Accounting Tools
JULY 20, 2024
What is Strategic Planning? Strategic planning is the process of setting priorities and allocating resources in order to achieve a goal. It begins with a vision statement, which is then broken down into a series of manageable steps. These action items are widely disseminated through the organization, so that employees are consistently engaged in activities that will force the organization in the direction of achieving the plan.
Bookkeeping Essentials
JULY 20, 2024
CRA news for Home Based Business Owners doing their own bookkeeping. Keep abreast of relevant changes and announcements.
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NextProcess
JULY 20, 2024
Some of the biggest trends in accounts payable this year involve how organizations handle payments. Many see 2024 as a year for integrating payments, accounts payable (AP), and procurement to create a seamless procure-to-pay cycle. For others, this is also the year to switch to faster, electronic forms of payment like ACH transfers or company cards.
CSI Accounting & Payroll
JULY 20, 2024
When you drive for business purposes, you may wonder if you should get a company car for your small business. After all, there are a lot of perks when you’re the right fit to have one!
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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 20, 2024
What is Unsystematic Risk? Unsystematic risk is a hazard that is specific to a business or industry. The presence of unsystematic risk means that the owner of a company's securities is at risk of adverse changes in the value of those securities because of the risk associated with that organization. An investor may be aware of some of the risks associated with a specific company or industry, but there are always additional risks that will crop up from time to time.
Accounting Tools
JULY 20, 2024
What is a Budget Committee? A budget committee is the group of people within an organization that reviews, adjusts, and approves the budgets submitted by department managers. Committee members also review and approve capital budget requests. Once the budget is finalized, the committee then switches to comparing actual results to the budget, and taking steps to ensure that actual results do not stray far from expectations.
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Accounting Tools
JULY 20, 2024
What are Industry Practices? Industry practices are those accounting issues that are unique to a specific industry, and which are used instead of normal accounting practices and reporting. For example, the financial statements of organizations will vary somewhat if they are in the gaming, insurance, medical care, or utility industries. These differences are allowed by the applicable accounting standards , as long as the departures from common practice are justifiable.
Accounting Tools
JULY 20, 2024
What is Idle Time? Idle time is a period of time during which an employee is not engaged in productive activities. It is usually caused by a work stoppage, or simply because an organization is so overstaffed that there is no need for certain employees. How to Reduce Idle Time Businesses try to reduce idle time, since employees are still being paid despite not being engaged in any productive activities.
Accounting Tools
JULY 20, 2024
What is an Identifiable Asset? An identifiable asset is a separate asset that has been acquired through a business combination , and which is expected to provide a future benefit to the acquirer. These assets are assigned a fair value and recorded in the accounting records of the acquirer. Once the fair values of all identifiable assets and liabilities have been assigned, the aggregate amount is subtracted from the purchase price paid to the owners of the acquiree ; the residual (if any) is reco
Accounting Tools
JULY 20, 2024
What are Incomplete Records? Incomplete records refers to a situation in which an organization is not using double-entry bookkeeping. Instead, it is using a more informal accounting system, such as a single-entry system , to maintain a reduced amount of information about its financial results. Under a single-entry system, it is possible to maintain a cash-basis income statement , but not a balance sheet.
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 20, 2024
What is Risk Management? Risk management is the process of understanding the risks to which an organization is subjected and then finding ways to mitigate or work with them. A key element of risk management is identifying all risks, since those that are completely unexpected (such as a pandemic) are the ones that are most likely to cause devastating damage.
Accounting Tools
JULY 20, 2024
What is the Plan-Do-Check-Act Cycle? The plan-do-check-act cycle describes the process of continuous improvement needed to enact change. It is particularly useful when applied to high-volume processes, since even small changes to these processes can translate into substantial gains for an organization. The cycle involves a series of steps, which are followed iteratively to ensure that change is reinforced over time.
Accounting Tools
JULY 20, 2024
What is Accrued Interest? Accrued interest is the amount of interest that has accumulated on a debt since the last interest payment date. The concept is typically used to compile the amount of unpaid interest that is either receivable to or payable by a business at the end of an accounting period , so that the transaction is recorded in the correct period.
Accounting Tools
JULY 20, 2024
What is Incremental Cost? Incremental cost is the extra cost associated with manufacturing one additional unit of production. It can be useful when formulating the price to charge a customer as part of a one-time deal to sell additional units. The concept can also be applied to cost reduction analysis , to enhance company profits. An incremental cost analysis only reviews those costs that will change as the result of a decision.
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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.
Accounting Tools
JULY 20, 2024
What is a Finance Lease? A finance lease is a leasing arrangement in which the lessee obtains ownership of the leased asset by the end of the lease term. When to Classify a Lease as a Finance Lease A lessee should classify a lease as a finance lease when any of the following criteria are met: Ownership of the underlying asset is shifted to the lessee by the end of the lease term.
Accounting Tools
JULY 20, 2024
What is a Predecessor Auditor? A predecessor auditor is an auditor who conducted the audit for a client in prior periods, but who no longer does so. This situation arises in any of the following circumstances: The client has notified the auditor that his or her contract will not be renewed for future audits. This can be due to any number of disagreements between the client and the auditor.
Accounting Tools
JULY 20, 2024
What is the Full Eligibility Date for Retirement Benefits? The full eligibility date is the date on which an employee has worked for the full service period required to be entitled to all benefits stated in the employer 's benefit plan. Any additional benefits to be gained by working for a longer period of time past this point are considered trivial.
Accounting Tools
JULY 20, 2024
What is Capital Structure Analysis? Capital structure analysis is a periodic evaluation of all components of the debt financing and equity financing used by a business. The intent of the analysis is to evaluate what combination of debt and equity the business should have. This mix varies over time based on the costs of debt and equity and the risks to which a business is subjected.
Speaker: Anna Tiomina, MBA
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?
Accounting Tools
JULY 20, 2024
What is Variance Power? Variance power is the power to redirect the use of transferred assets to a different beneficiary. The donor of an asset grants variance power to the recipient by making a variance power statement in the documentation authorizing the asset donation. In this situation, the pass-through organization can record the donation as revenue and the subsequent forwarding of funds to the third party as an expense.
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