Accounting Tools
JULY 14, 2024
What are Pro Forma Financial Statements? Pro forma financial statements are financial reports issued by an entity, using assumptions or hypothetical conditions about events that may have occurred in the past or which may occur in the future. These statements are used to present a view of corporate results to outsiders, perhaps as part of an investment or lending proposal.
Outsourced Bookeeping
JULY 14, 2024
Do you find it difficult to handle the numerous financial demands of your construction company? Construction companies require proper financial management to succeed and expand in the industry. Due to the complexity of project accounting, hiring professional staff with specific knowledge is necessary. In this article, we will be discussing the importance of outsourcing construction accounting services to help in the financial growth of your company.
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Accounting Tools
JULY 14, 2024
What is Equity Capital? Equity capital is funds paid into a business by investors in exchange for common stock or preferred stock. This represents the core funding of a business, to which debt funding may be added. Once invested, these funds are at risk, since investors will not be repaid in the event of a corporate liquidation until the claims of all other creditors have first been settled.
Nanonets
JULY 14, 2024
IInvoice management software is transforming financial processes for businesses in 2024. If you're looking to streamline your invoicing, you're making a smart move that could save your company time and money. Many businesses face challenges with invoice processing —from data entry errors to delayed payments. These issues can impact cash flow and overall efficiency.
Speaker: Dave Sackett
Traditional budgeting and forecasting methods can no longer keep pace with today’s rapidly evolving business environment. Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty. To stay ahead, finance leaders must leverage a future-forward approach—one that leverages real-time data, predictive analytics, and continuous planning to drive smarter financial decisions.
Accounting Tools
JULY 14, 2024
How to Allocate Costs Various cost allocation methods are used to allocate factory overhead costs to units of production. Allocations are performed in order to create financial statements that are in compliance with the applicable accounting framework. The most common allocation methods are noted below, along with commentary about their advantages and disadvantages: Allocate based on direct labor.
Insightful Accountant
JULY 14, 2024
Accountants and ProAdvisors can now determine which of their clients' QuickBooks subscriptions should be billed to their client vs themselves on a client-by-client and product-by-product basis.
Financial Ops World brings together the best financial operations content from the widest variety of thought leaders.
IMA's Count Me
JULY 14, 2024
Get ready for an engaging conversation with Adam Larson and special guest Pooja Sund , Engineering Finance Leader at Microsoft, on this episode of Count Me In! Pooja, a finance and AI expert, breaks down the fascinating differences between AI and traditional programming, shedding light on how AI is revolutionizing the financial industry. From risk management and fraud reduction to personalization and sentiment analysis, discover how AI can be a game-changer for your business.
Accounting Tools
JULY 14, 2024
What is an Ordinary Annuity? An ordinary annuity is a series of payments made at the end of each period in a series of payments. It has the following 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).
Accounting Tools
JULY 14, 2024
What is a Direct Expense? Direct expense is an expense incurred that varies directly with changes in the volume of a cost object. A cost object is any item for which you are measuring expenses, such as products, product lines , services, sales regions, employees , and customers. Here are several examples of direct expenses: The materials used to construct a product for sale The cost of the freight needed to transport goods to and from a manufacturing facility The labor incurred to produce hours
Accounting Tools
JULY 14, 2024
What is a Deferred Credit? A deferred credit is cash received that is not initially reported as income, because it has not yet been earned. In most cases, a deferred credit is caused by the receipt of a customer advance. This is a situation where a customer pays the seller before the seller has provided it with an offsetting amount of services or merchandise.
Speaker: Erroll Amacker
As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R
Accounting Tools
JULY 14, 2024
What are Income Statement Accounts? Income statement accounts are those accounts in the general ledger that are used in a firm’s profit and loss statement. These accounts are usually positioned in the general ledger after the accounts used to compile the balance sheet. A larger organization may have hundreds or even thousands of income statement accounts, in order to track the revenues and expenses associated with its various product lines , departments , and divisions.
Accounting Tools
JULY 14, 2024
What is a Relevant Cost? A relevant cost is a cost that only relates to a specific management decision, and which will change in the future as a result of that decision. The relevant cost concept is extremely useful for eliminating extraneous information from a particular decision-making process. Also, by eliminating irrelevant costs from a decision, management is prevented from focusing on information that might otherwise incorrectly affect its decision.
Accounting Tools
JULY 14, 2024
What is the Aging of Accounts? Aging of accounts is the practice of itemizing certain types of transactions into time buckets, to show how far in the past they were initiated. A time bucket is a period of time, such as 30 days. A common set of time buckets used for aging is as follows: 0-30 days old (considered current) 31-60 days old (considered slightly overdue) 60-90 days old (decidedly stale) 90+ days old (very old, action required) These time buckets can be altered in many accounting softwa
Accounting Tools
JULY 14, 2024
What is Ultimate Revenue? Ultimate revenue is the estimated total revenue to be obtained from the exploitation and exhibition of a film in all markets. Ultimate revenue is used in the amortization of film costs, where the amortization calculation is to divide current period actual revenue by the estimated remaining unrecognized ultimate revenue as of the beginning of the current fiscal year.
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Accounting Tools
JULY 14, 2024
What is the Adjusted Balance Method? The adjusted balance method calculates the finance charges associated with a credit card account after all adjustments have been made to the account at month-end. The method is used in the same way for savings accounts, except that interest income is calculated after all adjustments have been made. In essence, the finance company or bank waits until the end of the billing period, aggregates all adjustments made to the account during the period, and then calcu
Accounting Tools
JULY 14, 2024
What is a Financial Statement Compilation? A financial statement compilation is a service to assist the management of a business in presenting its financial statements. This presentation involves no activities to obtain any assurance that there are no material modifications needed for the financial statements to be in conformity with the applicable accounting framework (such as GAAP or IFRS ).
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