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The Internal Revenue Service has posted new information about how to handle possible processing errors when electronically filing Form 1065, "Return of Partnership Income," and ways to avoid them.
The changing landscape in the tax industry means firms are facing changes at a faster pace than ever. In addition to rapid technology changes, staffing challenges are prevalent and clients are demanding more value-added services than ever.
Welcome to “Knowledge as a factor of accuracy and productivity in accounts payable, the podcast” with Pavel Voronin, Knowledge & Training Lead at Cevinio [.
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.
Introduction Entering the 21st century, it’s hard to imagine that you can still conduct transactions without physical currency. That might not be the case in the future, though, as we move toward an era when traditional forms of exchange could become less common and businesses deal exclusively with digital transactions. A society without physical currency is becoming an inevitability as electronic payments and online money transfers become increasingly popular across the globe, particularly in u
Time is running out for nearly 940,000 individuals to claim refunds from 2020, with a May 17 deadline approaching for filing the necessary tax returns.
Time is running out for nearly 940,000 individuals to claim refunds from 2020, with a May 17 deadline approaching for filing the necessary tax returns.
We know artificial intelligence is making strides in many industries, from content creation to software development. But what is the status of AI in accounting and bookkeeping? Well, it turns out it’s not much further removed from where AI leads many other arenas. Yet, with profits at stake, many small business owners want to know if they can (and should) leave their bookkeeping to artificial intelligence.
The future of accounting is coming fast, as firms race to integrate new technologies into their practices. In fact, a staggering 96% of accountants believe that automation will be vital to their future growth and success. Emerging trends such as cloud-based accounting, machine learning, blockchain, robotic process automation (RPA), and enhanced client-centric services are fundamentally altering the landscape.
The Internal Revenue Service has updated its whistleblower award form for tipping off the IRS about tax violations and applying for a monetary reward for the information.
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
B2B payments don’t have to be complicated – but they often are. Juggling cross-border payments , a slew of available payment processing options, and keeping all of them straight and error-free across an entire landscape of payment recipients and vendors can take far more time than the seemingly simple act deserves. But changes in tech are coming for your accounts payable and receivable infrastructure – one of which is integrated payables, which takes the entire mess of payme
What is Material Cost? Material cost is the cost of materials used to manufacture a product or provide a service. Excluded from the material cost is all indirect materials , such as cleaning supplies used in the production process. Material cost usually comprises the bulk of the costs incurred to manufacture a product. How to Calculate Material Cost Follow these steps to determine the amount of material cost to assign to a unit of production (such as a completed finished goods item): Ascertain t
Learn how artificial intelligence is revolutionizing processes, enhancing efficiency, and driving bottom-line results in this exploration of the impact of AI on accounts payable.
Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.
What is the Cost of Merchandise Sold? The cost of merchandise sold is the cost of goods that have been sold by a wholesaler or retailer. These entities do not manufacture their own goods, instead buying the goods from third parties and selling them to their customers. If wholesalers and retailers were to instead manufacture their own goods, this term would change to the cost of goods sold.
Both Airbase and Zip help automate the procurement process for businesses–which solution will match your business needs best, and are there better alternatives?
What is a Batch-Level Cost? A batch-level cost is a cost related to a group of units, but which is not associated with specific individual units. For example, the cost incurred to set up a production run is associated with the batch of goods that are subsequently produced. The concept is used to allocate overhead , where batch-level costs are spread among the units in a batch.
What is Tax-Free Savings Account (TFSA)? A Tax-Free Savings Account (TFSA) is a registered investment account that allows Canadian residents 18 years of age or older to earn tax-free investment income. Since 2009, federal government, through TFSAs allow individuals to contribute a set amount each year to the account, up to a lifetime maximum. Any income earned in the account, such as interest, dividends or capital gains, accrues tax-free.
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
What is Limit Pricing? Limit pricing is the practice of setting a product or service price at a level just low enough to deter potential market entrants from competing in a market. A business engages in limit pricing when it wants to minimize the number of competitors. The price point chosen may not be the price at which a business earns the largest profit , but it does keep other companies out of the market.
What is a Cash Receipt? A cash receipt is a printed statement of the amount of cash received in a cash sale transaction. A copy of this receipt is given to the customer , while another copy is retained for accounting purposes. A cash receipt contains the following information: The date of the transaction A unique number that identifies the document The name of the payer The amount of cash received The payment method (such as by cash or check ) The signature of the receiving person Accounting for
What is Predatory Pricing? Predatory pricing is the practice of deliberately setting prices so low that competitors cannot compete, and so are driven from the marketplace. Predatory pricing can act as a strong barrier to entry , since potential competitors will steer clear of any company sending such a strong competitive signal. The result of predatory pricing should be a situation where the company can then raise prices and reap exceptional profits ; however, if raising prices removes the prima
Is your finance team bogged down by endless data requests and disorganized spreadsheets during the month-end close? It’s time to consider a better option – automate with ART! SkyStem’s solution works alongside your ERP to transform the close and account reconciliation process and speed up month-end work. Explore SkyStem’s ART - the award-winning account reconciliation automation platform - and receive a $100 Amazon gift card as a thank you for your time.
What is Shadow Pricing? Shadow pricing can refer to the assignment of a price to an intangible item for which there is no ready market from which to derive a price. Shadow prices are most commonly used in cost-benefit analyses where some elements of the analyses cannot be quantified by reference to a market price or a cost. The term can also refer to the maximum price that a business should be willing to pay for one additional unit of some type of resource.
What is Break Even Pricing? Break even pricing is the practice of setting a price point at which a business will earn zero profits on a sale. The intention is to use low prices as a tool to gain market share and drive competitors from the marketplace. By doing so, a company may be able to increase its production volumes to such an extent that it can reduce costs and then earn a profit at what had previously been the break even price.
What is Price Leadership? Price leadership is a situation in which one company, usually the dominant one in its industry, sets prices which are closely followed by its competitors. This firm is usually the one having the lowest production costs , and so is in a position to undercut the prices charged by any competitor who attempts to set its prices lower than the price point of the price leader.
What is Absorption Pricing? Absorption pricing is a method for setting prices, under which the price of a product includes all of the variable costs attributable to it, as well as a proportion of all fixed costs. This is a variation on the full cost plus pricing concept, in that the full cost is charged to a product, but profit is not necessarily factored into the price (though it is likely to be).
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
What is Bond Retirement? A bond retirement occurs when an organization repurchases bonds that it had previously issued to investors. There are three scenarios in which a bond retirement can occur, which are as follows: Maturity date arrives. A bond retirement may occur when bonds reach their scheduled maturity dates , in which case the issuer is obligated to retire them.
What is Current Cost? Current cost is the cost that would be required to replace an asset in the current period. This derivation would include the cost of manufacturing a product with the work methods, materials, and specifications currently in use. The concept is used to generate financial statements that are comparable across multiple reporting periods.
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