio The current ratio compares all current assets to all current liabilities.

Financial Analysis 75

Financial Analysis Accounts Receivable Accounts Receivable Account Receivables 75

Accounting Tools

OCTOBER 8, 2023

Related Courses Accounting Information Systems Bookkeeping Guidebook New Controller Guidebook Accounting software is used to collect information about and report on the financial viability of a business. This software is critical to the proper administration of an organization.

Accounting Software 75

Accounting Software Accounting Accounting Financial Statements 75

Accounting Tools

OCTOBER 11, 2023

Requires the collection of time worked information from employees , which is then used to produce gross wage information, tax deductions, and other deductions, resulting in net pay to employees. These statements are noted below. Receive payments from customers. Requires matching received cash to open invoices. Pay employees.

Accounting 75

Accounting Accounting Record Keeping Purchase Order 75

Accounting Tools

OCTOBER 11, 2023

Related Courses Business Ratios Guidebook Key Performance Indicators The Interpretation of Financial Statements What are Financial Ratios? Financial ratios compare different line items in the financial statements to yield insights into the condition and results of a business. Current ratio.

Financial Statements 75

Financial Statements Accruals Billing Accounts Receivable 75

Accounting Tools

OCTOBER 24, 2023

Related Courses Business Ratios Guidebook Key Performance Indicators The Interpretation of Financial Statements What are Efficiency Ratios? Related Articles Asset Turnover Ratio Cash Turnover Ratio Investment Turnover Ratio Return on Operating Assets Sales to Working Capital Ratio

Accounts Payable 75

Accounts Payable Accounts Payable Accounts Receivable Accounts Receivable 75

Accounting Tools

MAY 10, 2024

A material misstatement is information in the financial statements that is sufficiently incorrect that it may impact the economic decisions of someone relying on those statements. A presentation of a financial statement line item or account that does not comply with the applicable accounting framework.

Financial Statements 40

Financial Statements Auditing Collections Accounting 40

Accounting Tools

APRIL 11, 2024

Tests of details are used by auditors to collect evidence that the balances, disclosures , and underlying transactions associated with a client's financial statements are correct. They are used to determine whether the financial data that rolls up into a client’s financial statements are correct.

Financial Statements 40

Financial Statements Collections Auditing Accounting 40

Accounting Tools

JULY 14, 2023

If the loss is material, you may want to segregate it in a separate loss account, which more easily draws the attention of a reader of a company's financial statements. This net amount represents the amount of cash that management expects to realize once it collects all outstanding accounts receivable.

Accounts Receivable 75

Accounts Receivable Accounts Receivable Account Receivables Financial Statements 75

Accounting Tools

JUNE 14, 2023

This method can be considered a reasonable accounting method if the amount that is written off is an immaterial amount, since doing so has minimal impact on an entity's reported financial results, and so would not skew the decisions of a person using the company's financial statements.

Accounts Receivable 75

Accounts Receivable Accounts Receivable Account Receivables Financial Statements 75

Accounting Tools

JUNE 8, 2024

The bookkeeper may also work with an outside CPA, who advises on the proper accounting procedures, and who may review the bookkeeper’s financial statements. Related Articles Bookkeeper Role in an Accounting Department (podcast) Full Charge Bookkeeper How to Become a Bookkeeper

Bookkeeping 40

Bookkeeping Petty cash Financial Statements Deposits 40

Accounting Tools

FEBRUARY 25, 2024

Financial Audit A financial audit is an analysis of the fairness of the information contained within an entity's financial statements. The intent is to locate and remedy control breaches, as well as to collect evidence in case charges are to be brought against someone.

Auditing 75

Auditing Payroll Financial Statements Computation 75

Accounting Tools

AUGUST 19, 2024

Negative assurance is a statement by a CPA that no adverse issues have been found regarding the accuracy of a client's financial statements. Related AccountingTools Course How to Conduct an Audit Engagement Related Article Assurance Services

Financial Statements 40

Financial Statements CPA Auditing Collections 40

Accounting Tools

APRIL 6, 2024

The master budget is the aggregation of all lower-level budgets produced by a company's various functional areas, and also includes budgeted financial statements , a cash forecast, and a financing plan. This is not the case for the master budget, which looks very much like a standard set of financial statements.

Budgeting 74

Budgeting Accounts Receivable Accounts Receivable Account Receivables 74

Accounting Tools

MAY 10, 2024

A post balance sheet event is something that occurs after a reporting period , but before the financial statements for that period have been issued or are available to be issued. Examples of situations calling for the adjustment of financial statements are: Lawsuit.

Financial Statements 40

Financial Statements Collections Invoicing Accounting 40

Future Firm

APRIL 18, 2023

How to Get Started With Accounting Intelligence How AI Was Used to Write This Article What is AI in Accounting? However, these tasks can be time-consuming and prone to errors, which can result in delayed payments, inaccurate financial reporting, and, ultimately, negative impacts on the company’s bottom line.

Data Entry 96

Data Entry Accounting Accounting Invoice Processing 96

Accounting Tools

JULY 27, 2023

Related Courses Credit and Collection Guidebook Effective Collections What is a Credit Policy? A credit policy contains guidelines that structure the amount of credit granted to customers , as well as how collections are to be conducted for delinquent accounts.

Collections 40

Collections Financial Statements Accounts Receivable Accounts Receivable 40

Accounting Tools

SEPTEMBER 29, 2023

The audit cycle is the period of time during which auditors may engage in auditing activities as part of their audit of a client’s financial statements. Once these areas have been identified, the auditors settle upon the methods that will be employed to collect transactional and other information for examination.

Auditing 40

Auditing Financial Statements Collections Accounting 40