Insightful Accountant

JUNE 2, 2024

QuickBooks recently hosted an Ecosystem Care Jam for accountants involving more than 300 QuickBooks employees from around the world.

QuickBooks 105

QuickBooks Accounting Accounting 105

Bookkeeping Essentials

JUNE 2, 2024

Learn why it matters that you understand your balance sheet. Then discover what it reveals about your business finances. The mystery is about to unfold!

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105

Future Firm

JUNE 2, 2024

Learn the steps on how to hire an awesome virtual assistant for CPAs and why they're a game changer for your business. The post The Ultimate Virtual Assistant for CPAs Guide appeared first on Future Firm.

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52

Bookkeeping Essentials

JUNE 2, 2024

An introduction to learning how to read your financial statements and evaluate the information to uncover your business's financial health, problems, and potential outlook.

Financial Statements 98

Financial Statements 98

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IMA's Count Me

JUNE 2, 2024

Join host Adam Larson as he chats with Jeremy Bryant on the Count Me In Podcast in a refreshing and insightful conversation. Hear about Jeremy's inspiring journey from accounting to entrepreneurship, real estate, and his latest venture, No Story Lost. Get ready for engaging stories and valuable insights straight from the guest himself. Count me in listeners can receive a special discount by going to nostorylost.com and entering the code Podcast2024 for 2 free books.

Accounting 49

Accounting Accounting 49

Bookkeeping Essentials

JUNE 2, 2024

Learn why it matters that you understand your income statement. Then discover what it reveals about your business finances. The mystery unfolds!

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94

Bookkeeping Essentials

JUNE 2, 2024

Developing management skills in the art of supervising your bookkeeper lets you stay in control of your money.

Bookkeeping 59

Bookkeeping 59

Accounting Tools

JUNE 2, 2024

What is a Trading Account? A trading account is an investment account. It contains the cash and securities holdings of an investor. Trading accounts are commonly used by day traders to buy and sell securities, and so tend to experience high transaction volumes. An investor may employ several of these accounts, each for a different purpose. For example, one account may be used for trades related to a pension, while another is used for general investment purposes.

Accounting 40

Accounting Accounting 40

Bookkeeping Essentials

JUNE 2, 2024

Basic cash management is a barometer of your business’ health. If you have cash flowing in and out of your business, you can keep the doors open for business.

Accounting 52

Accounting Accounting 52

Accounting Tools

JUNE 2, 2024

What are Timing Differences? Timing differences are the intervals between when revenues and expenses are reported for financial statement and income tax reporting purposes. When there are timing differences, the amount of reported taxable income could vary significantly from the amount reported on the income statement. Over a period of time, these timing differences will even out, though they may be replaced by a new set of timing differences.

Financial Statements 40

Financial Statements Tax Accounting Accounting 40

Speaker: Susan Richards

Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.

Collections

Bookkeeping Essentials

JUNE 2, 2024

Free accounting training for home-based business owners on how to read your internal financial statements. Non-accountants only!

Financial Statements 52

Financial Statements Accounting Accounting 52

Accounting Tools

JUNE 2, 2024

What is Turnover? Turnover is the rate at which an asset is replaced during a measurement period. The term is most commonly used in accounting, and refers primarily to the turnover of accounts receivable , inventory , and accounts payable - which are the components of working capital. A high level of receivables and inventory turnover is considered to be good, since a business is avoiding old receivables and the risk of obsolete inventory.

Collections 40

Collections Accounts Payable Accounts Payable Accounts Receivable 40

Accounting Tools

JUNE 2, 2024

What is Total Quality Management? Total quality management (TQM) refers to the ongoing reduction of process errors and the streamlining of operations. The result is a system that contains few non value-added elements, and which produces results with minimal error rates. These results are gauged from the viewpoint of the customer. A common outcome of a TQM system is increased profits , because a business spends less time and money correcting errors.

Collections 40

Collections Accounting Accounting 40

Accounting Tools

JUNE 2, 2024

What is Total Variable Cost? Total variable cost is the aggregate amount of all variable costs associated with the cost of goods sold in a reporting period. It is a key component in the analysis of corporate profitability. The components of total variable cost are only those costs that vary in relation to production or sales volume. It is not compiled at the individual unit level.

Financial Analysis 40

Financial Analysis Cost Accounting Payroll Tax 40

Speaker: Danny Gassaway and Wayne Richards

Finance leaders are prioritizing efficiency and digital transformation, yet many hesitate to automate due to uncertainty. Without a clear understanding of its impact, organizations risk falling behind competitors who are leveraging automation to drive productivity and cost savings. Join Wayne Richards and Danny Gassaway from AvidXchange for a practical guide on bringing accounts payable (AP) automation to your organization.

Accounts Payable

Accounting Tools

JUNE 2, 2024

What are Taxes Payable? Taxes payable refers to one or more liability accounts that contain the current balance of taxes owed to government entities. Once these taxes are paid, they are removed from the taxes payable account with a debit. Many taxes payable are paid within a short period of time, and so do not remain on an organization’s balance sheet for long.

Tax 40

Tax Payroll Financial Statements Accounts Receivable 40

Accounting Tools

JUNE 2, 2024

What is a Trading Profit? A trading profit has two definitions, involving investments and operations. They are defined below. Investment Trading Profits The earnings achieved by someone who invests in short-term securities. Because of the short (less than one year) holding period of these investments , trading profits are taxed at the higher ordinary income tax rate, rather than the lower long-term capital gains rate that is allowed for investments that someone has held for at least one year.

Tax 40

Tax 40

Accounting Tools

JUNE 2, 2024

What is Treasury Stock? Treasury stock is shares in a company that the issuer has reacquired. The issuing company may then retire the stock or resell it at a later date. When calculating the number of shares issued and outstanding, which are reported in a company's financial statements , treasury stock is classified as issued, but it is not outstanding.

Financial Statements 40

Financial Statements Accounting Accounting 40

Accounting Tools

JUNE 2, 2024

Target income is the profit that the managers of a company expect to attain for a designated accounting period. It is a key concept in a corporate control system that drives corrective management actions. The term is used in the following situations: Target Net Income in Budgeting Managers may structure the expenditures of a business to attain a certain target income.

Budgeting 40

Budgeting Budgeting Manager Financial Analysis Accounting 40

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Accounting

Accounting Tools

JUNE 2, 2024

What is a Temporary Difference? A temporary difference is the difference between the carrying amount of an asset or liability in the balance sheet and its tax base. A temporary difference can be either of the following: Deductible. A deductible temporary difference is a temporary difference that will yield amounts that can be deducted in the future when determining taxable profit or loss.

Financial Statements 40

Financial Statements Tax Accounting Accounting 40

Accounting Tools

JUNE 2, 2024

Taxable profit is the profit upon which income taxes are payable. The composition of taxable profit varies by taxation authority, so it will vary depending upon the rules of the taxation authorities within which an entity is located or does business. For instance, a government may declare that certain qualifying organizations have nonprofit status, so that any of their qualifying earnings are not subject to income tax.

Tax 40

Tax 40

Accounting Tools

JUNE 2, 2024

How to Budget for Bonuses Some companies like to budget for bonuses that employees earn if they reach certain performance targets. This presents a budgeting conundrum – what if you budget for a bonus that does not occur, or you elect not to budget for a bonus that does occur? For example, if you budget for a bonus that does not occur, this creates a favorable compensation expense variance, since the company spent less than expected.

Budgeting 40

Budgeting 40

Accounting Tools

JUNE 2, 2024

What is Continuous Controls Monitoring? Continuous controls monitoring (CCM) is the use of automated tools to examine business transactions as they occur. A CCM system automatically pulls certain data elements from a database of transactions and reviews all of these data elements. The intent is to conduct a complete scan of the data for control breaches, errors, possible segregation of duties problems, and anomalies from what is expected.

Auditing 40

Auditing Invoicing Accounts Payable Accounts Payable 40

Speaker: Jennifer Hill

Payroll compliance is a cornerstone of business success, yet for small and midsize businesses, it’s becoming increasingly challenging to navigate the ever-evolving landscape of federal, state, and local regulations. Mistakes can lead to costly penalties and operational disruptions, making it essential to adopt advanced solutions that ensure accuracy and efficiency.

Payroll

Accounting Tools

JUNE 2, 2024

How to Conduct a Self-Audit The internal audit staff is a highly-trained group that can be employed in a variety of value-added tasks, including advising the managers of business units on many process-related topics. However, doing so means that there will be less time available for the more traditional task of control assessments. To ensure that the internal audit staff is employed on the highest-value tasks, it may make sense to shift a portion of the control reviews to the staff of the busine

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

JUNE 2, 2024

The audit department tends to be a free-standing business unit that arrives for scheduled audits , investigates and makes routine recommendations, and then departs for other projects. There is no ongoing communication with the various departments, unless there is an ongoing or upcoming audit project. This lack of communication represents a wasted opportunity, for the audit staff has a broad base of knowledge that it can share with the business unit managers.

Auditing 40

Auditing Billing 40

Accounting Tools

JUNE 2, 2024

What is an Audit Specialist? An audit specialist is someone trained extensively to conduct specialized tasks within an audit. These people are typically brought into an audit to deal with specific tasks, after which they move on to other audits. Because of the comparatively narrow scope of their work, audit specialists tend to work on more audits than general auditors.

Auditing 40

Auditing Billing 40

Accounting Tools

JUNE 2, 2024

What is an Auditor Skills Matrix? An auditor skills matrix identifies the applicable skill sets of all auditors employed by a business. This information is used to assign auditors to those audits requiring their specific skills. The background, skills, and experience of auditors can vary substantially. Some may have detailed knowledge of certain accounting software systems, while others may be particularly adept at physical inventory counts, and others have long experience in certain industries.

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Auditing Accounting Software Accounting Accounting 40

Speaker: Sierre Lindgren

Fraud is a battle that every organization must face – it’s no longer a question of “if” but “when.” Every organization is a potential target for fraud, and the finance department is often the bullseye. From cleverly disguised emails to fraudulent payment requests, the tactics of cybercriminals are advancing rapidly. Drawing insights from real-world cases and industry expertise, we’ll explore the vulnerabilities in your processes and how to fortify them effectively.