Insightful Accountant

JULY 7, 2024

Murph takes you through the steps of automating I-9 compliance using QuickBooks Workforce coupled with QuickBooks Premium or Elite.

QuickBooks 105

QuickBooks 105

Accounting Tools

JULY 7, 2024

Many business decisions require a firm knowledge of several cost concepts. Different types of costs have differing characteristics. Consequently, when reviewing a business case to determine which path to take, it is useful to understand the following cost concepts: Fixed, Variable, and Mixed Costs A fixed cost , such as rent, does not change in lock step with the level of activity.

Cost Accounting 75

Cost Accounting Financial Analysis Financial Statements Accounting 75

NextProcess

JULY 7, 2024

When you started your new small business, you probably didn’t invest in Procure to Pay software or automation for purchase orders. After all, how hard is it to just call your supplier or place an order online when you need new paper clips? Placing orders without formal purchase orders (POs) and saving receipts can work when your company is small.

Purchase Order 52

Purchase Order Record Keeping Financial Records Auditing 52

Accounting Tools

JULY 7, 2024

The collection of accounts receivable is vital, since it provides the cash needed to support company operations. Collecting accounts receivable is not just the task of the collections department. Instead, it calls for a company-wide effort, because collections can be improved before an invoice is ever issued to customers. Consider the following steps for collecting accounts receivable: Resolve Internal Problems A fair proportion of all customer invoices are not paid because customers are dissati

Accounts Receivable 75

Accounts Receivable Accounts Receivable Account Receivables Collections 75

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CSI Accounting & Payroll

JULY 7, 2024

When you’re looking to buy a specialized business, it can take a lot of time to get your own licensing, patents, contracts, and customers. Time is money – can you afford to wait?

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52

IMA's Count Me

JULY 7, 2024

Join host Adam Larson as he sits down with data integrity expert and author, Jane Sarah Lat , to uncover essential insights from her book, Managing Data Integrity for Finance. Jane breaks down the critical concepts of data integrity and data quality, using relatable analogies and real-world applications. In this episode, Jane shares the importance of maintaining accurate and reliable data in today's tech-driven finance landscape.

Microsoft Excel 45

Microsoft Excel 45

Accounting Tools

JULY 7, 2024

What is a Bad Debt Provision? A bad debt provision is a reserve against the future recognition of certain accounts receivable as being uncollectible. For example, if a company has issued invoices for a total of $1 million to its customers in a given month, and has a historical experience of 5% bad debts on its billings, it would be justified in creating a bad debt provision for $50,000 (which is 5% of $1 million).

Accounts Receivable 40

Accounts Receivable Accounts Receivable Account Receivables Billing 40

Accounting Tools

JULY 7, 2024

What is Write-Up Work? Write-up work involves the preparation of financial statements for a client without first reviewing or auditing the underlying information. This is a relatively low value-added activity, so the fee charged to the client for this service is generally low. An accountant is most commonly hired for write-up work by clients who do not have any employees who are qualified to produce these reports.

Financial Statements 40

Financial Statements Auditing Accounting Accounting 40

Accounting Tools

JULY 7, 2024

What is Capital Maintenance? The capital maintenance concept states that a profit should not be recognized unless a business has at least maintained the amount of its net assets during an accounting period. Stated differently, this means that profit is essentially the increase in net assets during a period. This concept excludes the following cash inflows and outflows that impact net assets: Increase in assets from the sale of stock to shareholders (increases cash ) Decrease in assets from the p

Bookkeeping 40

Bookkeeping Accounting Accounting 40

Accounting Tools

JULY 7, 2024

What is a Wholly Owned Subsidiary? A wholly owned subsidiary is an entity whose stock is entirely owned by another entity. The owning entity is called the parent. A subsidiary may become wholly owned as the result of an acquisition , or because the parent spun off certain assets and liabilities into a separate entity. Larger organizations are more likely to have wholly owned subsidiaries.

Corporation Tax 40

Corporation Tax Tax 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

Accounting Tools

JULY 7, 2024

What is a Wrap Report? A wrap report is a low-cost annual report , which is a public company 's Form 10-K with an annual report cover wrapped around it. A small amount of additional commentary may be added by management. The cost is kept low by avoiding the use of graphics or color, and by minimizing the page count. Larger entities are usually willing to allocate substantially more money to the production of a more lavish annual report.

Financial Statements 40

Financial Statements Accounting Accounting 40

Accounting Tools

JULY 7, 2024

An accounts payable system pays the bills of a business in an organized manner. The goals of this system are to make payments in a timely manner and to pay the correct amounts to the correct suppliers. The following steps can be used to set up such a system: Select software. Buy an off-the-shelf accounting software package that contains an accounts payable module.

Accounts Payable 40

Accounts Payable Accounts Payable General Ledger Expense Reports 40

Accounting Tools

JULY 7, 2024

What is a Byproduct? A byproduct is an incidental product that is created by a manufacturing process that creates multiple products. The other products created by the process are considered to be the primary output of the system. It may be possible to sell byproducts; alternatively, any revenues to be gained from byproducts are so minor that they are simply discarded as waste.

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

JULY 7, 2024

What is a Warranty? A warranty is a guarantee related to the performance of non-financial assets that are owned by the party being guaranteed. A guarantee is frequently incurred in connection with the sale of goods or services to the party being guaranteed. If the warranty is related to a product, the party providing the guarantee normally replaces or repairs the product in question.

Accounting 40

Accounting Accounting 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

JULY 7, 2024

What is a Permanent Account? Permanent accounts are those accounts that continue to maintain ongoing balances over time. All accounts that are aggregated into the balance sheet are considered permanent accounts; these are the asset accounts , liability accounts , and equity accounts. In a nonprofit entity, the permanent accounts are the asset, liability, and net asset accounts.

Accounting 40

Accounting Accounting Bookkeeping 40